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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016	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	$	2,475,747			$	2,475,747			$	—			$	—
	Agencies	85,270				—				85,270				—
	Municipal	564,555				—				564,555				—
	Non-U.S. government (Sovereign debt)	353,756				—				353,756				—
	Non-U.S. government-backed corporate	164,724				—				164,724				—
	Corporate	1,833,825				—				1,826,325				7,500
	Agency mortgage-backed	498,093				—				498,093				—
	Non-agency mortgage-backed	256,572				—				256,572				—
	Commercial mortgage-backed	540,940				—				540,940				—
	Asset-backed	131,095				—				131,095				—
	Total fixed maturity investments	6,904,577				2,475,747				4,421,330				7,500
	Short term investments	1,171,523				—				1,171,523				—
	Equity investments trading	335,509				335,509				—				—
	Other investments
	Catastrophe bonds	272,397				—				272,397				—
	Private equity partnerships (1)	200,465				—				—				—
	Senior secured bank loan fund (1)	22,334				—				—				—
	Hedge funds (1)	1,704				—				—				—
	Total other investments	496,900				—				272,397				—
	Other assets and (liabilities)
	Assumed and ceded (re)insurance contracts (2)	(4,724		)		—				—				(4,724		)
	Derivatives (3)	(5,908		)		(1,490		)		(4,418		)		—
	Other	(1,303		)		—				(1,303		)		—
	Total other assets and (liabilities)	(11,935		)		(1,490		)		(5,721		)		(4,724		)
		$	8,896,574			$	2,809,766			$	5,859,529			$	2,776

(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2) Included in assumed and ceded (re)insurance contracts at March 31, 2016 are $2.8 million and $7.5 million of other assets and other liabilities, respectively.

(3) See “Note 11. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company.

	At December 31, 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	$	2,064,944			$	2,064,944			$	—			$	—
	Agencies	137,976				—				137,976				—
	Municipal	583,282				—				583,282				—
	Non-U.S. government (Sovereign debt)	334,981				—				334,981				—
	Non-U.S. government-backed corporate	138,994				—				138,994				—
	Corporate	2,055,323				—				2,047,705				7,618
	Agency mortgage-backed	504,518				—				504,518				—
	Non-agency mortgage-backed	270,763				—				270,763				—
	Commercial mortgage-backed	561,496				—				561,496				—
	Asset-backed	130,541				—				130,541				—
	Total fixed maturity investments	6,782,818				2,064,944				4,710,256				7,618
	Short term investments	1,208,401				—				1,208,401				—
	Equity investments trading	393,877				393,877				—				—
	Other investments
	Catastrophe bonds	241,253				—				241,253				—
	Private equity partnerships (1)	214,848				—				—				—
	Senior secured bank loan fund (1)	23,231				—				—				—
	Hedge funds (1)	2,289				—				—				—
	Total other investments	481,621				—				241,253				—
	Other assets and (liabilities)
	Assumed and ceded (re)insurance contracts (2)	(5,899		)		—				—				(5,899		)
	Derivatives (3)	1,486				(1,234		)		2,720				—
	Other	(12,320		)		—				(12,320		)		—
	Total other assets and (liabilities)	(16,733		)		(1,234		)		(9,600		)		(5,899		)
		$	8,849,984			$	2,457,587			$	6,150,310			$	1,719

(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2) Included in assumed and ceded (re)insurance contracts at December 31, 2015 are $3.5 million and $9.4 million of other assets and other liabilities, respectively.

(3) See “Note 11. 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, 2016	Fair Value (Level 3)				Valuation Technique		Unobservable (U) and Observable (O) Inputs		Low				High				Weighted Average or Actual
	Fixed maturity investments
	Corporate	$	7,500			See below		See below		n/a				n/a				n/a
	Total fixed maturity investments	7,500
	Other assets and (liabilities)
	Assumed and ceded (re)insurance contracts	(1,164		)		Internal valuation model		Bond price (U)		$	94.39			$	99.91			$	97.32
								Liquidity discount (U)		n/a				n/a				1.3		%
	Assumed and ceded (re)insurance contracts	(3,560		)		Internal valuation model		Net undiscounted cash flows (U)		n/a				n/a				$	(10,725	)
								Expected loss ratio (U)		n/a				n/a				13.0		%
								Net acquisition expense ratio (O)		n/a				n/a				19.0		%
								Contract period (O)		0.5 years				3.0 years				2.2 years
								Discount rate (U)		n/a				n/a				0.9		%
	Total assumed and ceded (re)insurance contracts	(4,724		)
	Total other assets and (liabilities)	(4,724		)
		$	2,776

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 assets and (liabilities)				Total
	Balance - January 1, 2016	$	7,618			$	(5,899	)		$	1,719
	Total unrealized (losses) gains
	Included in net investment income	(118		)		—				(118		)
	Total realized gains
	Included in other income	—				1,700				1,700
	Purchases	—				(525		)		(525		)
	Balance - March 31, 2016	$	7,500			$	(4,724	)		$	2,776
	Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income	$	(118	)		$	—			$	(118	)

		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Fixed maturity investments trading				Other assets  and (liabilities)				Total
	Balance - January 1, 2015	$	15,660			$	(8,634	)		$	7,026
	Total unrealized (losses) gains
	Included in net investment income	(186		)		160				(26		)
	Total realized gains
	Included in other income	—				1,316				1,316
	Total foreign exchange (losses) gains	—				6				6
	Purchases	—				80,421				80,421
	Balance - March 31, 2015	$	15,474			$	73,269			$	88,743
	Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income	$	(186	)		$	160			$	(26	)

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, 2016				December 31, 2015
	Other investments	$	496,900			$	481,621
	Other assets	$	2,754			$	3,463
	Other liabilities	$	7,478			$	9,362

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 as a practical expedient:

At March 31, 2016

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Notice Period (Minimum Days)

Redemption Notice Period (Maximum Days)

Private equity partnerships

$

200,465

$

241,641

See below

See below

See below

Senior secured bank loan fund

22,334

2,330

See below

See below

See below

Hedge funds

1,704

—

See below

See below

See below

Total other investments measured using net asset valuations

$

224,503

$

243,971

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

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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.

+ References

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-Publisher FASB
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Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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