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RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)

12 Months Ended

Dec. 31, 2018

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

The tables below map the Company's lines of business to reserve classes and the expected claim tails:



Insurance segment
	Reserve class and tail

	Property and other	Marine	Aviation	Credit and political risk	Professional lines	Liability

	Short	Short	Short/Medium	Medium	Medium	Long

Reported lines of business
Property	X
Marine		X
Terrorism	X
Aviation			X
Credit and political risk				X
Professional lines					X
Liability						X
Accident and health	X
Discontinued lines - Novae	X				X	X



Reinsurance segment
	Reserve class and tail

	Property and other	Credit and surety	Professional lines	Motor	Liability

	Short	Medium	Medium	Long	Long

Reported lines of business
Catastrophe	X
Property	X
Credit and surety		X
Professional lines			X
Motor				X
Liability					X
Engineering	X
Agriculture	X
Marine and other	X
Accident and health	X
Discontinued lines - Novae	X			X	X

Actuarial Analysis

COMPONENTS OF RESERVE FOR LOSSES AND LOSS EXPENSES

Reserve for losses and loss expenses comprise the following:




As of December 31,	2018		2017

Reserve for reported losses and loss expenses	$	4,626,204	$	5,137,659
Reserve for losses incurred but not reported	7,654,565		7,859,894
Reserve for losses and loss expenses	$	12,280,769	$	12,997,553

RECONCILIATION OF BEGINNING AND ENDING GROSS RESERVE FOR LOSSES AND LOSS EXPENSES AND NET RESERVE FOR UNPAID LOSSES AND LOSS EXPENSES

The table below provides a reconciliation of beginning and ending net reserves for unpaid losses and loss expenses for the years indicated:




Year ended December 31,	2018			2017			2016

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

Net incurred losses and loss expenses related to:
Current year	3,389,949			3,487,826			2,496,574
Prior years	(199,662		)	(200,054		)	(292,377		)
	3,190,287			3,287,772			2,204,197
Net paid losses and loss expenses related to:
Current year	(724,199		)	(703,796		)	(428,153		)
Prior years	(2,368,615		)	(1,880,882		)	(1,763,696		)
	(3,092,814		)	(2,584,678		)	(2,191,849		)

Foreign exchange and other	(1,156,412		)	1,713,227			(205,606		)

Net reserve for unpaid losses and loss expenses, end of year	8,779,100			9,838,039			7,421,718
Reinsurance recoverable on unpaid losses, end of year	3,501,669			3,159,514			2,276,109
Gross reserve for losses and loss expenses, end of year	$	12,280,769		$	12,997,553		$	9,697,827

NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT

The following table presents prior year reserve development by segment:




	Insurance		Reinsurance		Total

Year ended December 31, 2018	$	92,806	$	106,856	$	199,662
Year ended December 31, 2017	60,459		139,595		200,054
Year ended December 31, 2016	48,978		243,399		292,377

NET INCURRED AND PAID CLAIMS DEVELOPMENT TABLES BY ACCIDENT YEAR



Insurance property and other
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2018
	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	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	117,309	$	99,079	$	89,768	$	82,460	$	80,461	$	78,269	$	78,490	$	78,150	$	78,395	$	77,338	$	83	3,201
2010			175,012		155,032		147,426		122,111		116,562		115,635		115,316		114,866		113,767		867		4,422
2011					359,132		338,220		306,114		285,745		282,755		281,405		281,866		279,996		979		6,348
2012							391,646		399,473		381,746		361,476		357,267		351,673		350,827		8,992		29,931
2013									308,359		297,713		271,157		267,022		266,727		276,940		6,687		53,172
2014											360,130		354,219		343,333		327,389		326,100		5,917		62,444
2015													277,332		268,897		257,927		253,729		5,642		47,052
2016															349,152		376,458		367,362		12,290		92,867
2017																	882,968		825,176		42,188		663,914
2018																			712,082		187,391		730,832
																	Total		$	3,583,317



