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INVESTMENTS (TABLES)

12 Months Ended

Dec. 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 December 31, 2014
	Fixed maturities
	U.S. government and agency	$	1,645,068			$	3,337			$	(28,328	)		$	1,620,077			$	—
	Non-U.S. government	1,080,601				7,383				(54,441		)		1,033,543				—
	Corporate debt	4,386,432				40,972				(66,280		)		4,361,124				—
	Agency RMBS(1)	2,241,581				40,762				(4,235		)		2,278,108				—
	CMBS(2)	1,085,618				13,289				(2,019		)		1,096,888				—
	Non-Agency RMBS	71,236				2,765				(915		)		73,086				(889		)
	ABS(3)	1,475,026				2,748				(16,188		)		1,461,586				—
	Municipals(4)	200,411				5,282				(832		)		204,861				—
	Total fixed maturities	$	12,185,973			$	116,538			$	(173,238	)		$	12,129,273			$	(889	)
	Equity securities
	Common stocks	—				—				—				—
	Exchange-traded funds	416,063				43,583				(4,756		)		454,890
	Non-U.S. bond mutual funds	115,585				—				(2,768		)		112,817
	Total equity securities	$	531,648			$	43,583			$	(7,524	)		$	567,707
	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 December 31, 2014
	Maturity
	Due in one year or less	$	424,077			$	423,265			3.5	%
	Due after one year through five years	4,925,780				4,892,411				40.3	%
	Due after five years through ten years	1,755,248				1,695,641				14.0	%
	Due after ten years	207,407				208,288				1.7	%
		7,312,512				7,219,605				59.5	%
	Agency RMBS	2,241,581				2,278,108				18.8	%
	CMBS	1,085,618				1,096,888				9.0	%
	Non-Agency RMBS	71,236				73,086				0.6	%
	ABS	1,475,026				1,461,586				12.1	%
	Total	$	12,185,973			$	12,129,273			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 December 31, 2014
	Fixed maturities
	U.S. government and agency	$	388,551			$	(24,319	)		$	786,850			$	(4,009	)		$	1,175,401			$	(28,328	)
	Non-U.S. government	143,602				(29,171		)		435,670				(25,270		)		579,272				(54,441		)
	Corporate debt	26,708				(2,221		)		2,199,672				(64,059		)		2,226,380				(66,280		)
	Agency RMBS	259,914				(3,084		)		333,288				(1,151		)		593,202				(4,235		)
	CMBS	68,624				(925		)		256,225				(1,094		)		324,849				(2,019		)
	Non-Agency RMBS	6,689				(613		)		13,442				(302		)		20,131				(915		)
	ABS	425,663				(10,325		)		750,679				(5,863		)		1,176,342				(16,188		)
	Municipals	34,462				(644		)		25,284				(188		)		59,746				(832		)
	Total fixed maturities	$	1,354,213			$	(71,302	)		$	4,801,110			$	(101,936	)		$	6,155,323			$	(173,238	)
	Equity securities
	Common stocks	$	—			$	—			$	—			$	—			$	—			$	—
	Exchange-traded funds	—				—				91,275				(4,756		)		91,275				(4,756		)
	Non-U.S. bond mutual funds	—				—				112,817				(2,768		)		112,817				(2,768		)
	Total equity securities	$	—			$	—			$	204,092			$	(7,524	)		$	204,092			$	(7,524	)
	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	—				—				—				—				—				—
	Non-U.S. bond mutual 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 December 31, 2014
	Long/short equity funds	$	298,907			31	%		Quarterly, Semi-annually		30-60 days
	Multi-strategy funds	324,020				34	%		Quarterly, Semi-annually		60-95 days
	Event-driven funds	185,899				19	%		Quarterly, Annually		45-60 days
	Leveraged bank loan funds	9,713				1	%		Quarterly		65 days
	Direct lending funds	54,438				6	%		n/a		n/a
	CLO - Equities	92,488				9	%		n/a		n/a
	Total other investments	$	965,465			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]

	Year ended December 31,	2014				2013				2012
	Fixed maturities	$	296,663			$	293,609			$	304,400
	Other investments	57,621				128,814				87,660
	Equity securities	11,832				10,897				11,904
	Cash and cash equivalents	11,536				6,337				4,528
	Short-term investments	725				1,181				596
	Gross investment income	378,377				440,838				409,088
	Investment expenses	(35,611		)		(31,526		)		(28,131		)
	Net investment income	$	342,766			$	409,312			$	380,957

NET REALIZED INVESTMENT GAINS [Table Text Block]

	Year ended December 31,	2014				2013				2012
	Gross realized gains
	Fixed maturities and short-term investments(1)	$	126,023			$	120,932			$	242,082
	Equities	149,783				54,564				36,411
	Gross realized gains	275,806				175,496				278,493
	Gross realized losses
	Fixed maturities and short-term investments	(86,943		)		(87,894		)		(101,844		)
	Equities	(15,925		)		(10,407		)		(23,530		)
	Gross realized losses	(102,868		)		(98,301		)		(125,374		)
	Net OTTI recognized in earnings	(31,227		)		(9,362		)		(24,234		)
	Change in fair value of investment derivatives(2)	(9,603		)		7,731				(9,170		)
	Fair value hedges(2)	—				—				7,754
	Net realized investment gains	$	132,108			$	75,564			$	127,469

(1) Includes $37 million of gains in 2012 relating to previously unrealized foreign exchange currency amounts on the hedged fixed maturity portfolios. The hedged portfolio was sold and all associated foreign exchange contracts were fully settled during 2012 so there is no impact on the 2013 or 2014 figures.

(2) Refer to Note 7 – Derivative Instruments

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

	Year ended December 31,	2014				2013				2012
	Fixed maturities:
	Non-U.S. government	$	17,291			$	120			$	3,281
	Corporate debt	8,107				5,802				1,821
	Non-Agency RMBS	7				57				2,016
	ABS	61				129				795
	Municipals	418				639				—
		25,884				6,747				7,913
	Equity Securities
	Common stocks	741				2,092				7,318
	Exchange-traded funds	4,602				523				9,003
		5,343				2,615				16,321
	Total OTTI recognized in earnings	$	31,227			$	9,362			$	24,234

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

	Year ended December 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	(63		)		(215		)
	Balance at end of period	$	1,531			$	1,594

RESTRICTED INVESTMENTS [Table Text Block]

	At December 31,		2014				2013
	Collateral in Trust for inter-company agreements		$	2,792,461			$	2,261,081
	Collateral for secured letter of credit facility		468,923				777,828
	Collateral in Trust for third party agreements (1)		567,060				276,839
	Securities on deposit with regulatory authorities		58,476				58,327
	Total restricted investments		$	3,886,920			$	3,374,075

(1) Includes $245 million of fixed income securities deposited directly with Lloyd's to support the underwriting capacity of the Company's Lloyd's Syndicate, AXIS Syndicate 1686.

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