INVESTMENTS (TABLES)

6 Months Ended

Jun. 30, 2013

Investments, Debt and Equity Securities [Abstract]

AMORTIZED COST/COST AND FAIR VALUES OF FIXED MATURITIES AND EQUITIES [Table Text Block]



	Amortized Cost or Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Non-credit OTTI in AOCI⁽⁵⁾

At June 30, 2013
Fixed maturities
U.S. government and agency	$	1,369,338	$	1,944	$	(32,468	)	$	1,338,814	$	—
Non-U.S. government	1,212,124		7,444		(42,619		)	1,176,949		—
Corporate debt	3,458,874		65,487		(44,445		)	3,479,916		—
Agency RMBS⁽¹⁾	2,353,080		23,441		(42,897		)	2,333,624		—
CMBS⁽²⁾	769,422		11,964		(6,736		)	774,650		—
Non-Agency RMBS	87,243		2,395		(772		)	88,866		(818		)
ABS⁽³⁾	912,073		6,150		(6,542		)	911,681		—
Municipals⁽⁴⁾	1,525,233		32,365		(17,186		)	1,540,412		—
Total fixed maturities	$	11,687,387	$	151,190	$	(193,665	)	$	11,644,912	$	(818	)

Equity securities
Common stocks	$	334,809	$	63,721	$	(8,350	)	$	390,180
Exchange-traded funds	105,396		13,840		—			119,236
Non-U.S. bond mutual funds	106,326		3,053		—			109,379
Total equity securities	$	546,531	$	80,614	$	(8,350	)	$	618,795

At December 31, 2012
Fixed maturities
U.S. government and agency	$	1,413,520	$	9,484	$	(119	)	$	1,422,885	$	—
Non-U.S. government	1,076,501		30,276		(2,201		)	1,104,576		—
Corporate debt	3,746,616		135,658		(5,892		)	3,876,382		—
Agency RMBS	2,594,180		67,398		(1,670		)	2,659,908		—
CMBS	814,211		25,999		(126		)	840,084		—
Non-Agency RMBS	93,266		2,503		(570		)	95,199		(884		)
ABS	639,614		10,774		(7,182		)	643,206		—
Municipals	1,227,764		58,770		(725		)	1,285,809		—
Total fixed maturities	$	11,605,672	$	340,862	$	(18,485	)	$	11,928,049	$	(884	)

Equity securities
Common stocks	$	398,975	$	51,821	$	(7,398	)	$	443,398
Exchange-traded funds	109,434		9,727		—			119,161
Non-U.S. bond mutual funds	99,897		4,092		—			103,989
Total equity securities	$	608,306	$	65,640	$	(7,398	)	$	666,548


(1)	Residential mortgage-backed securities (RMBS) originated by U.S. agencies.


(2)	Commercial mortgage-backed securities (CMBS).


(3)	Asset-backed securities (ABS) include debt tranched securities collateralized primarily by auto loans, student loans, credit cards, and other asset types. This asset class also includes collateralized loan obligations (CLOs) and collateralized debt obligations (CDOs).


(4)	Municipals include bonds issued by states, municipalities and political subdivisions.


(5)	Represents the non-credit component of the other-than-temporary impairment (OTTI) losses, adjusted for subsequent sales of securities. It does not include the change in fair value subsequent to the impairment measurement date.

CONTRACTUAL MATURITIES OF FIXED MATURITIES [Table Text Block]



	Amortized Cost		Fair Value		% of Total Fair Value

At June 30, 2013
Maturity
Due in one year or less	$	642,706	$	644,440	5.5	%
Due after one year through five years	4,720,844		4,737,031		40.7	%
Due after five years through ten years	2,099,552		2,053,073		17.6	%
Due after ten years	102,467		101,547		0.9	%
	7,565,569		7,536,091		64.7	%
Agency RMBS	2,353,080		2,333,624		20.0	%
CMBS	769,422		774,650		6.7	%
Non-Agency RMBS	87,243		88,866		0.8	%
ABS	912,073		911,681		7.8	%
Total	$	11,687,387	$	11,644,912	100.0	%

At December 31, 2012
Maturity
Due in one year or less	$	651,111	$	657,045	5.5	%
Due after one year through five years	4,880,039		4,989,151		41.8	%
Due after five years through ten years	1,847,295		1,951,569		16.4	%
Due after ten years	85,956		91,887		0.8	%
	7,464,401		7,689,652		64.5	%
Agency RMBS	2,594,180		2,659,908		22.3	%
CMBS	814,211		840,084		7.0	%
Non-Agency RMBS	93,266		95,199		0.8	%
ABS	639,614		643,206		5.4	%
Total	$	11,605,672	$	11,928,049	100.0	%

FIXED MATURITIES AND EQUITIES IN AN UNREALIZED LOSS POSITION [Table Text Block]



	12 months or greater					Less than 12 months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses

At June 30, 2013
Fixed maturities
U.S. government and agency	$	—	$	—		$	973,867	$	(32,468	)	$	973,867	$	(32,468	)
Non-U.S. government	16,715		(813		)	823,750		(41,806		)	840,465		(42,619		)
Corporate debt	40,633		(2,016		)	1,527,022		(42,429		)	1,567,655		(44,445		)
Agency RMBS	295		(3		)	1,434,587		(42,894		)	1,434,882		(42,897		)
CMBS	71		—			354,550		(6,736		)	354,621		(6,736		)
Non-Agency RMBS	4,477		(404		)	19,068		(368		)	23,545		(772		)
ABS	66,137		(4,559		)	268,462		(1,983		)	334,599		(6,542		)
Municipals	1,323		(45		)	645,982		(17,141		)	647,305		(17,186		)
Total fixed maturities	$	129,651	$	(7,840	)	$	6,047,288	$	(185,825	)	$	6,176,939	$	(193,665	)

