XML 67 R42.htm IDEA: XBRL DOCUMENT
v3.8.0.1

DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
LOCATION AND AMOUNTS OF DERIVATIVE FAIR VALUES ON THE CONSOLIDATED BALANCE SHEET | The balance sheet classification of derivatives recorded at fair value is shown in the following table. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and is presented in the table to quantify the volume of the Company's derivative activities. Notional amounts are not reflective of credit risk. None of the Company's derivative instruments are designated as hedges under current accounting guidance.
|  | At December 31, 2017 |  | At December 31, 2016 |
|  | Derivative Notional Amount |  | Asset Derivative Fair Value(1) |  | Liability Derivative Fair Value(1) |  | Derivative Notional Amount |  | Asset Derivative Fair Value(1) |  | Liability Derivative Fair Value(1) |
| Relating to investment portfolio: |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange forward contracts | $ | 137,422 |  |  | $ | 10 |  |  | $ | 619 |  |  | $ | 195,979 |  |  | $ | 12,331 |  |  | $ | 87 |  |
| Interest rate swaps | 191,000 |  |  | 448 |  |  | 1,556 |  |  | — |  |  | — |  |  | — |  |
| Relating to underwriting portfolio: |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange forward contracts | 698,959 |  |  | 4,667 |  |  | 701 |  |  | 492,899 |  |  | 2,034 |  |  | 8,989 |  |
| Weather-related contracts | — |  |  | — |  |  | — |  |  | 67,957 |  |  | 2,532 |  |  | 6,500 |  |
| Commodity contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
| Other underwriting-related contracts | 85,000 |  |  | — |  |  | 11,510 |  |  | — |  |  | — |  |  | — |  |
| Total derivatives |  |  | $ | 5,125 |  |  | $ | 14,386 |  |  |  |  | $ | 16,897 |  |  | $ | 15,576 |  |
(1) | Asset and liability derivatives are classified within other assets and other liabilities on the Consolidated Balance Sheets.
RECONCILIATION OF GROSS DERIVATIVE ASSETS TO NET AMOUNTS PRESENTED IN BALANCE SHEETS | A reconciliation of gross derivative assets and liabilities to the net amounts presented in the Consolidated Balance Sheets, with the difference being attributable to the impact of master netting agreements, is shown in the following table.
|  | December 31, 2017 |  | December 31, 2016 |
|  | Gross Amounts | Gross Amounts Offset | Net Amounts(1) |  | Gross Amounts | Gross Amounts Offset | Net Amounts(1) |
| Derivative assets | $ | 8,178 |  | $ | (3,053 | ) | $ | 5,125 |  |  | $ | 22,270 |  | $ | (5,373 | ) | $ | 16,897 |  |
| Derivative liabilities | $ | 17,439 |  | $ | (3,053 | ) | $ | 14,386 |  |  | $ | 20,949 |  | $ | (5,373 | ) | $ | 15,576 |  |
(1) | Net asset and liability derivatives are classified within other assets and other liabilities on the Consolidated Balance Sheets.
RECONCILIATION OF GROSS DERIVATIVE LIABILITIES TO NET AMOUNTS PRESENTED IN BALANCE SHEETS | A reconciliation of gross derivative assets and liabilities to the net amounts presented in the Consolidated Balance Sheets, with the difference being attributable to the impact of master netting agreements, is shown in the following table.
|  | December 31, 2017 |  | December 31, 2016 |
|  | Gross Amounts | Gross Amounts Offset | Net Amounts(1) |  | Gross Amounts | Gross Amounts Offset | Net Amounts(1) |
| Derivative assets | $ | 8,178 |  | $ | (3,053 | ) | $ | 5,125 |  |  | $ | 22,270 |  | $ | (5,373 | ) | $ | 16,897 |  |
| Derivative liabilities | $ | 17,439 |  | $ | (3,053 | ) | $ | 14,386 |  |  | $ | 20,949 |  | $ | (5,373 | ) | $ | 15,576 |  |
(1) | Net asset and liability derivatives are classified within other assets and other liabilities on the Consolidated Balance Sheets.
TOTAL UNREALIZED AND REALIZED GAINS (LOSSES) ON DERIVATIVES NOT DESIGNATED AS HEDGES RECORDED IN EARNINGS | The total unrealized and realized gains (losses) recognized in net income for derivatives not designated as hedges are shown in the following table:
|  | Location of Gain (Loss) Recognized in Income on Derivative | Amount of Gain (Loss) Recognized in Income on Derivative |
|  | 2017 |  | 2016 |  | 2015 |
| Relating to investment portfolio: |  |  |  |  |  |  |
| Foreign exchange forward contracts | Net realized investment gains (losses) | $ | (6,935 | ) |  | $ | 10,929 |  |  | $ | 11,265 |  |
| Interest rate swaps | Net realized investment gains (losses) | (1,334 | ) |  | — |  |  | (4,006 | ) |
| Relating to underwriting portfolio: |  |  |  |  |  |  |
| Foreign exchange forward contracts | Foreign exchange gains (losses) | 25,383 |  |  | (8,179 | ) |  | (25,412 | ) |
| Weather-related contracts | Other insurance related income (loss) | (9,629 | ) |  | 4,910 |  |  | (3,005 | ) |
| Commodity contracts | Other insurance related income (loss) | — |  |  | (2,382 | ) |  | (1,814 | ) |
| Other underwriting-related contracts | Other insurance related income (loss) | 1,476 |  |  | — |  |  | — |  |
| Total |  | $ | 8,961 |  |  | $ | 5,278 |  |  | $ | (22,972 | ) |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration