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INVESTMENTS (TABLES)
 3 Months Ended
Mar. 31, 2014
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 March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency
$
1,705,581

 
$
2,686

 
$
(24,265
)
 
$
1,684,002

 
$
—

 
 
Non-U.S. government
1,242,736

 
20,130

 
(33,060
)
 
1,229,806

 
—

 
 
Corporate debt
3,757,948

 
84,688

 
(7,071
)
 
3,835,565

 
—

 
 
Agency RMBS(1)
2,371,868

 
24,849

 
(31,959
)
 
2,364,758

 
—

 
 
CMBS(2)
849,279

 
12,523

 
(2,207
)
 
859,595

 
—

 
 
Non-Agency RMBS
95,261

 
4,682

 
(454
)
 
99,489

 
(863
)
 
 
ABS(3)
968,942

 
4,057

 
(9,453
)
 
963,546

 
—

 
 
Municipals(4)
1,031,689

 
32,627

 
(5,238
)
 
1,059,078

 
—

 
 
Total fixed maturities
$
12,023,304

 
$
186,242

 
$
(113,707
)
 
$
12,095,839

 
$
(863
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
 
 
 
 
 
 
 
 
 
 
Common stocks
346,254

 
87,482

 
(5,502
)
 
428,234

 
 
 
 
Exchange-traded funds
120,467

 
33,453

 
(61
)
 
153,859

 
 
 
 
Non-U.S. bond mutual funds
114,752

 
11,567

 
—

 
126,319

 
 
 
 
Total equity securities
$
581,473

 
$
132,502

 
$
(5,563
)
 
$
708,412

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency
$
1,421,245

 
$
1,405

 
$
(33,952
)
 
$
1,388,698

 
$
—

 
 
Non-U.S. government
1,208,384

 
17,990

 
(49,992
)
 
1,176,382

 
—

 
 
Corporate debt
3,533,585

 
84,881

 
(10,228
)
 
3,608,238

 
—

 
 
Agency RMBS(1)
2,485,139

 
21,979

 
(58,291
)
 
2,448,827

 
—

 
 
CMBS(2)
790,095

 
11,285

 
(3,966
)
 
797,414

 
—

 
 
Non-Agency RMBS
65,590

 
2,375

 
(398
)
 
67,567

 
(868
)
 
 
ABS(3)
955,274

 
6,871

 
(8,694
)
 
953,451

 
—

 
 
Municipals(4)
1,527,834

 
32,432

 
(14,516
)
 
1,545,750

 
—

 
 
Total fixed maturities
$
11,987,146

 
$
179,218

 
$
(180,037
)
 
$
11,986,327

 
$
(868
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
 
 
 
 
 
 
 
 
 
 
Common stocks
$
345,759

 
$
98,742

 
$
(6,183
)
 
$
438,318

 
 
 
 
Exchange-traded funds
106,762

 
32,085

 
—

 
138,847

 
 
 
 
Non-U.S. bond mutual funds
113,698

 
11,124

 
—

 
124,822

 
 
 
 
Total equity securities
$
566,219

 
$
141,951

 
$
(6,183
)
 
$
701,987

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 March 31, 2014
 
 
 
 
 
 
 
Maturity
 
 
 
 
 
 
 
Due in one year or less
$
541,871

 
$
547,897

 
4.5
%
 
 
Due after one year through five years
5,204,615

 
5,288,307

 
43.7
%
 
 
Due after five years through ten years
1,763,345

 
1,742,110

 
14.4
%
 
 
Due after ten years
228,123

 
230,137

 
1.9
%
 
 
 
7,737,954

 
7,808,451

 
64.5
%
 
 
Agency RMBS
2,371,868

 
2,364,758

 
19.6
%
 
 
CMBS
849,279

 
859,595

 
7.1
%
 
 
Non-Agency RMBS
95,261

 
99,489

 
0.8
%
 
 
ABS
968,942

 
963,546

 
8.0
%
 
 
Total
$
12,023,304

 
$
12,095,839

 
100.0
%
 
 
 
 
 
 
 
 
 
 
At December 31, 2013
 
 
 
 
 
 
 
Maturity
 
 
 
 
 
 
 