Insurance property and other
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	31,360	$	60,085	$	68,653	$	72,499	$	73,387	$	74,453	$	76,673	$	76,980	$	77,248	$	77,252
2010			48,575		86,886		94,912		105,719		109,933		110,008		109,794		109,837		110,171
2011					84,811		192,892		249,162		271,451		270,309		269,994		270,666		270,946
2012							77,088		213,138		277,230		300,129		307,639		312,818		312,894
2013									75,214		197,898		236,405		247,393		258,435		261,266
2014											131,991		258,098		304,609		311,730		315,797
2015													98,366		201,166		225,593		239,989
2016															122,407		287,049		327,706
2017																	251,358		625,027
2018																			276,472
Total																			2,817,520

All outstanding liabilities before 2009, net of reinsurance																			5,862

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	771,659



Reinsurance professional lines
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2018
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	211,420	$	211,191	$	215,827	$	218,469	$	208,338	$	208,693	$	193,803	$	189,991	$	180,862	$	179,945	$	4,495
2010			210,016		210,238		211,409		214,439		214,161		196,770		189,263		179,604		165,864		10,034
2011					201,457		201,735		202,815		211,459		208,828		207,946		200,168		177,163		22,132
2012							209,889		216,415		221,808		223,813		222,499		212,485		213,850		33,873
2013									209,538		214,624		215,544		213,765		213,142		205,586		67,043
2014											219,378		219,332		219,286		219,109		233,427		48,605
2015													212,030		212,150		214,310		225,003		84,299
2016															195,061		196,246		199,879		84,621
2017																	155,211		155,892		109,070
2018																			146,558		142,282
																	Total		$	1,903,167



Reinsurance professional lines
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	914	$	8,588	$	32,306	$	63,066	$	83,703	$	108,373	$	128,071	$	138,247	$	143,732	$	150,811
2010			1,758		12,029		31,245		52,129		76,763		107,270		123,889		130,487		137,917
2011					1,510		11,825		30,273		57,182		84,776		102,938		119,643		129,920
2012							779		10,400		29,616		53,587		85,921		107,173		131,770
2013									1,062		12,070		30,495		64,966		81,641		104,883
2014											2,019		13,066		48,814		74,542		109,129
2015													3,134		13,505		41,524		79,270
2016															1,772		20,516		52,588
2017																	2,814		14,918
2018																			273
Total																			911,479

All outstanding liabilities before 2009, net of reinsurance																			47,397

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,039,085



Insurance marine
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2018
	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	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	80,615	$	74,181	$	69,862	$	64,477	$	57,106	$	54,906	$	53,514	$	52,400	$	52,283	$	50,735	$	359	3,220
2010			68,528		70,394		66,389		53,388		51,483		48,650		47,249		45,543		45,125		643		3,196
2011					90,717		78,700		72,530		65,766		65,769		65,983		68,140		68,829		1,005		3,830
2012							89,639		82,648		68,715		70,855		71,823		74,445		72,585		12,055		4,134
2013									79,610		100,767		96,210		97,265		82,547		82,136		2,729		2,351
2014											59,558		44,463		48,481		44,392		45,980		5,454		2,157
2015													158,755		140,050		136,827		129,627		8,498		2,219
2016															86,264		78,779		76,743		12,819		2,795
2017																	171,936		170,085		49,990		3,863
2018																			178,709		113,414		3,250
																	Total		$	920,554



Insurance marine
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	17,394	$	30,297	$	39,674	$	43,147	$	45,159	$	45,775	$	48,321	$	48,587	$	48,920	$	50,244
2010			18,029		28,631		33,298		42,364		45,194		45,976		46,940		43,346		43,433
2011					26,435		44,218		54,930		58,025		59,862		60,572		64,868		66,913
2012							10,711		38,545		44,800		49,523		50,331		52,724		54,721
2013									18,982		44,087		54,898		63,128		65,822		76,856
2014											6,349		15,172		26,838		26,924		35,987
2015													21,426		54,869		108,152		111,027
2016															12,486		31,981		57,745
2017																	14,472		68,563
2018																			23,016
Total																			588,505

All outstanding liabilities before 2009, net of reinsurance																			8,619

