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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30, 2015	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	$	2,020,746			$	2,020,746			$	—			$	—
	Agencies	144,947				—				144,947				—
	Municipal	806,724				—				806,724				—
	Non-U.S. government (Sovereign debt)	370,613				—				370,613				—
	Non-U.S. government-backed corporate	172,381				—				172,381				—
	Corporate	1,865,369				—				1,857,709				7,660
	Agency mortgage-backed	475,870				—				475,870				—
	Non-agency mortgage-backed	263,329				—				263,329				—
	Commercial mortgage-backed	426,895				—				426,895				—
	Asset-backed	66,314				—				66,314				—
	Total fixed maturity investments	6,613,188				2,020,746				4,584,782				7,660
	Short term investments	1,543,191				—				1,543,191				—
	Equity investments trading	493,056				493,056				—				—
	Other investments
	Private equity partnerships	250,796				—				—				250,796
	Catastrophe bonds	228,998				—				228,998				—
	Senior secured bank loan fund	22,561				—				—				22,561
	Hedge funds	2,338				—				—				2,338
	Total other investments	504,693				—				228,998				275,695
	Other assets and (liabilities)
	Assumed and ceded (re)insurance contracts	75,701				—				—				75,701
	Derivatives (1)	(4,082		)		(23		)		(4,045		)		(14		)
	Other	(4,583		)		—				(4,583		)		—
	Total other assets and (liabilities)	67,036				(23		)		(8,628		)		75,687
		$	9,221,164			$	2,513,779			$	6,348,343			$	359,042

(1) See “Note 13. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company.

	At December 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	$	1,671,471			$	1,671,471			$	—			$	—
	Agencies	96,208				—				96,208				—
	Non-U.S. government (Sovereign debt)	280,651				—				280,651				—
	Non-U.S. government-backed corporate	146,467				—				146,467				—
	Corporate	1,610,442				—				1,594,782				15,660
	Agency mortgage-backed	316,620				—				316,620				—
	Non-agency mortgage-backed	253,050				—				253,050				—
	Commercial mortgage-backed	381,051				—				381,051				—
	Asset-backed	27,610				—				27,610				—
	Total fixed maturity investments	4,783,570				1,671,471				3,096,439				15,660
	Short term investments	1,013,222				—				1,013,222				—
	Equity investments trading	322,098				322,098				—				—
	Other investments
	Private equity partnerships	281,932				—				—				281,932
	Catastrophe bonds	200,329				—				200,329				—
	Senior secured bank loan funds	19,316				—				—				19,316
	Hedge funds	2,570				—				—				2,570
	Total other investments	504,147				—				200,329				303,818
	Other assets and (liabilities)
	Assumed and ceded (re)insurance contracts	(8,744		)		—				—				(8,744		)
	Derivatives (1)	6,345				(569		)		7,104				(190		)
	Other	(11,509		)		—				(11,509		)		—
	Total other assets and (liabilities)	(13,908		)		(569		)		(4,405		)		(8,934		)
		$	6,609,129			$	1,993,000			$	4,305,585			$	310,544

(1) See “Note 13. 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 June 30, 2015	Fair Value (Level 3)				Valuation Technique		Unobservable (U) and Observable (O) Inputs		Low				High				Weighted Average or Actual
	Fixed maturity investments
	Corporate	$	7,660			Discounted cash flow (“DCF”)		Credit spread (U)		n/a				n/a				3.6		%
								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				6.5		%
	Total fixed maturity investments	7,660
	Other investments
	Private equity partnerships	250,796				Net asset valuation		Estimated performance (U)		(30.2		)%		14.0		%		3.1		%
	Senior secured bank loan fund	22,561				Net asset valuation		Estimated performance (U)		n/a				n/a				1.2		%
	Hedge funds	2,338				Net asset valuation		Estimated performance (U)		0.0		%		0.0		%		0.0		%
	Total other investments	275,695
	Other assets and (liabilities)
	Assumed and ceded (re)insurance contracts	82,905				Internal valuation model		Estimated performance (U)		n/a				n/a				3.0		%
	Assumed and ceded (re)insurance contracts	(1,308		)		Internal valuation model		Bond price (U)		$	96.23			$	99.78			$	97.48
								Liquidity premium (U)		n/a				n/a				1.3		%
	Assumed and ceded (re)insurance contracts	(5,896		)		Internal valuation model		Net undiscounted cash flows (U)		n/a				n/a				$	(9,233	)
								Expected loss ratio (U)		n/a				n/a				28.0		%
								Net acquisition expense ratio (O)		n/a				n/a				14.0		%
								Contract period (O)		194				1,100				824
								Discount rate (U)		n/a				n/a				1.0		%
	Total assumed and ceded (re)insurance contracts	75,701
	Weather contract	(14		)		Internal valuation model		See below		n/a				n/a				See below
	Total other assets and (liabilities)	75,687
		$	359,042

