Reserve for Loss and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2018

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

Our reserve for loss and LAE comprises:

	September 30, 2018		December 31, 2017
Reserve for reported loss and LAE	$	1,577,494	$	1,393,560
Reserve for losses incurred but not reported ("IBNR")	1,274,191		993,162
Reserve for loss and LAE	$	2,851,685	$	2,386,722

The following table represents a reconciliation of our beginning and ending gross and net loss and LAE reserves:

For the Nine Months Ended September 30,	2018			2017
Gross loss and LAE reserves, January 1	$	2,386,722		$	1,845,407
Less: reinsurance recoverable on unpaid losses, January 1	24,883			35,948
Net loss and LAE reserves, January 1	2,361,839			1,809,459
Net incurred losses related to:
Current year	1,073,052			979,416
Prior years	250,451			111,192
	1,323,503			1,090,608
Net paid losses related to:
Current year	(283,477		)	(273,050		)
Prior years	(555,718		)	(501,799		)
	(839,195		)	(774,849		)
Commuted recoverables	19,929			—
Effect of foreign exchange movements	(16,202		)	48,622
Net loss and LAE reserves, September 30	2,849,874			2,173,840
Reinsurance recoverable on unpaid losses, September 30	1,811			45,643
Gross loss and LAE reserves, September 30	$	2,851,685		$	2,219,483