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	340,668



Insurance credit and political risk
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2018
	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	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	248,083	$	305,282	$	326,024	$	335,536	$	334,965	$	335,271	$	335,291	$	339,570	$	339,534	$	340,648	$	3,600	24
2010			62,415		63,179		63,259		65,596		64,977		65,011		72,101		90,880		99,416		1,316		6
2011					58,154		48,665		47,706		48,361		48,333		45,036		33,604		27,899		268		4
2012							32,602		15,672		12,435		12,447		10,320		44		197		155		4
2013									26,439		25,684		9,759		9,880		14,941		14,065		5,759		1
2014											38,825		70,712		67,109		68,320		69,586		1,136		6
2015													30,329		30,368		27,513		26,001		2,703		2
2016															45,907		44,639		42,184		17,704		1
2017																	36,563		34,631		28,083		3
2018																			46,172		33,079		1
																	Total		$	700,799



Insurance credit and political risk
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	92,842	$	344,652	$	346,254	$	346,221	$	341,577	$	345,521	$	345,520	$	345,567	$	341,231	$	340,785
2010			50,000		85,418		90,729		106,767		101,786		101,948		102,154		102,196		102,514
2011					32,788		37,205		27,636		27,636		27,636		27,636		27,631		27,631
2012							—		—		—		—		38		39		42
2013									745		2,235		3,726		5,216		11,768		13,826
2014											1,924		39,952		61,108		57,855		57,855
2015													—		23,309		23,298		23,298
2016															—		24,445		24,479
2017																	1,504		5,589
2018																			4,294
Total																			600,313

All outstanding liabilities before 2009, net of reinsurance																			(1,475		)

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	99,011



Insurance aviation
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2018
	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	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	17,468	$	14,560	$	18,752	$	18,090	$	16,743	$	16,618	$	15,437	$	14,604	$	14,330	$	13,821	$	41	1,659
2010			12,922		11,699		11,422		9,749		8,769		8,699		8,744		8,548		8,900		78		1,950
2011					17,723		15,390		12,779		9,552		8,422		7,275		7,242		7,203		205		2,145
2012							12,789		10,668		10,791		8,708		7,758		7,804		7,695		200		2,242
2013									15,651		16,327		15,199		15,243		15,618		15,502		292		2,320
2014											20,432		23,028		24,339		22,104		22,183		425		2,717
2015													29,761		28,479		30,363		30,135		1,480		3,484
2016															29,154		34,328		34,513		2,845		3,456
2017																	56,565		63,295		7,676		3,452
2018																			57,955		12,452		2,280
																	Total		$	261,202



Insurance aviation
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	2,081	$	3,583	$	7,026	$	12,780	$	13,902	$	14,266	$	14,203	$	13,700	$	13,665	$	13,616
2010			1,037		4,131		6,312		6,886		7,551		7,670		8,113		8,221		8,423
2011					638		2,822		4,512		5,028		5,562		5,811		6,042		6,188
2012							953		2,858		4,147		5,941		6,822		7,146		7,263
2013									4,399		7,326		9,746		11,444		13,594		14,200
2014											3,987		8,019		11,687		14,167		14,824
2015													8,084		16,155		21,507		23,797
2016															10,407		20,113		27,120
2017																	22,512		41,671
2018																			21,058
Total																			178,160

All outstanding liabilities before 2009, net of reinsurance																			8,362

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	91,404



Reinsurance motor
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2018
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	81,369	$	79,515	$	87,140	$	89,057	$	90,860	$	92,158	$	83,517	$	77,943	$	80,204	$	77,829	$	17,628
2010			98,704		105,669		106,092		104,993		99,061		93,919		84,535		81,228		78,575		19,993
2011					156,069		158,750		162,586		168,436		164,559		155,948		145,482		140,191		24,417
2012							178,052		167,788		156,460		149,100		144,164		134,768		131,690		22,562
2013									162,681		158,632		147,139		137,695		134,200		131,081		21,880
2014											182,625		182,555		177,575		174,457		169,776		9,307
2015													222,768		216,808		220,527		221,982		29,755
2016															245,899		261,369		263,168		43,569
2017																	363,651		371,089		84,007
2018																			357,187		172,384
																	Total		$	1,942,568



Reinsurance motor
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	2,709	$	6,830	$	8,012	$	9,523	$	12,933	$	19,066	$	21,368	$	25,910	$	29,144	$	31,650
2010			7,075		11,951		17,066		20,387		23,554		27,766		30,977		32,015		33,083
2011					23,788		46,979		61,309		71,664		78,202		84,067		88,630		89,619
2012							29,162		52,736		67,254		76,875		83,232		87,244		89,492
2013									33,807		52,639		66,119		75,865		81,388		86,832
2014											43,325		73,572		92,721		100,607		110,562
2015													57,809		92,778		112,584		129,661
2016															60,829		104,342		127,970
2017																	72,226		133,842
2018																			83,854
Total																			916,565

