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INCOME TAXES (TABLES)

12 Months Ended

Dec. 31, 2014

INCOME TAXES [Abstract]

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

	Year ended December 31,	2014				2013				2012
	Current income tax expense (benefit)
	United States	$	8,411			$	12,466			$	4,931
	Europe	16,582				9,039				8,566
	Other	1				—				(174		)
	Deferred income tax expense (benefit)
	United States	1,313				(13,976		)		(10,749		)
	Europe	(399		)		(526		)		713
	Other	—				(1		)		—
	Total income tax expense	$	25,908			$	7,002			$	3,287
	Net current tax receivables (payables)	$	(11,203	)		$	5,689			$	1,164
	Net deferred tax assets	89,405				80,258				52,794
	Net tax assets	$	78,202			$	85,947			$	53,958

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

	At December 31,	2014				2013
	Deferred tax assets:
	Discounting of loss reserves	$	59,852			$	59,023
	Unearned premiums	39,661				39,146
	Operating loss carryforwards	26,016				20,316
	Accruals not currently deductible	44,082				39,018
	Other investment adjustments and impairments	4,001				7,859
	Tax credits	15,412				11,886
	Depreciation	—				2,410
	Other deferred tax assets	1,324				2,906
	Deferred tax assets before valuation allowance	190,348				182,564
	Valuation allowance	(34,094		)		(25,542		)
	Deferred tax assets net of valuation allowance	156,254				157,022
	Deferred tax liabilities:
	Deferred acquisition costs	(37,712		)		(37,226		)
	Net unrealized gains on investments	(12,792		)		(23,200		)
	Amortization of intangible assets and goodwill	(10,778		)		(10,059		)
	Accrued market discounts	(707		)		(1,151		)
	Equalization reserves	(3,554		)		(2,080		)
	Other deferred tax liabilities	(1,306		)		(3,048		)
	Deferred tax liabilities	(66,849		)		(76,764		)
	Net deferred tax assets	$	89,405			$	80,258

VALUATION ALLOWANCE ROLL FORWARD [Table Text Block]

	At December 31,	2014				2013
	Income tax expense:
	Valuation allowance - beginning of year	$	27,070			$	33,933
	Operating loss carryforwards	3,044				(794		)
	Capital loss carryforwards	1,262				—
	Foreign tax credit	3,194				1,762
	Australian CTA and accruals and rate differentials	1,052				—
	Change in investment-related items	(757		)		(7,831		)
	Valuation allowance - end of year	34,865				27,070
	Accumulated other comprehensive income:
	Valuation allowance - beginning of year	(1,528		)		(9,359		)
	Change in investment-related items	757				7,831
	Valuation allowance - end of year	(771		)		(1,528		)
	Total valuation allowance - end of year	$	34,094			$	25,542

EFFECTIVE TAX RATE RECONCILIATION [Table Text Block]

	Year ended December 31,	2014				2013				2012
	Income before income taxes
	Bermuda (domestic)	$	690,517			$	625,490			$	485,613
	Foreign	139,955				108,977				64,915
	Total income before income taxes	$	830,472			$	734,467			$	550,528
	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	1.8		%		2.1		%		0.4		%
	Europe	1.5		%		1.0		%		1.4		%
	Other	—		%		0.3		%		—		%
	Valuation allowance	1.1		%		(0.7		)%		0.6		%
	Net tax exempt income	(0.7		)%		(1.3		)%		(1.5		)%
	Other	(0.6		)%		(0.4		)%		(0.3		)%
	Actual tax rate	3.1		%		1.0		%		0.6		%

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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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