Equity securities
Common stocks	$	9,138	$	(1,202	)	$	74,569	$	(7,148	)	$	83,707	$	(8,350	)
Total equity securities	$	9,138	$	(1,202	)	$	74,569	$	(7,148	)	$	83,707	$	(8,350	)

At December 31, 2012
Fixed maturities
U.S. government and agency	$	—	$	—		$	119,730	$	(119	)	$	119,730	$	(119	)
Non-U.S. government	44,568		(1,453		)	153,134		(748		)	197,702		(2,201		)
Corporate debt	95,511		(2,947		)	451,651		(2,945		)	547,162		(5,892		)
Agency RMBS	9,557		(148		)	521,400		(1,522		)	530,957		(1,670		)
CMBS	1,749		(16		)	69,615		(110		)	71,364		(126		)
Non-Agency RMBS	11,026		(537		)	115		(33		)	11,141		(570		)
ABS	99,514		(7,034		)	39,296		(148		)	138,810		(7,182		)
Municipals	6,386		(270		)	77,766		(455		)	84,152		(725		)
Total fixed maturities	$	268,311	$	(12,405	)	$	1,432,707	$	(6,080	)	$	1,701,018	$	(18,485	)

Equity securities
Common stocks	$	11,554	$	(1,793	)	$	95,697	$	(5,605	)	$	107,251	$	(7,398	)
Total equity securities	$	11,554	$	(1,793	)	$	95,697	$	(5,605	)	$	107,251	$	(7,398	)

PORTFOLIO OF OTHER INVESTMENTS [Table Text Block]



	Fair Value				Redemption Frequency (if currently eligible)	Redemption Notice Period

At June 30, 2013
Long/short equity funds	$	397,917	41	%	Monthly, Quarterly, Semi-annually	30-60 days
Multi-strategy funds	264,688		28	%	Quarterly, Semi-annually	60-95 days
Event-driven funds	192,185		20	%	Quarterly, Annually	45-95 days
Leveraged bank loan funds	50,249		5	%	Quarterly	65 days
Direct lending funds	4,232		—	%	n/a	n/a
CLO - Equities	53,044		6	%	n/a	n/a
Total other investments	$	962,315	100	%

At December 31, 2012
Long/short equity funds	$	302,680	36	%	Monthly, Quarterly, Semi-annually	30-60 days
Multi-strategy funds	244,075		29	%	Quarterly, Semi-annually	60-95 days
Event-driven funds	171,479		20	%	Quarterly, Annually	45-95 days
Leveraged bank loan funds	62,768		8	%	Quarterly	65 days
Direct lending funds	—		—	%	n/a	n/a
CLO - Equities	62,435		7	%	n/a	n/a
Total other investments	$	843,437	100	%

n/a - not applicable

NET INVESTMENT INCOME [Table Text Block]



	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012

Fixed maturities	$	74,503		$	76,544		$	144,185		$	156,181
Other investments	11,848			(2,304		)	55,279			38,116
Equity securities	3,134			5,071			4,548			6,180
Cash and cash equivalents	1,265			1,663			2,533			3,271
Short-term investments	397			33			929			188
Gross investment income	91,147			81,007			207,474			203,936
Investment expenses	(8,035		)	(6,558		)	(15,455		)	(13,464		)
Net investment income	$	83,112		$	74,449		$	192,019		$	190,472

NET REALIZED INVESTMENT GAINS (LOSSES) [Table Text Block]



	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012

Gross realized gains	$	44,487		$	72,354		$	103,268		$	140,600
Gross realized losses	(33,253		)	(40,466		)	(53,822		)	(86,377		)
Net OTTI recognized in earnings	(5,127		)	(13,739		)	(6,025		)	(17,648		)
Net realized gains on fixed maturities and equity securities	6,107			18,149			43,421			36,575
Change in fair value of investment derivatives⁽¹⁾	10,128			6,697			17,292			815
Fair value hedges⁽¹⁾	—			5,559			—			7,506
Net realized investment gains	$	16,235		$	30,405		$	60,713		$	44,896

(1) Refer to Note 5 – Derivative Instruments

OTTI RECOGNIZED IN EARNINGS BY ASSET CLASS [Table Text Block]



	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012

Fixed maturities:
Non-U.S. government	$	25	$	999	$	25	$	999
Corporate debt	3,535		453		3,950		558
Non-Agency RMBS	—		911		—		2,119
ABS	—		298		129		478
	3,560		2,661		4,104		4,154
Equities
Common stocks	1,046		2,075		1,400		4,491
Exchange-traded funds	521		9,003		521		9,003
	1,567		11,078		1,921		13,494
Total OTTI recognized in earnings	$	5,127	$	13,739	$	6,025	$	17,648

ROLL FORWARD OF CREDIT LOSSES FOR WHICH A PORTION OF OTTI RECOGNIZED IN AOCI [Table Text Block]



	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012

Balance at beginning of period	$	1,712		$	2,047		$	1,809		$	2,061
Credit impairments recognized on securities not previously impaired	—			—			—			—
Additional credit impairments recognized on securities previously impaired	—			—			—			—
Change in timing of future cash flows on securities previously impaired	—			—			—			—
Intent to sell of securities previously impaired	—			—			—			—
Securities sold/redeemed/matured	(13		)	(98		)	(110		)	(112		)
Balance at end of period	$	1,699		$	1,949		$	1,699		$	1,949

- Definition

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+ Details

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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