INVESTMENTS (TABLES)

6 Months Ended

Jun. 30, 2012

Investments, Debt and Equity Securities [Abstract]

AMORTIZED COST/COST AND FAIR VALUES OF FIXED MATURITIES AND EQUITIES [Table Text Block]



	Amortized Cost or Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Non-credit OTTI in AOCI⁽⁵⁾

At June 30, 2012
Fixed maturities
U.S. government and agency	$	1,129,843	$	7,117	$	(806	)	$	1,136,154	$	—
Non-U.S. government	1,251,832		23,132		(12,421		)	1,262,543		—
Corporate debt	3,572,982		93,932		(23,542		)	3,643,372		—
Agency RMBS⁽¹⁾	2,713,950		77,118		(911		)	2,790,157		—
CMBS⁽²⁾	606,935		16,703		(242		)	623,396		—
Non-Agency RMBS	151,906		2,116		(6,427		)	147,595		(949		)
ABS⁽³⁾	674,767		6,260		(11,420		)	669,607		—
Municipals⁽⁴⁾	1,178,151		53,787		(314		)	1,231,624		—
Total fixed maturities	$	11,280,366	$	280,165	$	(56,083	)	$	11,504,448	$	(949	)

Equity securities
Common stocks	$	385,871	$	40,240	$	(17,073	)	$	409,038
Exchange-traded funds	128,622		1,362		—			129,984
Non-U.S. bond mutual funds	95,225		—		(2,516		)	92,709
Total equity securities	$	609,718	$	41,602	$	(19,589	)	$	631,731

At December 31, 2011
Fixed maturities
U.S. government and agency	$	1,142,732	$	5,669	$	(134	)	$	1,148,267	$	—
Non-U.S. government	1,241,664		7,359		(36,572		)	1,212,451		—
Corporate debt	3,581,320		85,766		(57,495		)	3,609,591		—
Agency RMBS	2,568,053		69,073		(492		)	2,636,634		—
CMBS	298,138		14,816		(263		)	312,691		—
Non-Agency RMBS	177,529		1,431		(13,247		)	165,713		(1,120		)
ABS	639,949		7,094		(15,001		)	632,042		—
Municipals	1,171,953		52,438		(1,680		)	1,222,711		—
Total fixed maturities	$	10,821,338	$	243,646	$	(124,884	)	$	10,940,100	$	(1,120	)

Equity securities
Common stocks	$	341,603	$	25,143	$	(19,291	)	$	347,455
Exchange-traded funds	239,411		77		(25,507		)	213,981
Non-U.S. bond mutual funds	118,552		—		(2,428		)	116,124
Total equity securities	$	699,566	$	25,220	$	(47,226	)	$	677,560


(1)	Residential mortgage-backed securities (RMBS) originated by U.S. agencies.


(2)	Commercial mortgage-backed securities (CMBS).


(3)	Asset-backed securities (ABS) include debt tranched securities collateralized primarily by auto loans, student loans, credit cards, and other asset types. This asset class also includes an insignificant position in collateralized loan obligations (CLOs) and collateralized debt obligations (CDOs).


(4)	Municipals include bonds issued by states, municipalities and political subdivisions.


(5)	Represents the non-credit component of the other-than-temporary impairment (OTTI) losses, adjusted for subsequent sales of securities. It does not include the change in fair value subsequent to the impairment measurement date.

CONTRACTUAL MATURITIES OF FIXED MATURITIES [Table Text Block]



	Amortized Cost		Fair Value		% of Total Fair Value

At June 30, 2012
Maturity
Due in one year or less	$	646,351	$	647,923	5.6	%
Due after one year through five years	4,777,747		4,828,090		42.0	%
Due after five years through ten years	1,611,931		1,695,911		14.7	%
Due after ten years	96,779		101,769		0.9	%
	7,132,808		7,273,693		63.2	%
Agency RMBS	2,713,950		2,790,157		24.3	%
CMBS	606,935		623,396		5.4	%
Non-Agency RMBS	151,906		147,595		1.3	%
ABS	674,767		669,607		5.8	%
Total	$	11,280,366	$	11,504,448	100.0	%