All outstanding liabilities before 2009, net of reinsurance																			146,464

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,172,467



Insurance professional lines
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2018
	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	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	240,092	$	243,522	$	243,978	$	244,466	$	253,979	$	236,657	$	236,751	$	212,994	$	220,524	$	224,778	$	13,640	5,889
2010			230,353		235,610		233,407		204,744		181,917		157,921		179,517		167,038		186,340		18,897		5,690
2011					312,805		314,466		331,800		324,739		329,318		342,598		351,247		351,747		33,877		7,215
2012							327,590		372,782		374,315		373,306		360,596		362,606		351,498		50,067		8,300
2013									382,270		394,548		394,461		361,785		351,330		353,112		70,914		9,409
2014											408,103		407,688		418,164		389,610		369,129		111,975		9,766
2015													374,209		373,747		380,265		355,300		127,537		10,379
2016															346,289		349,223		355,601		152,080		11,632
2017																	375,397		393,443		256,260		12,903
2018																			357,398		304,926		12,392
																	Total		$	3,298,346



Insurance professional lines
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	1,657	$	20,619	$	44,065	$	68,690	$	96,631	$	106,985	$	126,542	$	165,088	$	177,492	$	184,577
2010			7,850		27,815		53,458		72,554		88,585		99,082		109,668		114,710		136,252
2011					7,399		32,812		73,940		107,980		165,206		237,804		282,907		294,043
2012							7,801		41,021		99,486		183,295		229,932		252,937		272,298
2013									17,633		72,784		128,858		174,759		211,931		241,074
2014											23,450		70,266		129,160		191,437		222,692
2015													19,976		67,313		137,145		168,627
2016															15,846		70,947		146,342
2017																	20,812		71,495
2018																			19,098
Total																			1,756,498

All outstanding liabilities before 2009, net of reinsurance																			45,848

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,587,696



Reinsurance credit and surety
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2018
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	143,398	$	122,111	$	105,827	$	105,062	$	104,236	$	98,958	$	95,726	$	95,321	$	93,688	$	92,519	$	1,304
2010			119,152		100,047		93,548		90,657		86,528		79,047		77,732		75,716		74,430		4,092
2011					121,471		107,811		105,955		112,964		111,019		102,529		100,718		100,146		5,770
2012							160,109		148,566		151,141		148,363		140,000		131,963		128,323		8,830
2013									165,413		153,616		144,472		140,589		136,402		125,112		8,083
2014											135,732		136,346		143,515		139,857		128,404		11,280
2015													160,837		166,951		161,789		157,612		26,891
2016															142,245		141,780		149,054		38,746
2017																	135,750		134,063		38,299
2018																			111,969		53,762
																	Total		$	1,201,632



Reinsurance credit and surety
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	32,479	$	76,440	$	78,378	$	80,574	$	84,401	$	87,047	$	87,180	$	87,089	$	87,594	$	87,238
2010			28,218		48,715		59,776		60,452		62,144		63,279		64,710		65,724		66,023
2011					22,449		54,012		70,850		78,477		83,036		85,242		87,571		89,004
2012							49,631		85,701		99,705		105,551		109,073		110,844		112,118
2013									32,447		77,059		91,902		98,517		106,202		108,062
2014											35,570		61,440		86,539		95,675		103,272
2015													32,935		82,174		100,464		117,594
2016															42,069		73,603		92,788
2017																	37,311		74,341
2018																			38,975
Total																			889,415

All outstanding liabilities before 2009, net of reinsurance																			13,274

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	325,491



Reinsurance liability
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2018
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	172,680	$	174,121	$	180,945	$	178,149	$	184,811	$	204,531	$	192,287	$	178,260	$	168,917	$	175,770	$	13,563
2010			171,634		170,784		182,515		183,056		201,329		190,959		181,938		165,990		159,156		14,137
2011					172,431		172,399		174,124		191,761		197,871		194,715		193,830		191,962		24,450
2012							167,290		163,625		167,887		172,491		173,645		171,121		164,357		27,789
2013									172,784		176,465		182,428		184,467		184,147		177,273		53,822
2014											200,203		203,136		204,871		200,819		199,583		75,626
2015													214,942		215,273		216,201		215,997		97,353
2016															240,411		246,024		251,087		131,475
2017																	277,034		270,564		176,854
2018																			264,450		209,612
																	Total		$	2,070,199



