RESERVE FOR LOSSES AND LOSS EXPENSES (Tables)

3 Months Ended

Mar. 31, 2020

Insurance [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 the Company's beginning and ending gross reserve for losses and loss expenses and net reserves for unpaid losses and loss expenses:

	Three months ended March 31,
	2020		2019
Gross reserve for losses and loss expenses, beginning of period	$	12,752,081	$	12,280,769
Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period	(3,877,756)		(3,501,669)
Net reserve for unpaid losses and loss expenses, beginning of period	8,874,325		8,779,100
Net incurred losses and loss expenses related to:
Current year	914,186		678,700
Prior years	(6,113)		(14,672)
	908,073		664,028
Net paid losses and loss expenses related to:
Current year	(19,081)		(37,600)
Prior years	(652,014)		(691,558)
	(671,095)		(729,158)
Foreign exchange and other	(130,609)		6,460
Net reserve for unpaid losses and loss expenses, end of period	8,980,694		8,720,430
Reinsurance recoverable on unpaid losses and loss expenses, end of period	4,101,579		3,555,341
Gross reserve for losses and loss expenses, end of period	$	13,082,273	$	12,275,771

NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT

The Company's net favorable prior year reserve development arises from changes to estimates of losses and loss expenses related to loss events that occurred in previous calendar years. The following table presents net prior year reserve development by segment:

	Three months ended March 31,
	2020		2019
Insurance	$	3,832	$	6,913
Reinsurance	2,281		7,759
Total	$	6,113	$	14,672

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

The following tables 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