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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:

	At March 31, 2014	Total				Quoted Prices in Active Markets for Identical  Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	Fixed maturity investments
	U.S. treasuries	$	1,539,995			$	1,539,995			$	—			$	—
	Agencies	134,461				—				134,461				—
	Non-U.S. government (Sovereign debt)	298,080				—				298,080				—
	Non-U.S. government-backed corporate	220,727				—				220,727				—
	Corporate	1,495,481				—				1,458,343				37,138
	Agency mortgage-backed	300,448				—				300,448				—
	Non-agency mortgage-backed	265,372				—				265,372				—
	Commercial mortgage-backed	344,590				—				344,590				—
	Asset-backed	18,463				—				18,463				—
	Total fixed maturity investments	4,617,617				1,539,995				3,040,484				37,138
	Short term investments	977,778				—				977,778				—
	Equity investments trading	245,267				245,267				—				—
	Other investments
	Private equity partnerships	325,711				—				—				325,711
	Catastrophe bonds	233,321				—				233,321				—
	Senior secured bank loan funds	13,656				—				—				13,656
	Hedge funds	3,411				—				—				3,411
	Total other investments	576,099				—				233,321				342,778
	Other assets and (liabilities)
	Derivatives (1)	4,790				676				5,421				(1,307		)
	Other	(1,362		)		—				(1,362		)		—
	Total other assets and (liabilities)	3,428				676				4,059				(1,307		)
		$	6,420,189			$	1,785,938			$	4,255,642			$	378,609

(1) See “Note 12. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company.

	December 31, 2013	Total				Quoted Prices in Active Markets for Identical  Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	Fixed maturity investments
	U.S. treasuries	$	1,352,413			$	1,352,413			$	—			$	—
	Agencies	186,050				—				186,050				—
	Non-U.S. government (Sovereign debt)	334,580				—				334,580				—
	Non-U.S. government-backed corporate	237,479				—				237,479				—
	Corporate	1,803,415				—				1,775,835				27,580
	Agency mortgage-backed	341,908				—				341,908				—
	Non-agency mortgage-backed	257,938				—				257,938				—
	Commercial mortgage-backed	314,236				—				314,236				—
	Asset-backed	15,258				—				15,258				—
	Total fixed maturity investments	4,843,277				1,352,413				3,463,284				27,580
	Short term investments	1,044,779				—				1,044,779				—
	Equity investments trading	254,776				254,776				—				—
	Other investments
	Private equity partnerships	322,391				—				—				322,391
	Catastrophe bonds	229,016				—				229,016				—
	Senior secured bank loan funds	18,048				—				—				18,048
	Hedge funds	3,809				—				—				3,809
	Total other investments	573,264				—				229,016				344,248
	Other assets and (liabilities)
	Derivatives (1)	4,758				823				6,425				(2,490		)
	Other	(12,991		)		—				(12,991		)		—
	Total other assets and (liabilities)	(8,233		)		823				(6,566		)		(2,490		)
		$	6,707,863			$	1,608,012			$	4,730,513			$	369,338

(1) See “Note 12. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company.

Schedule Of Quantitative Information Used As Level 3 Inputs

Below is a summary of quantitative information regarding the significant observable and unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:

	At March 31, 2014	Fair Value (Level 3)				Valuation Technique		Unobservable (U) and Observable (O) Inputs		Low			High			Weighted Average or Actual
	Fixed maturity investments
	Corporate	$	15,846			Discounted cash flow (“DCF”)		Credit spread (U)		n/a			n/a			2.1	%
								Liquidity discount (U)		n/a			n/a			1.0	%
								Risk-free rate (O)		n/a			n/a			0.3	%
								Dividend rate (O)		n/a			n/a			6.2	%
	Corporate	21,292				Internal valuation model		Private transaction (U)		n/a			n/a			See below
	Total fixed maturity investments	37,138
	Other investments
	Private equity partnerships	325,711				Net asset valuation		Estimated performance (U)		(4.4	)%		75.5	%		4.1	%
	Senior secured bank loan funds	13,656				Net asset valuation		Estimated performance (U)		n/a			n/a			0.9	%
	Hedge funds	3,411				Net asset valuation		Estimated performance (U)		0.0	%		0.0	%		0.0	%
	Total other investments	342,778
	Other assets and (liabilities)
	Weather contract	(1,307		)		Internal valuation model		See below		n/a			n/a			See below
	Total other assets and (liabilities)	(1,307		)
		$	378,609

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Level 3 Inputs

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs. Interest and dividend income are included in net investment income and are excluded from the reconciliation.

		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Fixed maturity investments trading				Other investments				Other assets  and (liabilities)				Total
	Balance - January 1, 2013	$	27,792			$	381,067			$	21,513			$	430,372
	Total unrealized gains (losses)
	Included in net investment income	275				13,016				—				13,291
	Total realized losses
	Included in other income (loss)	—				—				(1,970		)		(1,970		)
	Total foreign exchange gains	—				(781		)		—				(781		)
	Purchases	—				10,785				—				10,785
	Sales	—				(424		)		—				(424		)
	Settlements	—				(19,699		)		—				(19,699		)
	Reclassified from other assets to other investments	—				18,242				(18,242		)		—
	Balance - March 31, 2013	$	28,067			$	402,206			$	1,301			$	431,574
	Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income	$	275			$	13,016			$	—			$	13,291

Schedule Of The Balances The Company Has Elected To Account For At Fair Value

Below is a summary of the balances the Company has elected to account for at fair value:

		March 31, 2014				December 31, 2013
	Other investments	$	576,099			$	573,264

Schedule Of Other Investments Measured Using Net Asset Valuations

The table below shows the Company’s portfolio of other investments measured using net asset valuations:

At March 31, 2014

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Notice Period (Minimum Days)

Redemption Notice Period (Maximum Days)

Private equity partnerships

$

325,711

$

90,269

See below

See below

See below

Senior secured bank loan funds

13,656

11,695

See below

See below

See below

Hedge funds

3,411

—

See below

See below

See below

Total other investments measured using net asset valuations

$

342,778

$

101,964

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value of investees that calculate net asset value per share (including by unit, membership interest, or other equity (ownership interest) unit measure) (alternative investments), whether measured at fair value on a recurring or nonrecurring basis, by major category of assets and liabilities (as defined), including, for example, (i) fair value measurements at the reporting date, (ii) the level within the fair value hierarchy in which the fair value measurements fall, (iii) a reconciliation of beginning and ending balances for those alternative investments that are measured at fair value using unobservable inputs (Level 3 - fair value hierarchy fair value measurement inputs), (iv) the inputs and valuation techniques used to measure fair value, (v) a discussion of changes to valuation techniques and inputs, if any, during the period, (vi) a description of the nature and risk associated with the alternative investments, and (vii) a discussion of the probability that any of the alternative investments are to be sold.

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The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

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