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Losses and Loss Expenses (Tables)
 9 Months Ended
Sep. 30, 2017
Liability for Claims and Claims Adjustment Expense [Abstract]  
Reconciliation of the beginning and ending balances of unpaid losses and loss expenses
The following table represents a reconciliation of the beginning and ending balances of unpaid losses and loss expenses, including an analysis of the Company's paid and unpaid losses and loss expenses incurred for the years indicated:
(U.S. dollars in thousands)
2017
 
2016
Unpaid losses and loss expenses at the beginning of the year
$
25,939,571

 
$
25,439,744

Unpaid losses and loss expenses recoverable at the beginning of the year (1)
5,480,300

 
5,248,905

Net unpaid losses and loss expenses at the beginning of the year
$
20,459,271

 
$
20,190,839

Acquired reserves
—

 
101,315

Increase (decrease) in net losses and loss expenses incurred in respect of losses occurring in:
 
 
 
Current year
6,272,852

 
4,702,321

Prior year
(93,590
)
 
(195,647
)
Total net incurred losses and loss expenses
$
6,179,262

 
$
4,506,674

Foreign exchange and other
555,350

 
(263,342
)
Less net losses and loss expenses paid in respect of losses occurring in:
 
 
 
Current year
654,494

 
695,256

Prior year
3,505,086

 
3,139,995

Total net paid losses
$
4,159,580

 
$
3,835,251

Net unpaid losses and loss expenses at September 30
23,034,303

 
20,700,235

Unpaid losses and loss expenses recoverable at September 30 (1)
6,954,034

 
5,470,148

Unpaid losses and loss expenses at September 30
$
29,988,337

 
$
26,170,383

____________
(1)    Property and Casualty business only, net of provision for uncollectible reinsurance.
Segment Reporting Information [Line Items]  
Net (favorable) adverse prior year loss 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:
 
Nine Months Ended
 
September 30,
(U.S. dollars in thousands)
2017
 
2016
Insurance segment
$
(30,680
)
 
$
(67,498
)
Reinsurance segment
(62,910
)
 
(128,149
)
Total
$
(93,590
)
 
$
(195,647
)
Insurance Segment  
Segment Reporting Information [Line Items]  
Net (favorable) adverse prior year loss development
The following table summarizes the net (favorable) adverse prior year reserve development by product type relating to the Insurance segment for the nine months ended September 30, 2017 and 2016:
 
Nine Months Ended
 
September 30,
(U.S. dollars in thousands)
2017
 
2016
Professional
$
(54,833
)
 
$
(369
)
Casualty
(74,443
)
 
(45,230
)
Property
91,488

 
(7,356
)
Specialty
7,108

 
(14,543
)
Total
$
(30,680
)
 
$
(67,498
)
Reinsurance Segment  
Segment Reporting Information [Line Items]  
Net (favorable) adverse prior year loss development
The following table summarizes the net (favorable) adverse prior year reserve development by line of business relating to the Reinsurance segment for the nine months ended September 30, 2017 and 2016:
 
Nine Months Ended
 
September 30,
(U.S. dollars in thousands)
2017
 
2016
Property and other short-tail lines
$
(124,362
)
 
$
(69,028
)
Casualty and other long-tail lines
61,452

 
(59,121
)
Total
$
(62,910
)
 
$
(128,149
)