At December 31, 2011
Maturity
Due in one year or less	$	543,100	$	539,009	4.9	%
Due after one year through five years	4,694,832		4,685,866		42.8	%
Due after five years through ten years	1,779,811		1,845,054		16.9	%
Due after ten years	119,926		123,091		1.1	%
	7,137,669		7,193,020		65.7	%
Agency RMBS	2,568,053		2,636,634		24.1	%
CMBS	298,138		312,691		2.9	%
Non-Agency RMBS	177,529		165,713		1.5	%
ABS	639,949		632,042		5.8	%
Total	$	10,821,338	$	10,940,100	100.0	%

FIXED MATURITIES AND EQUITIES IN AN UNREALIZED LOSS POSITION [Table Text Block]



	12 months or greater					Less than 12 months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses

At June 30, 2012
Fixed maturities
U.S. government and agency	$	—	$	—		$	459,042	$	(806	)	$	459,042	$	(806	)
Non-U.S. government	4,592		(8		)	395,264		(12,413		)	399,856		(12,421		)
Corporate debt	73,199		(4,816		)	872,609		(18,726		)	945,808		(23,542		)
Agency RMBS	1,155		(6		)	119,744		(905		)	120,899		(911		)
CMBS	2,007		(33		)	41,116		(209		)	43,123		(242		)
Non-Agency RMBS	37,885		(3,955		)	26,941		(2,472		)	64,826		(6,427		)
ABS	94,176		(9,324		)	109,031		(2,096		)	203,207		(11,420		)
Municipals	3,873		(136		)	47,170		(178		)	51,043		(314		)
Total fixed maturities	$	216,887	$	(18,278	)	$	2,070,917	$	(37,805	)	$	2,287,804	$	(56,083	)

Equity securities
Common stocks	$	16,591	$	(3,864	)	$	113,505	$	(13,209	)	$	130,096	$	(17,073	)
Exchange-traded funds	—		—			—		—			—		—
Non-U.S. bond mutual funds	—		—			92,709		(2,516		)	92,709		(2,516		)
Total equity securities	$	16,591	$	(3,864	)	$	206,214	$	(15,725	)	$	222,805	$	(19,589	)

At December 31, 2011
Fixed maturities
U.S. government and agency	$	—	$	—		$	233,816	$	(134	)	$	233,816	$	(134	)
Non-U.S. government	—		—			786,034		(36,572		)	786,034		(36,572		)
Corporate debt	54,843		(2,437		)	1,228,479		(55,058		)	1,283,322		(57,495		)
Agency RMBS	—		—			105,059		(492		)	105,059		(492		)
CMBS	5,155		(17		)	11,243		(246		)	16,398		(263		)
Non-Agency RMBS	43,348		(8,127		)	85,053		(5,120		)	128,401		(13,247		)
ABS	65,096		(9,497		)	201,569		(5,504		)	266,665		(15,001		)
Municipals	8,450		(1,467		)	38,590		(213		)	47,040		(1,680		)
Total fixed maturities	$	176,892	$	(21,545	)	$	2,689,843	$	(103,339	)	$	2,866,735	$	(124,884	)

Equity securities
Common stocks	$	4,445	$	(2,105	)	$	124,481	$	(17,186	)	$	128,926	$	(19,291	)
Exchange-traded funds	—		—			212,050		(25,507		)	212,050		(25,507		)
Non-U.S. bond mutual funds	—		—			116,124		(2,428		)	116,124		(2,428		)
Total equity securities	$	4,445	$	(2,105	)	$	452,655	$	(45,121	)	$	457,100	$	(47,226	)

PORTFOLIO OF OTHER INVESTMENTS [Table Text Block]



	Fair Value				Redemption Frequency (if currently eligible)	Redemption Notice Period

At June 30, 2012
Long/short equity funds	$	294,006	37	%	Monthly, Quarterly, Semi-annually	30-60 days
Multi-strategy funds	234,633		29	%	Quarterly, Semi-annually	60-95 days
Event-driven funds	146,220		18	%	Quarterly, Annually	45-95 days
Leveraged bank loan funds	61,808		8	%	Quarterly	65 days
CLO - Equities	61,566		8	%	n/a	n/a
Total other investments	$	798,233	100	%

At December 31, 2011
Multi-strategy funds	$	230,750	33	%	Quarterly, Semi-annually	60-95 days
Long/short equity funds	214,498		31	%	Quarterly, Semi-annually	30-60 days
Event-driven funds	118,380		17	%	Quarterly, Annually	45-95 days
Leveraged bank loan funds	69,132		10	%	Quarterly	65 days
CLO - Equities	66,560		9	%	n/a	n/a
Total other investments	$	699,320	100	%

n/a - not applicable

NET INVESTMENT INCOME [Table Text Block]



