Reserves for Loss and Loss Expenses Reserves for Loss and Loss Expenses (Tables)

3 Months Ended

Mar. 31, 2017

Insurance [Abstract]

Reconciliation of Net Reserves

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

	March 31,
(In thousands)	2017		2016
Net reserves at beginning of year	$	9,590,265	$	9,244,872
Net provision for losses and loss expenses:
Claims occurring during the current year (1)	958,684		916,649
Increase (decrease) in estimates for claims occurring in prior years (2) (3)	8,727		(5,601		)
Loss reserve discount accretion	12,192		11,273
Total	979,603		922,321
Net payments for claims:
Current year	97,461		259,633
Prior year	773,571		555,884
Total	871,032		815,517
Foreign currency translation	23,204		20,760
Net reserves at end of period	9,722,040		9,372,436
Ceded reserve at end of period	1,502,284		1,415,906
Gross reserves at end of period	$	11,224,324	$	10,788,342

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(1) Claims occurring during the current year are net of loss reserve discounts of $5,761,000 and $19,072,000 in 2017 and 2016, respectively.

(2) The increase 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 increased by $4,841,000 and decreased by $23,559,000 in 2017 and 2016, respectively.