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DERIVATIVE INSTRUMENTS (TABLES)
 9 Months Ended
Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
LOCATION AND AMOUNTS OF DERIVATIVE FAIR VALUES ON THE CONSOLIDATED BALANCE SHEET [Table Text Block]
 
  
September 30, 2014
 
December 31, 2013
 
 
  
Derivative
Notional
Amount
 
Derivative
Asset
Fair
Value(1)
 
Derivative
Liability
Fair
Value(1)
 
Derivative
Notional
Amount
 
Derivative
Asset
Fair
Value(1)
 
Derivative
Liability
Fair
Value(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
Relating to investment portfolio:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
$
167,105

 
$
5,175

 
$
11

 
$
254,023

 
$
1,214

 
$
1,032

 
 
Interest rate swaps
346,250

 
—

 
624

 
281,250

 
873

 
—

 
 
Relating to underwriting portfolio:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
616,539

 
316

 
9,834

 
390,663

 
4,737

 
120

 
 
Weather-related contracts
53,017

 
228

 
7,646

 
24,451

 
984

 
815

 
 
Commodity contracts
$
100,850

 
11,100

 
—

 
$
—

 
—

 
—

 
 
Total derivatives
 
 
$
16,819

 
$
18,115

 
 
 
$
7,808

 
$
1,967

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Asset and liability derivatives are classified within other assets and other liabilities in the Consolidated Balance Sheets.
RECONCILIATION OF GROSS DERIVATIVE ASSETS AND LIABILITIES TO NET AMOUNTS PRESENTED IN BALANCE SHEETS [Table Text Block]
 
 
September 30, 2014
 
December 31, 2013
 
 
 
Gross Amounts
Gross Amounts Offset
Net
Amounts(1)
 
Gross Amounts
Gross Amounts Offset
Net
Amounts(1)
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
$
25,823

$
(9,004
)
$
16,819

 
$
9,796

$
(1,988
)
$
7,808

 
 
Derivative liabilities
$
27,119

$
(9,004
)
$
18,115

 
$
3,955

$
(1,988
)
$
1,967

 
 
 
 
 
 
 
 
 
 
 
(1)
Net asset and liability derivatives are classified within other assets and other liabilities in 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 September 30,
 
Nine months ended September 30,
 
 
  
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
Relating to investment portfolio:
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
Net realized investment gains (losses)
$
7,034

 
$
(7,802
)
 
$
3,350

 
$
9,222

 
 
Interest rate swaps
Net realized investment gains (losses)
(4,034
)
 
(5,256
)
 
(12,994
)
 
(4,988
)
 
 
Relating to underwriting portfolio:
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
Foreign exchange losses (gains)
(21,915
)
 
(2,697
)
 
(8,784
)
 
(4,895
)
 
 
Weather-related contracts
Other insurance related income
668

 
—

 
4,730

 
—

 
 
Commodity contracts
Other insurance related income
7,530

 
—

 
9,243

 
—

 
 
Total
 
$
(10,717
)
 
$
(15,755
)
 
$
(4,455
)
 
$
(661
)