LIABILITY FOR LOSSES AND SETTLEMENT EXPENSES (Tables)

12 Months Ended

Dec. 31, 2014

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Schedule of reconciliation of beginning and ending reserves for losses and settlement expenses

The following table sets forth a reconciliation of beginning and ending reserves for losses and settlement expenses of the Company.  Amounts presented are on a net basis, with a reconciliation of beginning and ending reserves to the gross amounts presented in the consolidated financial statements.

	Year ended December 31,
	2014			2013			2012
Gross reserves at beginning of year	$	610,181		$	583,097		$	593,300
Less re-valuation due to foreign currency exchange rates	333			(2		)	—
Less ceded reserves at beginning of year	30,118			31,390			36,842
Net reserves at beginning of year	579,730			551,709			556,458
Incurred losses and settlement expenses related to:
Current year	406,266			346,072			329,121
Prior years	(20,792		)	(12,785		)	(25,733		)
Total incurred losses and settlement expenses	385,474			333,287			303,388
Paid losses and settlement expenses related to:
Current year	162,905			137,998			145,103
Prior years	167,182			167,268			163,034
Total paid losses and settlement expenses	330,087			305,266			308,137
Net reserves at end of year	635,117			579,730			551,709
Plus ceded reserves at end of year	28,253			30,118			31,390
Plus re-valuation due to foreign currency exchange rates	(2,061		)	333			(2		)
Gross reserves at end of year	$	661,309		$	610,181		$	583,097

Summary of the approximation of the implied favorable development that had an impact on earnings

The following table presents the reported amounts of favorable development experienced on prior years’ reserves and the portion of the reported development amounts that resulted solely from changes in the allocation of bulk reserves between the current and prior accident years in the property and casualty insurance segment (no impact on earnings).  The result is an approximation of the implied amounts of favorable development that had an impact on earnings.

	Year ended December 31,
	2014			2013			2012
Reported amount of favorable development experienced on prior years' reserves	$	(20,792	)	$	(12,785	)	$	(25,733	)
Adjustment for (adverse) favorable development included in the reported development amount that had no impact on earnings	2,151			6,526			(4,551		)
Approximation of the implied amount of favorable development that had an impact on earnings	$	(18,641	)	$	(6,259	)	$	(30,284	)