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COMMITMENTS AND CONTINGENCIES | 9 Months Ended
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Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | Reinsurance Agreements We purchase reinsurance coverage for various lines of our business. The minimum reinsurance premiums are contractually due in advance on a quarterly basis. Accordingly at September 30, 2015, we have outstanding reinsurance purchase commitments of $33 million, of which $3 million is due in 2015 while the remaining $30 million is due in 2016. Actual payments under the reinsurance contracts will depend on the underlying subject premium and may exceed the minimum premium. Amalgamation Agreement with PartnerRe Ltd. On January 25, 2015, the Company entered into an Agreement and Plan of Amalgamation (the "Amalgamation Agreement") with PartnerRe Ltd., a Bermuda exempted company ("PartnerRe") pursuant to which the Company would amalgamate with PartnerRe, and the two companies would continue as a single Bermuda exempted company. On August 3, 2015, the Company announced that it has accepted a request from PartnerRe to terminate the Amalgamation Agreement. PartnerRe paid the Company $315 million to immediately terminate the Amalgamation Agreement, the amount comprising a termination fee of $280 million and a reimbursement of merger related expenses of $35 million. Investments At September 30, 2015, we have a $47 million commitment to purchase commercial mortgage loans. In addition we have a $20 million commitment to purchase securities with one of our fixed income managers. Refer 'Note 4 - Investments' for information on commitments related to our other investments.

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