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LOSSES AND LOSS EXPENSES (Detail) - Unpaid losses and loss expenses (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Reserve for reported losses and loss expenses	$ 8,153,585	$ 8,510,605
Reserve for losses incurred but not reported	12,460,316	12,021,002
Unpaid losses and loss expenses	$ 20,613,901	$ 20,531,607

The estimated cost of settling claims under the terms of the underlying insurance policies and assumed and ceded insurance contracts as of the balance sheet date, including an estimate for claims which have been incurred but not reported and the actual and estimated costs of settling claims.

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- Definition

Estimated costs as of the balance sheet date of settling insured claims and costs incurred in the claims settlement process for claims that have not yet been submitted to the insurance company for reimbursement.

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