Reserves for Loss and Loss Expenses (Tables)

3 Months Ended

Mar. 31, 2019

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



	March 31,
(In thousands)	2019			2018
Net reserves at beginning of period	$	10,248,883		$	10,056,914
Net provision for losses and loss expenses:
Claims occurring during the current year (1)	971,806			956,181
Increase (decrease) in estimates for claims occurring in prior years (2) (3)	6,481			(3,582		)
Loss reserve discount accretion	10,363			10,620
Total	988,650			963,219
Net payments for claims:
Current year	295,873			111,030
Prior years	567,756			810,709
Total	863,629			921,739
Foreign currency translation	(163		)	2,501
Net reserves at end of period	10,373,741			10,100,895
Ceded reserves at end of period	1,719,369			1,684,000
Gross reserves at end of period	$	12,093,110		$	11,784,895

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(1) Claims occurring during the current year are net of loss reserve discounts of $6 million for both the three months ended March 31, 2019 and 2018.

(2) The increase (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 increased by $3 million and decreased by $7 million for the three months ended March 31, 2019 and 2018, respectively.

(3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Favorable development, net of additional and return premiums, was $7 million and $12 million for the three months ended March 31, 2019 and 2018, respectively.