Reinsurance liability
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	1,704	$	17,102	$	44,473	$	56,623	$	73,229	$	103,662	$	122,704	$	127,009	$	132,996	$	136,539
2010			2,481		17,654		46,201		62,291		83,826		97,457		108,770		119,693		128,399
2011					5,189		21,273		39,981		70,102		92,466		112,328		123,387		135,625
2012							3,541		12,798		28,388		58,735		78,190		101,115		115,571
2013									5,969		22,236		52,327		69,052		88,264		102,588
2014											7,083		28,663		48,415		70,143		89,436
2015													7,271		27,457		54,524		80,865
2016															11,861		37,688		69,526
2017																	12,424		42,092
2018																			19,305
Total																			919,946

All outstanding liabilities before 2009, net of reinsurance																			54,315

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,204,568



Reinsurance property and other
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2018
	For the years ended December 31,																				Total of incurred-but-not-reported liabilities plus expected development on reported claims
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	340,527	$	284,210	$	246,047	$	232,639	$	223,245	$	204,560	$	198,498	$	200,422	$	197,779	$	198,189	$	1,722
2010			612,614		600,219		569,357		582,855		585,247		579,065		571,120		569,043		568,179		5,532
2011					1,109,682		1,116,708		1,124,792		1,083,492		1,066,384		1,040,470		1,038,726		1,040,130		10,579
2012							555,241		523,310		507,750		477,145		461,255		456,334		457,703		8,446
2013									578,645		560,227		529,463		509,179		503,203		502,642		5,140
2014											540,406		560,478		534,229		521,797		519,967		43,358
2015													477,608		463,996		459,017		453,628		14,117
2016															614,940		633,597		620,702		30,481
2017																	1,076,458		1,080,319		123,562
2018																			880,269		492,589
																	Total		$	6,321,728



Reinsurance property and other
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	56,420	$	129,397	$	160,284	$	178,388	$	188,919	$	188,240	$	191,046	$	192,728	$	191,900	$	190,174
2010			116,143		310,268		403,566		435,155		481,009		510,061		534,893		540,616		542,909
2011					251,538		587,390		793,972		893,041		922,456		995,795		1,010,611		1,013,191
2012							122,688		294,436		367,055		389,461		404,019		413,789		415,831
2013									107,085		324,443		440,804		470,990		480,712		482,114
2014											101,937		352,361		434,354		451,890		458,032
2015													71,244		265,569		368,360		400,615
2016															126,404		375,374		519,223
2017																	252,008		722,835
2018																			194,154
Total																			4,939,078

All outstanding liabilities before 2009, net of reinsurance																			11,126

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	1,393,776



Insurance liability
	Incurred claims and allocated claim adjustment expenses, net of reinsurance																				At December 31, 2018
	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	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	61,469	$	64,017	$	67,410	$	67,869	$	75,883	$	83,281	$	101,179	$	98,384	$	98,999	$	97,964	$	9,450	4,093
2010			79,407		94,220		98,635		98,112		99,570		98,061		105,119		104,258		103,906		11,742		3,670
2011					72,586		75,329		83,118		87,059		85,242		83,730		82,127		82,625		17,357		3,222
2012							70,861		70,631		73,281		70,770		68,180		75,341		72,514		23,236		2,837
2013									92,150		94,178		94,253		87,498		93,216		95,632		21,345		3,520
2014											106,148		122,643		128,524		130,021		131,539		31,126		4,614
2015													127,319		125,819		136,305		164,036		52,818		5,975
2016															123,243		129,139		128,172		73,747		6,628
2017																	161,211		165,061		107,070		5,842
2018																			166,659		141,099		3,725
																	Total		$	1,208,108



