Reserve for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2014

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

Analysis of losses and loss adjustment expenses and reconciliation of beginning and ending reserve balances

The following table represents an analysis of losses and loss adjustment expenses and a reconciliation of the beginning and ending reserve for losses and loss adjustment expenses:

	Year Ended December 31,
	2014			2013			2012
Reserve for losses and loss adjustment expenses at beginning of year	$	8,824,696		$	8,933,292		$	8,456,210
Unpaid losses and loss adjustment expenses recoverable	1,748,250			1,829,070			1,818,047
Net reserve for losses and loss adjustment expenses at beginning of year	7,076,446			7,104,222			6,638,163
Net incurred losses and loss adjustment expenses relating to losses occurring in:
Current year	2,246,152			1,943,466			2,082,805
Prior years	(326,902		)	(264,042		)	(221,528		)
Total net incurred losses and loss adjustment expenses	1,919,250			1,679,424			1,861,277
Net losses and loss adjustment expense reserves of acquired business (1)	120,671			—			31,977
Foreign exchange (gains) losses	(160,486		)	1,617			38,184
Net paid losses and loss adjustment expenses relating to losses occurring in:
Current year	(347,270		)	(288,114		)	(295,984		)
Prior years	(1,350,466		)	(1,420,703		)	(1,169,395		)
Total net paid losses and loss adjustment expenses	(1,697,736		)	(1,708,817		)	(1,465,379		)
Net reserve for losses and loss adjustment expenses at end of year	7,258,145			7,076,446			7,104,222
Unpaid losses and loss adjustment expenses recoverable	1,778,303			1,748,250			1,829,070
Reserve for losses and loss adjustment expenses at end of year	$	9,036,448		$	8,824,696		$	8,933,292

(1) 2014 amount relates to the Company’s acquisition of Arch MI U.S. while the 2012 amount relates to the Company’s acquisition of the trade credit and surety operations of Ariel Reinsurance Company.