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Investments (Tables)

6 Months Ended

Jun. 30, 2013

		June 30, 2013				December 31, 2012
		Fair Value		Amortized Cost		Fair Value		Amortized Cost
U.S. Government and Government agencies		$	2,049,212	$	2,060,490	$	1,865,913	$	1,854,198
Non-U.S. Government and Government agencies			233,301		242,487		261,627		253,657
States, municipalities and political subdivisions			33,621		33,328		40,444		39,342
Corporate debt:
	Financial institutions		794,552		781,788		866,140		835,587
	Industrials		1,089,904		1,087,425		1,153,909		1,139,706
	Utilities		66,684		66,684		69,153		67,463
Mortgage-backed			1,589,021		1,564,838		1,958,373		1,877,854
Asset-backed			429,483		427,303		410,895		405,622
Total fixed maturity investments		$	6,285,778	$	6,264,343	$	6,626,454	$	6,473,429

	June 30, 2013				December 31, 2012
	Fair Value		Original Cost		Fair Value		Original Cost
Equity securities	$	640,925	$	594,025	$	523,949	$	480,312
Other invested assets		714,391		635,632		655,888		606,521
	$	1,355,316	$	1,229,657	$	1,179,837	$	1,086,833

Schedule of other invested assets

	Carrying		Investments		Estimated	Investments
	Value as of		with		Remaining	without			Redemption
	June 30,		Redemption		Restriction	Redemption		Redemption	Notice	Unfunded
Fund Type	2013		Restrictions		Period	Restrictions(1)		Frequency(1)	Period(1)	Commitments
Private equity	$	125,950	$	125,950	3 - 10 Years	$	0			$	160,490
Mezzanine debt		55,232		55,232	8 - 10 Years		0				209,623
Distressed		8,890		8,890	4 -5 Years		0				6,174
Total private equity structures		190,072		190,072			0				376,287
Distressed		136,779		112,119	1 - 2 Years		24,660	Quarterly	45 - 65 Days		0
Equity long/short		110,889		0			110,889	Quarterly	30 - 60 Days		0
Multi-strategy		127,107		0			127,107	Quarterly	45 - 90 Days		0
Global macro		19,842		0			19,842	Monthly	3 Days		0
Event driven		22,430		0			22,430	Annual	60 Days		0
Relative value credit		75,109		0			75,109	Quarterly	60 Days		0
Total hedge funds		492,156		112,119			380,037				0
Other private securities		134,709		0			134,709				5,000
High yield loan fund		32,163		0			32,163	Monthly	30 Days		0
Total other invested assets	$	849,100	$	302,191		$	546,909			$	381,287

(1) The redemption frequency and notice periods only apply to the investments without redemption restrictions. Some or all of these investments may be subject to a gate.

Schedule of net investment income

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
Fixed maturity investments	$	32,662	$	37,219	$	65,187	$	84,105
Equity securities		4,409		4,963		7,608		8,495
Other invested assets		3,843		3,681		5,307		4,223
Cash and cash equivalents		529		550		1,017		1,157
Expenses		(3,808)		(3,962)		(8,096)		(8,320)
Net investment income	$	37,635	$	42,451	$	71,023	$	89,660

Components of realized gains and losses

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2013		2012		2013		2012
Gross realized gains on sale of invested assets		$	58,223	$	52,775	$	102,472	$	91,944
Gross realized losses on sale of invested assets			(35,077)		(14,762)		(42,042)		(36,669)
Net realized and unrealized gains (losses) on derivatives			8,538		(5,914)		7,561		770
Mark-to-market gains (losses):
	Fixed maturity investments, trading		(115,113)		(24,287)		(131,588)		44,203
	Equity securities, trading		(34,330)		(182)		(1,357)		19,603
	Other invested assets, trading		2,561		1,033		29,393		22,393
Net realized investment (losses) gains		$	(115,198)	$	8,663	$	(35,561)	$	142,244

Proceeds from sale of available for sale securities		$	0	$	14,308	$	0	$	213,716

- Definition

Tabular disclosure of investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized.

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- Definition

Tabular disclosure of trading securities (and certain trading assets) which consist of all investments in certain debt and equity securities (and other assets) that are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time) or for which an entity has elected the fair value option. Trading generally reflects active and frequent buying and selling, and trading securities are generally used with the objective of generating profits on short-term differences in price, but this category of investments may also include items which are not intended to be sold in the near term or for which the fair value option has been elected.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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-URI http://asc.fasb.org/extlink&oid=6526789

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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