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Reserve for Losses and Loss Adjustment Expenses (Tables)
 9 Months Ended
Sep. 30, 2019
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
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Reserve for losses and loss adjustment expenses at beginning of period
$
12,230,316

 
$
11,424,337

 
$
11,853,297

 
$
11,383,792

Unpaid losses and loss adjustment expenses recoverable
3,024,797

 
2,651,749

 
2,814,291

 
2,464,910

Net reserve for losses and loss adjustment expenses at beginning of period
9,205,519

 
8,772,588

 
9,039,006

 
8,918,882

 
 
 
 
 
 
 
 
Net incurred losses and loss adjustment expenses relating to losses occurring in:
 
 
 
 
 
 
 
Current year
855,352

 
779,043

 
2,419,044

 
2,257,670

Prior years
(52,897
)
 
(79,623
)
 
(130,514
)
 
(195,237
)
Total net incurred losses and loss adjustment expenses
802,455

 
699,420

 
2,288,530

 
2,062,433

 
 
 
 
 
 
 
 
Retroactive reinsurance transactions (1)
—

 
—

 
(225,500
)
 
(420,404
)
 
 
 
 
 
 
 
 
Net foreign exchange (gains) losses
(73,200
)
 
(33,783
)
 
(74,981
)
 
(110,061
)
 
 
 
 
 
 
 
 
Net paid losses and loss adjustment expenses relating to losses occurring in:
 
 
 
 
 
 
 
Current year
(175,611
)
 
(149,999
)
 
(301,099
)
 
(245,021
)
Prior years
(399,948
)
 
(396,695
)
 
(1,366,741
)
 
(1,314,298
)
Total net paid losses and loss adjustment expenses
(575,559
)
 
(546,694
)
 
(1,667,840
)
 
(1,559,319
)
 
 
 
 
 
 
 
 
Net reserve for losses and loss adjustment expenses at end of period
9,359,215

 
8,891,531

 
9,359,215

 
8,891,531

Unpaid losses and loss adjustment expenses recoverable
3,030,169

 
2,662,790

 
3,030,169

 
2,662,790

Reserve for losses and loss adjustment expenses at end of period
$
12,389,384

 
$
11,554,321

 
$
12,389,384

 
$
11,554,321


(1)
During the 2019 first quarter and 2018 second quarter, a subsidiary of the Company entered into two separate retroactive reinsurance transactions with third party reinsurers to reinsure run-off liabilities associated with certain U.S. insurance exposures.