INVESTMENTS (TABLES)

9 Months Ended

Sep. 30, 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 September 30, 2014
Fixed maturities
U.S. government and agency	$	1,545,328	$	1,564	$	(27,424	)	$	1,519,468	$	—
Non-U.S. government	1,175,260		9,122		(45,460		)	1,138,922		—
Corporate debt	4,240,910		47,065		(37,179		)	4,250,796		—
Agency RMBS⁽¹⁾	2,103,587		28,931		(11,571		)	2,120,947		—
CMBS⁽²⁾	945,134		12,212		(2,829		)	954,517		—
Non-Agency RMBS	75,452		3,531		(588		)	78,395		(888		)
ABS⁽³⁾	1,443,932		3,775		(11,842		)	1,435,865		—
Municipals⁽⁴⁾	910,669		36,181		(1,076		)	945,774		—
Total fixed maturities	$	12,440,272	$	142,381	$	(137,969	)	$	12,444,684	$	(888	)

Equity securities
Common stocks	$	49,426	$	14,367	$	(648	)	$	63,145
Exchange-traded funds	420,219		31,506		(1,049		)	450,676
Non-U.S. bond mutual funds	113,651		2,030		—			115,681
Total equity securities	$	583,296	$	47,903	$	(1,697	)	$	629,502

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 September 30, 2014
Maturity
Due in one year or less	$	550,351	$	549,150	4.5	%
Due after one year through five years	5,250,453		5,266,397		42.3	%
Due after five years through ten years	1,822,740		1,788,151		14.4	%
Due after ten years	248,623		251,262		2.0	%
	7,872,167		7,854,960		63.2	%
Agency RMBS	2,103,587		2,120,947		17.0	%
CMBS	945,134		954,517		7.7	%
Non-Agency RMBS	75,452		78,395		0.6	%
ABS	1,443,932		1,435,865		11.5	%
Total	$	12,440,272	$	12,444,684	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 September 30, 2014
Fixed maturities
U.S. government and agency	$	392,084	$	(23,150	)	$	864,003	$	(4,274	)	$	1,256,087	$	(27,424	)
Non-U.S. government	148,526		(25,903		)	395,307		(19,557		)	543,833		(45,460		)
Corporate debt	35,841		(2,608		)	2,006,740		(34,571		)	2,042,581		(37,179		)
Agency RMBS	335,687		(9,617		)	469,445		(1,954		)	805,132		(11,571		)
CMBS	77,827		(1,066		)	310,078		(1,763		)	387,905		(2,829		)
Non-Agency RMBS	8,217		(524		)	3,087		(64		)	11,304		(588		)
ABS	378,668		(8,122		)	640,305		(3,720		)	1,018,973		(11,842		)
Municipals	39,450		(1,047		)	8,226		(29		)	47,676		(1,076		)
Total fixed maturities	$	1,416,300	$	(72,037	)	$	4,697,191	$	(65,932	)	$	6,113,491	$	(137,969	)

Equity securities
Common stocks	$	1,828	$	(249	)	$	10,401	$	(399	)	$	12,229	$	(648	)
Exchange-traded funds	—		—			56,074		(1,049		)	56,074		(1,049		)
Total equity securities	$	1,828	$	(249	)	$	66,475	$	(1,448	)	$	68,303	$	(1,697	)

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 September 30, 2014
Long/short equity funds	$	292,086	31	%	Quarterly, Semi-annually	45-60 days
Multi-strategy funds	315,480		33	%	Quarterly, Semi-annually	60-95 days
Event-driven funds	188,397		20	%	Quarterly, Annually	45-60 days
Leveraged bank loan funds	9,904		1	%	Quarterly	65 days
Direct lending funds	43,836		5	%	n/a	n/a
CLO - Equities	97,133		10	%	n/a	n/a
Total other investments	$	946,836	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 September 30,						Nine months ended September 30,
	2014			2013			2014			2013

Fixed maturities	$	74,996		$	74,691		$	226,475		$	218,877
Other investments	(3,384		)	32,127			45,868			87,406
Equity securities	2,022			3,871			9,609			8,419
Cash and cash equivalents	2,081			382			9,127			2,915
Short-term investments	141			127			600			1,056
Gross investment income	75,856			111,198			291,679			318,673
Investment expenses	(9,294		)	(7,769		)	(27,508		)	(23,223		)
Net investment income	$	66,562		$	103,429		$	264,171		$	295,450

NET REALIZED INVESTMENT GAINS [Table Text Block]



	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013

Gross realized gains
Fixed maturities and short-term investments	$	17,638		$	27,631		$	78,057		$	94,617
Equities	81,888			11,985			133,764			48,266
Gross realized gains	99,526			39,616			211,821			142,883
Gross realized losses
Fixed maturities and short-term investments	(8,527		)	(26,454		)	(56,623		)	(73,266		)
Equities	(7,120		)	(2,001		)	(12,104		)	(9,011		)
Gross realized losses	(15,647		)	(28,455		)	(68,727		)	(82,277		)
Net OTTI recognized in earnings	(9,431		)	(2,811		)	(12,121		)	(8,836		)
Change in fair value of investment derivatives⁽¹⁾	3,000			(13,058		)	(9,644		)	4,234
Net realized investment gains (losses)	$	77,448		$	(4,708	)	$	121,329		$	56,004

(1) Refer to Note 5 – Derivative Instruments

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



	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013

Fixed maturities:
Non-U.S. government	$	3,380	$	94	$	5,192	$	120
Corporate debt	1,031		1,811		1,112		5,761
Non-Agency RMBS	—		57		—		57
ABS	—		—		56		129
Municipals	418		639		418		639
	4,829		2,601		6,778		6,706
Equity Securities
Common stocks	—		207		741		1,607
Exchange-traded funds	4,602		3		4,602		523
	4,602		210		5,343		2,130
Total OTTI recognized in earnings	$	9,431	$	2,811	$	12,121	$	8,836

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



	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013

Balance at beginning of period	$	1,581		$	1,699		$	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	(23		)	(110		)	(36		)	(220		)
Balance at end of period	$	1,558		$	1,589		$	1,558		$	1,589

- 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.

+ References+ Details