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Losses and Loss Expenses (Tables)
 12 Months Ended
Dec. 31, 2014
Segment Reporting Information [Line Items]  
Components of reserves
Unpaid losses and loss expenses for the indicated years ended December 31 are comprised of:
(U.S. dollars in thousands)
2014
 
2013
Reserve for reported losses and loss expenses
$
7,461,444

 
$
8,149,501

Reserve for losses incurred but not reported
11,891,799

 
12,331,564

Unpaid losses and loss expenses
$
19,353,243

 
$
20,481,065
Components of incurred losses and loss expenses
Net losses and loss expenses incurred for the years indicated are comprised of:
(U.S. dollars in thousands)
2014
 
2013
 
2012
Loss and loss expenses payments
$
4,499,642

 
$
4,496,802

 
$
4,673,998

Change in unpaid losses and loss expenses
(514,406
)
 
(71,901
)
 
(297,660
)
Change in unpaid losses and loss expenses recoverable
(48,536
)
 
(24,774
)
 
279,900

Paid loss recoveries
(678,307
)
 
(668,663
)
 
(890,756
)
Net losses and loss expenses incurred
$
3,258,393

 
$
3,731,464

 
$
3,765,482
Reserve roll forward
The following table represents an analysis of the Company’s paid and unpaid losses and loss expenses incurred and a reconciliation of the beginning and ending unpaid losses and loss expenses for the years indicated:
(U.S. dollars in thousands)
2014
 
2013
 
2012
Unpaid losses and loss expenses at the beginning of the year
$
20,481,065

 
$
20,484,121

 
$
20,613,901

Unpaid losses and loss expenses recoverable
3,414,735

 
3,361,703

 
3,629,940

Net unpaid losses and loss expenses at the beginning of the year
$
17,066,330

 
$
17,122,418

 
$
16,983,961

Increase (decrease) in net losses and loss expenses incurred in respect of losses occurring in:
  
 
  
 
  
Current year
3,513,469

 
4,021,353

 
4,081,376

Prior year
(255,076
)
 
(289,889
)
 
(315,894
)
Total net incurred losses and loss expenses
$
3,258,393

 
$
3,731,464

 
$
3,765,482

Exchange rate effects
(561,673
)
 
40,587

 
156,217

Less net losses and loss expenses paid in respect of losses occurring in:
  
 
  
 
  
Current year
381,008

 
425,254

 
416,844

Prior year
3,440,327

 
3,402,885

 
3,366,398

Total net paid losses
$
3,821,335

 
$
3,828,139

 
$
3,783,242

Net unpaid losses and loss expenses at the end of the year
15,941,715

 
17,066,330

 
17,122,418

Unpaid losses and loss expenses recoverable
3,411,528

 
3,414,735

 
3,361,703

Unpaid losses and loss expenses at the end of the year
$
19,353,243

 
$
20,481,065

 
$
20,484,121
Components of prior year development
The following table presents the net (favorable) adverse prior year loss development of the Company’s loss and loss expense reserves for its property and casualty operations by operating segment for each of the years indicated:
(U.S. dollars in thousands)
2014
 
2013
 
2012
Insurance segment
$
(99,762
)
 
$
(102,039
)
 
$
(140,066
)
Reinsurance segment
(155,314
)
 
(187,850
)
 
(175,828
)
Total
$
(255,076
)
 
$
(289,889
)
 
$
(315,894
)
Asbestos and environmental related claims rollforward
A reconciliation of the opening and closing unpaid losses and loss expenses related to discontinued asbestos and run-off environmental exposure claims for the years indicated is as follows:
Year ended December 31,
(U.S. dollars in thousands)
2014
 
2013
 
2012
Net unpaid losses and loss expenses at beginning of year
$
80,435

 
$
78,315

 
$
77,778

Net incurred losses and loss expenses
8,903

 
6,257

 
6,558

Less net paid losses and loss expenses
7,922

 
4,137

 
6,021

Net increase (decrease) in unpaid losses and loss expenses
$
981

 
$
2,120

 
$
537

Net unpaid losses and loss expenses at end of year
81,416

 
80,435

 
78,315

Unpaid losses and loss expenses recoverable at end of year
100,537

 
115,090

 
123,799

Gross unpaid losses and loss expenses at end of year
$
181,953

 
$
195,525

 
$
202,114
Schedule of open claims files for potential asbestos and environmental claims
The development of the number of open claim files for potential discontinued asbestos and run-off environmental claims, including precautionary claims, is as follows:
 
Asbestos
Claims
 
Environmental
Claims
Total number of claims outstanding at December 31, 2011
1,038

 
362

New claims reported in 2012
236

 
60

Claims resolved in 2012
(201
)
 
(68
)
Total number of claims outstanding at December 31, 2012
1,073

 
354

New claims reported in 2013
178

 
34

Claims resolved in 2013
(154
)
 
(50
)
Total number of claims outstanding at December 31, 2013
1,097

 
338

New claims reported in 2014
456

 
190

Claims resolved in 2014
(154
)
 
(69
)
Total number of claims outstanding at December 31, 2014
1,399

 
459
Insurance Segment [Member]  
Segment Reporting Information [Line Items]  
Components of prior year development
The following table summarizes the net (favorable) adverse prior year development by line of business relating to the Insurance segment for the indicated years ended December 31:
(U.S. dollars in thousands)
2014
 
2013
 
2012
Property
$
(57,470
)
 
$
(46,387
)
 
$
(46,735
)
Casualty
38,413

 
(21,829
)
 
(61,630
)
Professional
17,094

 
75,045

 
(106,360
)
Specialty
(82,756
)
 
(140,740
)
 
(61,755
)
Other
(15,043
)
 
31,872

 
136,414

Total
$
(99,762
)
 
$
(102,039
)
 
$
(140,066
)
Reinsurance Segment [Member]  
Segment Reporting Information [Line Items]  
Components of prior year development
The following table summarizes the net (favorable) adverse prior year development by line of business relating to the Reinsurance segment for the indicated years ended December 31:
(U.S. dollars in thousands)
2014
 
2013
 
2012
Property and other short-tail lines
$
(85,324
)
 
$
(136,912
)
 
$
(107,613
)
Casualty and other
(69,990
)
 
(50,938
)
 
(68,215
)
Total
$
(155,314
)
 
$
(187,850
)
 
$
(175,828
)