v2.4.0.8

INCOME TAXES (TABLES)

12 Months Ended

Dec. 31, 2013

INCOME TAXES [Abstract]

SCHEDULE OF INCOME TAX EXPENSE AND NET TAX ASSETS [Table Text Block]

	Year ended December 31,	2013				2012				2011
	Current income tax expense (benefit)
	United States	$	12,466			$	4,931			$	5,064
	Europe	9,039				8,566				9,598
	Other	—				(174		)		188
	Deferred income tax expense (benefit)
	United States	(13,976		)		(10,749		)		1,379
	Europe	(526		)		713				(996		)
	Other	(1		)		—				—
	Total income tax expense	$	7,002			$	3,287			$	15,233
	Net current tax receivables	$	5,689			$	1,164			$	1,318
	Net deferred tax assets	80,258				52,794				60,836
	Net tax assets	$	85,947			$	53,958			$	62,154

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES [Table Text Block]

	At December 31,	2013				2012
	Deferred tax assets:
	Discounting of loss reserves	$	59,023			$	61,534
	Unearned premiums	39,146				32,355
	Operating loss carryforwards	20,316				20,685
	Accruals not currently deductible	39,018				25,638
	Other investment adjustments and impairments	7,859				8,790
	Tax credits	11,886				7,945
	Depreciation	2,410				3,858
	Other deferred tax assets	2,906				2,185
	Deferred tax assets before valuation allowance	182,564				162,990
	Valuation allowance	(25,542		)		(24,574		)
	Deferred tax assets net of valuation allowance	157,022				138,416
	Deferred tax liabilities:
	Deferred acquisition costs	(37,226		)		(27,211		)
	Net unrealized gains on investments	(23,200		)		(44,137		)
	Amortization of intangible assets and goodwill	(10,059		)		(8,258		)
	Accrued market discounts	(1,151		)		(1,323		)
	Equalization reserves	(2,080		)		(1,957		)
	Other deferred tax liabilities	(3,048		)		(2,736		)
	Deferred tax liabilities	(76,764		)		(85,622		)
	Net deferred tax assets	$	80,258			$	52,794

VALUATION ALLOWANCE ROLL FORWARD [Table Text Block]

	At December 31,	2013				2012
	Income tax expense:
	Valuation allowance - beginning of year	$	33,933			$	30,623
	Operating loss carryforwards	(794		)		635
	Foreign tax credit	1,762				2,675
	Change in investment-related items	(7,831		)		—
	Valuation allowance - end of year	27,070				33,933
	Accumulated other comprehensive income:
	Valuation allowance - beginning of year	(9,359		)		(9,359		)
	Change in investment-related items	7,831				—
	Valuation allowance - end of year	(1,528		)		(9,359		)
	Total valuation allowance - end of year	$	25,542			$	24,574

EFFECTIVE TAX RATE RECONCILIATION [Table Text Block]

	Year ended December 31,	2013				2012				2011
	Income before income taxes
	Bermuda (domestic)	$	625,490			$	485,613			$	10,911
	Foreign	108,977				64,915				50,627
	Total income before income taxes	$	734,467			$	550,528			$	61,538
	Reconciliation of effective tax rate (% of income before income taxes)
	Expected tax rate	0.0		%		0.0		%		0.0		%
	Foreign taxes at local expected rates:
	United States	2.1		%		0.4		%		33.2		%
	Europe	1.0		%		1.4		%		10.7		%
	Other	0.3		%		—		%		3.3		%
	Valuation allowance	(0.7		)%		0.6		%		(15.5		)%
	Net tax exempt income	(1.3		)%		(1.5		)%		(11.2		)%
	Other	(0.4		)%		(0.3		)%		4.3		%
	Actual tax rate	1.0		%		0.6		%		24.8		%

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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