Due in one year or less
$
710,079

 
$
717,052

 
5.9
%
 
 
Due after one year through five years
5,030,728

 
5,116,060

 
42.7
%
 
 
Due after five years through ten years
1,852,877

 
1,791,835

 
14.9
%
 
 
Due after ten years
97,364

 
94,121

 
0.8
%
 
 
 
7,691,048

 
7,719,068

 
64.3
%
 
 
Agency RMBS
2,485,139

 
2,448,827

 
20.4
%
 
 
CMBS
790,095

 
797,414

 
6.7
%
 
 
Non-Agency RMBS
65,590

 
67,567

 
0.6
%
 
 
ABS
955,274

 
953,451

 
8.0
%
 
 
Total
$
11,987,146

 
$
11,986,327

 
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 March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency
$
728

 
$
(15
)
 
$
1,063,725

 
$
(24,250
)
 
$
1,064,453

 
$
(24,265
)
 
 
Non-U.S. government
22,848

 
(5,881
)
 
394,175

 
(27,179
)
 
417,023

 
(33,060
)
 
 
Corporate debt
31,753

 
(640
)
 
633,852

 
(6,431
)
 
665,605

 
(7,071
)
 
 
Agency RMBS
45,701

 
(1,740
)
 
1,400,738

 
(30,219
)
 
1,446,439

 
(31,959
)
 
 
CMBS
12,170

 
(51
)
 
217,184

 
(2,156
)
 
229,354

 
(2,207
)
 
 
Non-Agency RMBS
7,259

 
(361
)
 
15,606

 
(93
)
 
22,865

 
(454
)
 
 
ABS
83,261

 
(3,575
)
 
526,622

 
(5,878
)
 
609,883

 
(9,453
)
 
 
Municipals
6,978

 
(374
)
 
259,574

 
(4,864
)
 
266,552

 
(5,238
)
 
 
Total fixed maturities
$
210,698

 
$
(12,637
)
 
$
4,511,476

 
$
(101,070
)
 
$
4,722,174

 
$
(113,707
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stocks
$
3,629

 
$
(732
)
 
$
55,684

 
$
(4,770
)
 
$
59,313

 
$
(5,502
)
 
 
Exchange-traded funds
—

 
—

 
13,202

 
(61
)
 
13,202

 
(61
)
 
 
Total equity securities
$
3,629

 
$
(732
)
 
$
68,886

 
$
(4,831
)
 
$
72,515

 
$
(5,563
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agency
$
—

 
$
—

 
$
982,307

 
$
(33,952
)
 
$
982,307

 
$
(33,952
)
 
 
Non-U.S. government
35,577

 
(3,430
)
 
420,622

 
(46,562
)
 
456,199

 
(49,992
)
 
 
Corporate debt
27,696

 
(802
)
 
606,592

 
(9,426
)
 
634,288

 
(10,228
)
 
 
Agency RMBS
144,468

 
(5,247
)
 
1,478,527

 
(53,044
)
 
1,622,995

 
(58,291
)
 
 
CMBS
13,319

 
(116
)
 
298,863

 
(3,850
)
 
312,182

 
(3,966
)
 
 
Non-Agency RMBS
4,287

 
(315
)
 
5,319

 
(83
)
 
9,606

 
(398
)
 
 
ABS
37,765

 
(2,941
)
 
553,803

 
(5,753
)
 
591,568

 
(8,694
)
 
 
Municipals
8,408

 
(615
)
 
543,474

 
(13,901
)
 
551,882

 
(14,516
)
 
 
Total fixed maturities
$
271,520

 
$
(13,466
)
 
$
4,889,507

 
$
(166,571
)
 
$
5,161,027

 
$
(180,037
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stocks
$
3,499

 
$
(398
)
 
$
48,828

 
$
(5,785
)
 
$
52,327

 
$
(6,183
)
 
 
Exchange-traded funds
—

 
—

 
—

 
—

 
—

 
—

 
 
Total equity securities
$
3,499

 
$
(398
)
 
$
48,828

 
$
(5,785
)
 
$
52,327

 
$
(6,183
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PORTFOLIO OF OTHER INVESTMENTS [Table Text Block]
 
 
Fair Value
 
Redemption Frequency
(if currently eligible)
 
  Redemption  
  Notice Period  
 
 
 
