Liability for Unpaid Loss and Loss Adjustment Expense

3 Months Ended

Mar. 31, 2014

Liability for Unpaid Loss and Loss Adjustment Expense

Liability For Future Policy Benefits And Unpaid Claims Disclosure TextBlock

(5) Liability for Unpaid Loss and Loss Adjustment Expense

The table below provides a reconciliation of our liability for loss and loss adjustment expense payable (referred to as reserves). We recognized no prior year loss development in the first quarter of 2014 and 2013.

		Three months ended March 31,
		2014		2013
Reserves at beginning of year		$	3,902,132	$	3,767,850
Less reinsurance recoverables on reserves			1,122,731		1,018,047
	Net reserves at beginning of period		2,779,401		2,749,803
Net loss and loss adjustment expense			321,844		332,697
Net loss and loss adjustment expense payments			(354,956)		(299,529)
Foreign currency adjustment			2,552		(21,729)
	Net reserves at end of period		2,748,841		2,761,242
Plus reinsurance recoverables on reserves			1,098,576		1,012,920
	Reserves at end of period	$	3,847,417	$	3,774,162