DERIVATIVE INSTRUMENTS (TABLES)

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

LOCATION AND AMOUNTS OF DERIVATIVE FAIR VALUES ON THE CONSOLIDATED BALANCE SHEET [Table Text Block]



	June 30, 2012						December 31, 2011
	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⁾

Derivatives designated as hedging instruments
Foreign exchange forward contracts	$	189,201	$	—	$	3,313	$	540,176	$	16,519	$	—
Derivatives not designated as hedging instruments
Relating to investment portfolio:
Foreign exchange forward contracts	288,802		39		4,706		287,711		7,012		1,783
Relating to underwriting portfolio:
Foreign exchange forward contracts	$	462,712	6,107		1,552		$	955,728	14,644		252
Total derivatives			$	6,146	$	9,571			$	38,175	$	2,035


(1)	Asset and liability derivatives are classified within other assets and other liabilities on the Consolidated Balance Sheets.

NET EARNINGS IMPACT OF FAIR VALUE HEDGES [Table Text Block]



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

Foreign exchange forward contracts	$	16,131		$	(14,695	)	$	5,563	$	(45,176	)
Hedged investment portfolio	(10,572		)	11,641			1,943		45,387
Hedge ineffectiveness recognized in earnings	$	5,559		$	(3,054	)	$	7,506	$	211

TOTAL UNREALIZED AND REALIZED GAINS (LOSSES) ON DERIVATIVES NOT DESIGNATED AS HEDGES RECORDED IN EARNINGS [Table Text Block]



	Location of Gain (Loss) Recognized	Three months ended June 30,					Six months ended June 30,
	in Income on Derivative	2012		2011			2012		2011

Derivatives not designated as hedging instruments
Relating to investment portfolio:
Foreign exchange forward contracts	Net realized investment gains (losses)	$	6,697	$	(4,361	)	$	815	$	(13,461	)
Relating to underwriting portfolio:
Currency collar options	Foreign exchange gains (losses)	—		2,630			—		3,327
Foreign exchange forward contracts	Foreign exchange gains (losses)	201		24,605			13,655		21,601
Total		$	6,898	$	22,874		$	14,470	$	11,467

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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- 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.

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