v2.4.0.8
DERIVATIVE INSTRUMENTS (TABLES)
 6 Months Ended
Jun. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
LOCATION AND AMOUNTS OF DERIVATIVE FAIR VALUES ON THE CONSOLIDATED BALANCE SHEET [Table Text Block]
 
  
June 30, 2013
 
December 31, 2012
 
 
  
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 not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
Relating to investment portfolio:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
$
376,870

 
$
6,735

 
$
25

 
$
287,819

 
$
1,067

 
$
2,733

 
 
Relating to underwriting portfolio:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
524,971

 
1,057

 
9,697

 
476,191

 
4,771

 
1,004

 
 
Total derivatives
 
 
$
7,792

 
$
9,722

 
 
 
$
5,838

 
$
3,737

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Asset and liability derivatives are classified within other assets and other liabilities on the Consolidated Balance Sheets.
RECONCILIATION OF GROSS DERIVATIVE ASSETS AND LIABILITIES TO NET AMOUNTS PRESENTED IN BALANCE SHEETS [Table Text Block]
 
 
June 30, 2013
 
December 31, 2012
 
 
 
Gross Amounts
Gross Amounts Offset
Net
Amounts(1)
 
Gross Amounts
Gross Amounts Offset
Net
Amounts(1)
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
$
10,256

$
(2,464
)
$
7,792

 
$
6,476

$
(639
)
$
5,838

 
 
Derivative liabilities
12,186

(2,464
)
9,722

 
4,376

(639
)
3,737

 
 
 
 
 
 
 
 
 
 
 
(1)
Net asset and liability derivatives are classified within other assets and other liabilities on the Consolidated Balance Sheets.
NET EARNINGS IMPACT OF FAIR VALUE HEDGES AND TOTAL UNREALIZED AND REALIZED GAINS (LOSSES) ON DERIVATIVES NOT DESIGNATED AS HEDGES RECORDED IN EARNINGS [Table Text Block]
 
  
Location of Gain (Loss) Recognized in Income on Derivative
Three months ended June 30,
 
Six months ended June 30,
 
 
  
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
Relating to investment portfolio:
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
Net realized investment gains (losses)
$
10,128

 
$
6,697

 
$
17,292

 
$
815

 
 
Relating to underwriting portfolio:
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
Foreign exchange gains (losses)
(4,685
)
 
201

 
(2,197
)
 
13,655

 
 
Total
 
$
5,443

 
$
6,898

 
$
15,095

 
$
14,470

 
 
 
 
 
 
 
 
 
 
 
 
 
  
Three months ended June 30,
 
Six months ended June 30,
 
 
  
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
$
—

 
$
16,131

 
$
—

 
$
5,563

 
 
Hedged investment portfolio
—

 
(10,572
)
 
—

 
1,943

 
 
Hedge ineffectiveness recognized in earnings
$
—

 
$
5,559

 
$
—

 
$
7,506