v2.4.0.6

DERIVATIVE INSTRUMENTS (TABLES)

12 Months Ended

Dec. 31, 2011

DERIVATIVE INSTRUMENTS [Abstract]

LOCATION AND AMOUNTS OF DERIVATIVE FAIR VALUES ON THE CONSOLIDATED BALANCE SHEET [Table Text Block]

			December 31, 2011									December 31, 2010
				Derivative Notional Amount			Asset Derivative Fair Value(1)			Liability Derivative Fair Value(1)			Derivative Notional Amount			Asset Derivative Fair Value(1)			Liability Derivative Fair Value(1)
	Derivatives designated as hedging instruments
	Foreign exchange forward contracts		$	540,176		$	16,519		$	-		$	612,845		$	-		$	13,748
	Derivatives not designated as hedging instruments
	Relating to investment portfolio:
	Foreign exchange forward contracts			287,711			7,012			1,783			154,990			2,182			746
	Relating to underwriting portfolio:
	Foreign exchange forward contracts		$	955,728			14,644			252		$	110,564			4,459			492
	Total derivatives					$	38,175		$	2,035					$	6,641		$	14,986
(1) Asset and liability derivatives are classified within other assets and other liabilities on the consolidated balance sheets.

TOTAL UNREALIZED AND REALIZED GAINS (LOSSES) ON DERIVATIVES NOT DESIGNATED AS HEDGES RECORDED IN EARNINGS [Table Text Block]

	Year ended December 31,				2011			2010			2009
	Foreign exchange forward contracts			$	11,682		$	35,886		$	(13,655)
	Hedged investment portfolio				(16,085)			(30,063)			16,565
	Hedge ineffectiveness recognized in earnings			$	(4,403)		$	5,823		$	2,910

NET EARNINGS IMPACT OF FAIR VALUE HEDGES [Table Text Block]

The following table provides the total unrealized and realized gains (losses) on derivatives recorded in earnings:
				Amount of Gain (Loss) Recognized in Income on Derivative
		Location of Gain (Loss) Recognized
		in Income on Derivative		2011			2010			2009
	Derivatives not designated as hedging instruments
	Relating to investment portfolio:
	Foreign exchange forward contracts	Net realized investment gains (losses)	$	4,431		$	(3,641)		$	(1,032)
	Relating to underwriting portfolio:
	Foreign exchange forward contracts	Foreign exchange gains (losses)		33,893			9,596			(10,429)
	Currency collar options	Foreign exchange gains (losses)		267			-			2,428
	Longevity risk derivative	Other insurance related income (loss)		-			-			(132,595)
	Catastrophe-related risk	Other insurance related income (loss)		-			-			45
	Total		$	38,591		$	5,955		$	(141,583)

X

- Definition

Schedule showing the composition of the net gain (loss) recognized in earnings during the reporting period representing the amount of the fair value hedges' ineffetiveness.

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- 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.

+ References

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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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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 Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959



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

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-Number 133

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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 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 44C

-Subparagraph a

-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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