 
 
 
 
 
 
 
 
 
At March 31, 2014
 

 
 

 
 
 
 
 
 
Long/short equity funds
$
362,688

 
36
%
 
Monthly, Quarterly, Semi-annually
 
30-60 days
 
 
Multi-strategy funds
295,485

 
29
%
 
Quarterly, Semi-annually
 
60-95 days
 
 
Event-driven funds
184,342

 
18
%
 
Quarterly, Annually
 
45-60 days
 
 
Leveraged bank loan funds
51,065

 
5
%
 
Quarterly
 
65 days
 
 
Direct lending funds
26,003

 
3
%
 
n/a
 
n/a
 
 
CLO - Equities
86,179

 
9
%
 
n/a
 
n/a
 
 
Total other investments
$
1,005,762

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2013
 

 
 

 
 
 
 
 
 
Long/short equity funds
$
425,444

 
41
%
 
Monthly, Quarterly, Semi-annually
 
30-60 days
 
 
Multi-strategy funds
285,155

 
27
%
 
Quarterly, Semi-annually
 
60-95 days
 
 
Event-driven funds
190,458

 
18
%
 
Quarterly, Annually
 
45-60 days
 
 
Leveraged bank loan funds
48,753

 
5
%
 
Quarterly
 
65 days
 
 
Direct lending funds
22,134

 
2
%
 
n/a
 
n/a
 
 
CLO - Equities
73,866

 
7
%
 
n/a
 
n/a
 
 
Total other investments
$
1,045,810

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
n/a - not applicable

NET INVESTMENT INCOME [Table Text Block]
 
  
Three months ended March 31,
 
 
  
2014
 
2013
 
 
 
 
 
 
 
 
Fixed maturities
$
72,957

 
$
69,683

 
 
Other investments
16,760

 
43,431

 
 
Equity securities
2,286

 
1,414

 
 
Cash and cash equivalents
863

 
1,267

 
 
Short-term investments
214

 
532

 
 
Gross investment income
93,080

 
116,327

 
 
Investment expenses
(10,336
)
 
(7,419
)
 
 
Net investment income
$
82,744

 
$
108,908

 
 
 
 
 
 
 
NET REALIZED INVESTMENT GAINS (LOSSES) [Table Text Block]
 
  
Three months ended March 31,
 
 
  
2014
 
2013
 
 
 
 
 
 
 
 
Gross realized gains
 
 
 
 
 
Fixed maturities and short-term investments
$
33,770

 
$
32,864

 
 
Equities
19,267

 
25,917

 
 
Gross realized gains
53,037

 
58,781

 
 
Gross realized losses
 
 
 
 
 
Fixed maturities and short-term investments
(33,704
)
 
(17,274
)
 
 
Equities
(2,438
)
 
(3,295
)
 
 
Gross realized losses
(36,142
)
 
(20,569
)
 
 
Net OTTI recognized in earnings
(786
)
 
(898
)
 
 
Change in fair value of investment derivatives(1)
(5,489
)
 
7,164

 
 
Net realized investment gains
$
10,620

 
$
44,478

 
 
 
 
 
 
 
(1) Refer to Note 5 – Derivative Instruments
OTTI RECOGNIZED IN EARNINGS BY ASSET CLASS [Table Text Block]
 
  
Three months ended March 31,
 
 
  
2014
 
2013
 
 
 
 
 
 
 
 
Fixed maturities:
 
 
 
 
 
Non-U.S. government
$
38

 
$
—

 
 
Corporate debt
15

 
415

 
 
ABS
56

 
129

 
 
 
109

 
544

 
 
Equity Securities
 
 
 
 
 
Common stocks
677

 
354

 
 
 
677

 
354

 
 
Total OTTI recognized in earnings
$
786

 
$
898

 
 
 
 
 
 
 
ROLL FORWARD OF CREDIT LOSSES FOR WHICH A PORTION OF OTTI RECOGNIZED IN AOCI [Table Text Block]
 
  
Three months ended March 31,
 
 
  
2014
 
2013
 
 
 
 
 
 
 
 
Balance at beginning of period
$
1,594

 
$
1,809

 
 
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
(4
)
 
(97
)
 
 
Balance at end of period
$
1,590

 
$
1,712