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Reserve for Losses and Loss Adjustment Expenses (Tables)
 6 Months Ended
Jun. 30, 2018
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:
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2018
 
2017
 
2018
 
2017
Reserve for losses and loss adjustment expenses at beginning of period
$
11,496,205

 
$
10,296,821

 
$
11,383,792

 
$
10,200,960

Unpaid losses and loss adjustment expenses recoverable
2,446,990

 
2,095,130

 
2,464,910

 
2,083,575

Net reserve for losses and loss adjustment expenses at beginning of period
9,049,215

 
8,201,691

 
8,918,882

 
8,117,385

 
 
 
 
 
 
 
 
Net incurred losses and loss adjustment expenses relating to losses occurring in:
 
 
 
 
 
 
 
Current year
790,742

 
759,261

 
1,478,627

 
1,395,037

Prior years
(64,589
)
 
(69,401
)
 
(115,614
)
 
(152,607
)
Total net incurred losses and loss adjustment expenses
726,153

 
689,860

 
1,363,013

 
1,242,430

 
 
 
 
 
 
 
 
Retroactive reinsurance transaction (1)
(420,404
)
 
—

 
(420,404
)
 
—

 
 
 
 
 
 
 
 
Net foreign exchange (gains) losses
(118,542
)
 
75,295

 
(74,528
)
 
106,574

 
 
 
 
 
 
 
 
Net paid losses and loss adjustment expenses relating to losses occurring in:
 
 
 
 
 
 
 
Current year
(59,022
)
 
(80,499
)
 
(95,022
)
 
(115,502
)
Prior years
(404,812
)
 
(482,046
)
 
(919,353
)
 
(946,586
)
Total net paid losses and loss adjustment expenses
(463,834
)
 
(562,545
)
 
(1,014,375
)
 
(1,062,088
)
 
 
 
 
 
 
 
 
Net reserve for losses and loss adjustment expenses at end of period
8,772,588

 
8,404,301

 
8,772,588

 
8,404,301

Unpaid losses and loss adjustment expenses recoverable
2,651,749

 
2,116,210

 
2,651,749

 
2,116,210

Reserve for losses and loss adjustment expenses at end of period
$
11,424,337

 
$
10,520,511

 
$
11,424,337

 
$
10,520,511


(1)
During the 2018 second quarter, a subsidiary of the Company entered into a retroactive reinsurance transaction with a third party reinsurer to reinsure run-off liabilities associated with certain discontinued U.S. specialty casualty and program exposures.