Fair Value Of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair value hierarchy and related disclosures

The following table shows the fair value of the Company’s financial instruments and where in the fair value hierarchy the fair value measurements are included as of the dates indicated below:

March 31, 2014	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3
Fixed maturity investments:
U.S. Government and Government agencies	$	1,476,463	$	1,476,463	$	1,135,246	$	341,217	$	—
Non-U.S. Government and Government agencies	182,415		182,415		—		182,415		—
States, municipalities and political subdivisions	230,669		230,669		—		230,669		—
Corporate debt	2,310,460		2,310,460		—		2,310,460		—
Mortgage-backed	1,304,130		1,304,130		—		1,170,069		134,061
Asset-backed	564,529		564,529		—		483,295		81,234
Total fixed maturity investments	6,068,666		6,068,666		1,135,246		4,718,125		215,295
Equity securities	834,893		834,893		800,107		—		34,786
Other invested assets	839,987		839,987		—		—		839,987
Total investments	$	7,743,546	$	7,743,546	$	1,935,353	$	4,718,125	$	1,090,068
Derivative assets:
Foreign exchange contracts	$	1,408	$	1,408	$	—	$	1,408	$	—
Interest rate swaps	860		860		—		860		—
Derivative liabilities:
Foreign exchange contracts	$	3,145	$	3,145	$	—	$	3,145	$	—
Interest rate swaps	15		15		—		15		—
Senior notes	$	798,573	$	906,448	$	—	$	906,448	$	—

December 31, 2013	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3
Fixed maturity investments:
U.S. Government and Government agencies	$	1,676,788	$	1,676,788	$	1,370,088	$	306,700	$	—
Non-U.S. Government and Government agencies	191,776		191,776		—		191,776		—
States, municipalities and political subdivisions	231,555		231,555		—		231,555		—
Corporate debt	2,202,267		2,202,267		—		2,202,267		—
Mortgage-backed	1,292,502		1,292,502		—		1,145,164		147,338
Asset-backed	505,910		505,910		—		412,497		93,413
Total fixed maturity investments	6,100,798		6,100,798		1,370,088		4,489,959		240,751
Equity securities	699,846		699,846		625,942		—		73,904
Other invested assets	764,081		764,081		—		—		764,081
Total investments	$	7,564,725	$	7,564,725	$	1,996,030	$	4,489,959	$	1,078,736
Derivative assets:
Foreign exchange contracts	$	6,254	$	6,254	$	—	$	6,254	$	—
Interest rate swaps	6,829		6,829		—		6,829		—
Derivative liabilities:
Foreign exchange contracts	$	1,176	$	1,176	$	—	$	1,176	$	—
Interest rate swaps	$	4,214	$	4,214	$	—	$	4,214	$	—
Senior notes	$	798,499	$	897,601	$	—	$	897,601	$	—

Fair value measurements using significant unobservable inputs (Level 3)

The following is a reconciliation of the beginning and ending balance of financial instruments using significant unobservable inputs (Level 3):

Three Months Ended March 31, 2014	Other invested assets			Mortgage-backed			Asset-backed			Equities
Opening balance	$	764,081		$	147,338		$	93,413		$	73,904
Realized and unrealized gains (losses) included in net income	22,626			1,368			(864		)	(9,821		)
Purchases	89,199			14,110			7,493			—
Sales	(35,919		)	(17,956		)	(3,176		)	(29,297		)
Transfers into Level 3 from Level 2	—			—			606			—
Transfers out of Level 3 into Level 2 (1)	—			(10,799		)	(16,238		)	—
Ending balance	$	839,987		$	134,061		$	81,234		$	34,786
Three Months Ended March 31, 2013
Opening balance	$	655,888		$	167,825		$	62,246		$	54,680
Realized and unrealized gains included in net income	32,253			(1,189		)	(97		)	3,107
Purchases	73,210			—			2,461			—
Sales	(51,211		)	(21,645		)	(16,622		)	—
Transfers into Level 3 from Level 2	—			19,813			—			—
Transfers out of Level 3 into Level 2 (1)	—			(9,384		)	(7,085		)	—
Ending balance	$	710,140		$	155,420		$	40,903		$	57,787

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(1) Transfers out of Level 3 are primarily attributable to the availability of market observable information.