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 - April 1, 2015	$	15,474			$	293,126			$	72,969			$	381,569
	Total unrealized (losses) gains
	Included in net investment income	(314		)		(106		)		16				(404		)
	Included in other income (loss)	—				—				(348		)		(348		)
	Total realized gains
	Included in other income (loss)	—				—				1,512				1,512
	Total foreign exchange gains (losses)	—				654				(6		)		648
	Purchases	—				5,137				1,544				6,681
	Settlements	(7,500		)		(23,116		)		—				(30,616		)
	Balance - June 30, 2015	$	7,660			$	275,695			$	75,687			$	359,042
	Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income	$	(132	)		$	(106	)		$	16			$	(404	)
	Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income (loss)	$	—			$	—			$	(348	)		$	(348	)
		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Fixed maturity investments trading				Other investments				Other assets and (liabilities)				Total
	Balance - January 1, 2015	$	15,660			$	303,818			$	(8,934	)		$	310,544
	Total unrealized (losses) gains
	Included in net investment income	(500		)		4,908				176				4,584
	Included in other income (loss)	—				—				(348		)		(348		)
	Total realized gains
	Included in other income (loss)	—				—				2,828				2,828
	Total foreign exchange losses	—				(1,844		)		—				(1,844		)
	Purchases	—				10,875				81,965				92,840
	Settlements	(7,500		)		(42,062		)		—				(49,562		)
	Balance - June 30, 2015	$	7,660			$	275,695			$	75,687			$	359,042
	Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income	$	(318	)		$	4,908			$	176			$	4,584
	Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income (loss)	$	—			$	—			$	(348	)		$	(348	)

		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Fixed maturity investments trading				Other investments				Other assets  and (liabilities)				Total
	Balance - April 1, 2014	$	37,138			$	342,778			$	(1,307	)		$	378,609
	Total unrealized gains
	Included in net investment income	9,038				1,579				179				10,796
	Included in other income (loss)	—				—				2,220				2,220
	Total foreign exchange losses	—				(205		)		(21		)		(226		)
	Purchases	—				10,391				—				10,391
	Settlements	—				(20,394		)		—				(20,394		)
	Balance - June 30, 2014	$	46,176			$	334,149			$	1,071			$	381,396
	Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income	$	9,038			$	1,579			$	—			$	10,617
	Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income (loss)	$	—			$	—			$	2,220			$	2,220
		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Fixed maturity investments trading				Other investments				Other assets  and (liabilities)				Total
	Balance - January 1, 2014	$	27,580			$	344,248			$	(2,490	)		$	369,338
	Total unrealized gains
	Included in net investment income	18,596				9,455				1,395				29,446
	Included in other income (loss)	—				—				2,220				2,220
	Total foreign exchange losses	—				(199		)		(54		)		(253		)
	Purchases	—				25,392				—				25,392
	Settlements	—				(44,747		)		—				(44,747		)
	Balance - June 30, 2014	$	46,176			$	334,149			$	1,071			$	381,396
	Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income	$	18,596			$	9,455			$	1,395			$	29,446
	Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income (loss)	$	—			$	—			$	2,220			$	2,220

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:

		June 30, 2015				December 31, 2014
	Other investments	$	504,693			$	504,147
	Other assets	$	88,086			$	5,664
	Other liabilities	$	12,385			$	14,408

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 June 30, 2015

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Notice Period (Minimum Days)

Redemption Notice Period (Maximum Days)

Private equity partnerships

$

250,796

$

182,880

See below

See below

See below

Senior secured bank loan fund

22,561

3,182

See below

See below

See below

Hedge funds

2,338

—

See below

See below

See below

Total other investments measured using net asset valuations

$

275,695

$

186,062

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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