Liability for Unpaid Loss and Loss Adjustment Expense

6 Months Ended

Jun. 30, 2015

Liability for Unpaid Loss and Loss Adjustment Expense

Liability For Future Policy Benefits And Unpaid Claims Disclosure TextBlock

(7) Liability for Unpaid Loss and Loss Adjustment Expense

The table below provides a reconciliation of our liability for loss and loss adjustment expense payable (referred to as reserves). We recognized no prior year loss development in the first six months and second quarter of 2015 and 2014.

		Six months ended June 30,				Three months ended June 30,
		2015		2014		2015		2014
Reserves at beginning of period		$	3,728,085	$	3,902,132	$	3,692,522	$	3,847,417
Less reinsurance recoverables on reserves			1,070,463		1,122,731		1,082,484		1,098,576
	Net reserves at beginning of period		2,657,622		2,779,401		2,610,038		2,748,841
Net reserve additions from acquired business			8,743		-		-		-
Net loss and loss adjustment expense			760,467		666,643		395,305		335,897
Net loss and loss adjustment expense payments			(820,513)		(691,775)		(431,975)		(327,917)
Foreign currency adjustment			(19,645)		5,979		13,306		3,427
	Net reserves at end of period		2,586,674		2,760,248		2,586,674		2,760,248
Plus reinsurance recoverables on reserves			1,073,814		1,081,249		1,073,814		1,081,249
	Reserves at end of period	$	3,660,488	$	3,841,497	$	3,660,488	$	3,841,497