Reserves For Losses And Loss Expenses (Tables)

12 Months Ended

Dec. 31, 2014

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The table below provides a reconciliation of the beginning and ending reserve balances:

(In thousands)	2015			2014			2013
Net reserves at beginning of year	$	8,970,641		$	8,683,797		$	8,411,851
Net provision for losses and loss expenses:
Claims occuring during the current year(1)	3,653,561			3,495,825			3,221,393
Decrease in estimates for claims occurring in prior years(2)(3)	(46,713		)	(75,764		)	(78,810		)
Loss reserve discount accretion(4)	49,422			70,506			54,441
Total	3,656,270			3,490,567			3,197,024
Net payments for claims:
Current year	914,637			898,944			822,787
Prior year	2,342,378			2,216,283			2,055,284
Total	3,257,015			3,115,227			2,878,071
Foreign currency translation	(125,024		)	(88,496		)	(47,007		)
Net reserves at end of year	9,244,872			8,970,641			8,683,797
Ceded reserve at end of year	1,424,278			1,399,060			1,397,144
Gross reserves at end of year	$	10,669,150		$	10,369,701		$	10,080,941

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(1) Claims occurring during the current year are net of loss reserve discounts of $20,357,000, $21,306,000, and $22,680,000 in 2015, 2014 and 2013, respectively.

(2) The decrease in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years decreased by $64,971,000, $116,866,000 and $77,430,000 in 2015, 2014 and 2013, respectively.

(3) For certain retrospectively rated insurance polices and reinsurance agreements, reserve development is offset by additional or return premiums. Favorable reserve development, net of additional and return premiums, was $63 million, $85 million and $98 million in 2015, 2014 and 2013, respectively.

(4) In 2014, the Company entered into a commutation agreement that resulted in a reduction in prior year workers' compensation reserves of $30 million on an undiscounted basis and $12 million on a discounted basis.