Insurance liability
	Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
	For the years ended December 31,
Accident year	2009 unaudited		2010 unaudited		2011 unaudited		2012 unaudited		2013 unaudited		2014 unaudited		2015 unaudited		2016 unaudited		2017 unaudited		2018
2009	$	726	$	4,646	$	13,305	$	26,754	$	31,865	$	41,322	$	44,105	$	83,991	$	84,975	$	86,231
2010			1,030		15,966		30,788		53,581		61,029		66,114		71,788		86,433		87,981
2011					2,761		10,540		20,190		38,376		46,074		54,996		60,263		62,152
2012							1,630		5,514		15,411		30,145		37,139		42,745		46,545
2013									2,360		23,281		33,320		42,051		60,017		66,976
2014											1,415		18,645		49,840		71,617		84,397
2015													5,438		22,308		39,557		92,557
2016															6,318		23,286		36,406
2017																	5,404		29,529
2018																			8,704
Total																			601,478

All outstanding liabilities before 2009, net of reinsurance																			43,840

Liabilities for claims and claim adjustment expenses, net of reinsurance																			$	650,470

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



Insurance property and other
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
34.5%	40.2%	13.2%	5.8%	2.0%	0.8%	0.7%	0.2%	0.3%	—%



Reinsurance professional lines
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
0.9%	5.9%	12.1%	14.4%	13.3%	12.7%	10.5%	5.2%	3.8%	3.9%



Reinsurance credit and surety
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
29.9%	30.0%	12.6%	5.5%	4.3%	1.9%	1.3%	0.9%	0.5%	(0.4)%



Insurance credit and political risk
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
21.7%	38.9%	1.6%	3.1%	9.9%	3.3%	0.4%	—%	(0.5)%	(0.1)%



Reinsurance liability
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
3.4%	9.2%	13.1%	12.0%	11.2%	11.6%	8.1%	5.2%	4.5%	2.0%



Insurance professional lines
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
4.1%	11.8%	15.7%	13.4%	11.6%	9.1%	8.2%	7.7%	8.6%	3.2%



Reinsurance property and other
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
22.2%	39.9%	19.1%	6.5%	3.8%	2.9%	1.9%	0.7%	—%	(0.9)%



Insurance aviation
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
22.3%	24.8%	20.0%	15.5%	8.6%	3.1%	2.3%	(0.1)%	1.0%	(0.4)%



Insurance marine
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
21.9%	27.3%	20.8%	7.2%	6.2%	4.1%	4.0%	(1.5)%	0.5%	2.6%



Insurance liability
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
2.8%	11.8%	12.9%	19.4%	10.0%	8.1%	5.0%	19.0%	1.3%	1.3%



Reinsurance motor
Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited)
Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
19.5%	14.1%	8.6%	5.8%	4.7%	4.9%	3.0%	2.6%	2.8%	3.2%

RECONCILIATION OF DEVELOPMENT TABLES TO CONSOLIDATED BALANCE SHEET

The following table reconciles the reserves for loss and loss expenses at December 31, 2018 included in the loss development tables to the reserves for loss and loss expenses reported in the consolidated balance sheet:



Reconciliation of the disclosure of incurred and paid claims development to the liability for unpaid claims and claim adjustment expenses

	At December 31, 2018
	Net outstanding liabilities		Reinsurance recoverable on unpaid claims		Gross outstanding liabilities

Insurance segment
Property and other	$	771,659	$	482,207	$	1,253,866
Marine	340,668		187,164		527,832
Aviation	91,404		14,310		105,714
Credit and political risk	99,011		24,536		123,547
Professional Lines	1,587,696		1,005,316		2,593,012
Liability	650,470		978,719		1,629,189
Total insurance segment	3,540,908		2,692,252		6,233,160

Reinsurance segment
Property and other	1,393,776		435,671		1,829,447
Credit and surety	325,491		36,180		361,671
Professional lines	1,039,085		81,608		1,120,693
Motor	1,172,467		128,575		1,301,042
Liability	1,204,568		127,383		1,331,951
Total reinsurance segment	5,135,387		809,417		5,944,804
Total	$	8,676,295	$	3,501,669	12,177,964
Unallocated claims adjustment expenses					145,768
Foreign exchange and other⁽¹⁾					53,695
(Ceded)/assumed reserves related to retroactive transactions					(96,658		)

Total liability for unpaid claims and claims adjustment expense					$	12,280,769


(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.