v2.4.0.6

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Summary of Derivative Instruments [Abstract]

Schedule of Location on Consolidated Balance Sheets and Fair Value Of Principal Derivative Instruments

The table below shows the gross and net amounts of recognized derivative assets and liabilities, including the location on the consolidated balance sheets and fair value of the Company’s principal derivative instruments:

		Derivative Assets
	At March 31, 2013	Gross Amounts of Recognized Assets				Gross Amounts Offset in the Balance Sheet				Net Amounts of Assets Presented in the Balance Sheet				Balance Sheet Location		Collateral				Net Amount
	Interest rate futures	$	429			—				$	429			Other assets		$	—			$	429
	Foreign currency forward contracts (1)	8,070				—				8,070				Other assets		—				8,070
	Foreign currency forward contracts (2)	6,541				5,880				661				Other assets		—				661
	Credit default swaps	547				299				248				Other assets		248				—
	Energy and weather contracts	70,165				25,894				44,271				Other assets		—				44,271
	Total	$	85,752			$	32,073			$	53,679					$	248			$	53,431
		Derivative Liabilities
	At March 31, 2013	Gross Amounts of Recognized Liabilities				Gross Amounts Offset in the Balance Sheet				Net Amounts of Liabilities Presented in the Balance Sheet				Balance Sheet Location		Collateral				Net Amount
	Interest rate futures	$	30			—				$	30			Other liabilities		$	30			$	—
	Foreign currency forward contracts (1)	4,227				—				4,227				Other liabilities		—				4,227
	Foreign currency forward contracts (3)	211				58				153				Other liabilities		153				—
	Energy and weather contracts	45,694				20,088				25,606				Other liabilities		1,363				24,243
	Total	$	50,162			$	20,146			$	30,016					$	1,546			$	28,470

(1) Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2) Contracts used to manage foreign currency risks in investment operations.

(3) Contracts used to manage foreign currency risks in energy and risk operations.

		Derivative Assets
	At December 31, 2012	Gross Amounts of Recognized Assets				Gross Amounts Offset in the Balance Sheet				Net Amounts of Assets Presented in the Balance Sheet				Balance Sheet Location		Collateral				Net Amount
	Interest rate futures	$	441			—				$	441			Other assets		$	—			$	441
	Foreign currency forward contracts (1)	7,191				—				7,191				Other assets		—				7,191
	Foreign currency forward contracts (2)	2,534				2,296				238				Other assets		—				238
	Credit default swaps	784				333				451				Other assets		310				141
	Energy and weather contracts	43,432				13,372				30,060				Other assets		3,286				26,774
	Total	$	54,382			$	16,001			$	38,381					$	3,596			$	34,785
		Derivative Liabilities
	At December 31, 2012	Gross Amounts of Recognized Liabilities				Gross Amounts Offset in the Balance Sheet				Net Amounts of Liabilities Presented in the Balance Sheet				Balance Sheet Location		Collateral				Net Amount
	Interest rate futures	$	41			—				$	41			Other liabilities		$	41			$	—
	Foreign currency forward contracts (1)	4,173				—				4,173				Other liabilities		—				4,173
	Foreign currency forward contracts (3)	579				53				526				Other liabilities		—				526
	Energy and weather contracts	33,678				19,160				14,518				Other liabilities		—				14,518
	Total	$	38,471			$	19,213			$	19,258					$	41			$	19,217

(1) Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2) Contracts used to manage foreign currency risks in investment operations.

(3) Contracts used to manage foreign currency risks in energy and risk operations.

Schedule of Gain (Loss) Recognized In Consolidated Statements Of Operations Related To Derivative Instruments

The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its derivative instruments is shown in the following table:

		Location of gain (loss) recognized on derivatives		Amount of gain (loss) recognized on derivatives
	Three months ended March 31,			2013				2012
	Interest rate futures	Net investment income		$	2			$	1,030
	Foreign currency forward contracts (1)	Net foreign exchange gains (losses)		2,388				3,552
	Foreign currency forward contracts (2)	Net foreign exchange gains (losses)		1,678				(4,248		)
	Foreign currency forward contracts (3)	Net foreign exchange gains (losses)		1,545				137
	Credit default swaps	Net investment income		434				558
	Energy and weather contracts	Other income (loss)		14,656				(28,713		)
	Total			$	20,703			$	(27,684	)

(1) Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2) Contracts used to manage foreign currency risks in investment operations.

(3) Contracts used to manage foreign currency risks in energy and risk operations.

Schedule of Gross Derivative Contract Positions Outstanding Relating To Energy And Weather Derivatives Trading Activities

As of the dates set forth below, the Company had the following gross derivative contract positions outstanding relating to its energy and weather derivatives trading activities.

		Quantity (1)
		March 31, 2013			December 31, 2012			Unit of measurement
	Energy	106,602,407			107,521,592			One million British thermal units ("MMBTUs")
	Temperature	4,246,626			8,168,052			$ per Degree Day Fahrenheit
	Precipitation	4,808,787			4,453,934			$ per Inch

(1) Represents the sum of gross long and gross short derivative contracts.

X

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 205G

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

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-Number 133

-Paragraph 44C

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Name Accounting Standards Codification

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