	Three months ended June 30,						Six months ended June 30,
	2012			2011			2012			2011

Fixed maturities	$	76,544		$	89,203		$	156,181		$	177,784
Equity securities	5,071			4,074			6,180			4,898
Other investments	(2,304		)	11,797			38,116			37,108
Cash and cash equivalents	1,663			1,502			3,271			3,655
Short-term investments	33			472			188			859
Gross investment income	81,007			107,048			203,936			224,304
Investment expenses	(6,558		)	(7,030		)	(13,464		)	(13,631		)
Net investment income	$	74,449		$	100,018		$	190,472		$	210,673

NET REALIZED INVESTMENT GAINS (LOSSES) [Table Text Block]



	Three months ended June 30,						Six months ended June 30,
	2012			2011			2012			2011

Gross realized gains	$	72,354		$	60,592		$	140,600		$	136,924
Gross realized losses	(40,466		)	(14,227		)	(86,377		)	(52,640		)
Net OTTI recognized in earnings	(13,739		)	(1,473		)	(17,648		)	(3,413		)
Net realized gains on fixed maturities and equity securities	18,149			44,892			36,575			80,871
Change in fair value of investment derivatives⁽¹⁾	6,697			(4,361		)	815			(13,461		)
Fair value hedges⁽¹⁾	5,559			(3,054		)	7,506			211
Net realized investment gains	$	30,405		$	37,477		$	44,896		$	67,621

(1) Refer to Note 5 – Derivative Instruments

OTTI RECOGNIZED IN EARNINGS BY ASSET CLASS [Table Text Block]



	Three months ended June 30,				Six months ended June 30,
	2012		2011		2012		2011

Fixed maturities:
Non-U.S. government	$	999	$	—	$	999	$	—
Corporate debt	453		—		558		1,026
Non-Agency RMBS	911		—		2,119		370
ABS	298		—		478		61
Municipals	—		—		—		483
	2,661		—		4,154		1,940
Equities
Common stocks	2,075		1,473		4,491		1,473
Exchange-traded funds	9,003		—		9,003		—
	11,078		1,473		13,494		1,473
Total OTTI recognized in earnings	$	13,739	$	1,473	$	17,648	$	3,413

ROLL FORWARD OF CREDIT LOSSES FOR WHICH A PORTION OF OTTI RECOGNIZED IN AOCI [Table Text Block]



	Three months ended June 30,						Six months ended June 30,
	2012			2011			2012			2011

Balance at beginning of period	$	2,047		$	9,375		$	2,061		$	57,498
Credit impairments recognized on securities not previously impaired	—			—			—			—
Additional credit impairments recognized on securities previously impaired	—			—			—			—
Change in timing of future cash flows on securities previously impaired	—			—			—			(101		)
Intent to sell of securities previously impaired	—			—			—			—
Securities sold/redeemed/matured	(98		)	(7,481		)	(112		)	(55,503		)
Balance at end of period	$	1,949		$	1,894		$	1,949		$	1,894

- Definition

Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS115-1/124-1

-Paragraph 17

-Subparagraph a, b

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 19, 20, 21

-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 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 03-1

-Paragraph 21

-Subparagraph a, b

-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 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27198-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

+ Details

- Definition

Tabular disclosure of the fair value of investees that calculate net asset value per share (including by unit, membership interest, or other equity (ownership interest) unit measure) (alternative investments), whether measured at fair value on a recurring or nonrecurring basis, by major category of assets and liabilities (as defined), including, for example, (i) fair value measurements at the reporting date, (ii) the level within the fair value hierarchy in which the fair value measurements fall, (iii) a reconciliation of beginning and ending balances for those alternative investments that are measured at fair value using unobservable inputs (Level 3 - fair value hierarchy fair value measurement inputs), (iv) the inputs and valuation techniques used to measure fair value, (v) a discussion of changes to valuation techniques and inputs, if any, during the period, (vi) a description of the nature and risk associated with the alternative investments, and (vii) a discussion of the probability that any of the alternative investments are to be sold.

+ References+ Details

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

+ References+ Details