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DERIVATIVE INSTRUMENTS (TABLES)
 12 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
LOCATION AND AMOUNTS OF DERIVATIVE FAIR VALUES ON THE CONSOLIDATED BALANCE SHEET [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
At December 31, 2013
 
At December 31, 2012
 
 
  
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 not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
Relating to investment portfolio:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
$
254,023

 
1,214

 
1,032

 
$
287,819

 
1,067

 
2,733

 
 
Interest rate swaps
281,250

 
873

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Relating to underwriting portfolio:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
390,663

 
4,737

 
120

 
476,191

 
4,771

 
1,004

 
 
Weather-related contracts
24,451

 
984

 
815

 
—

 
—

 
—

 
 
Total derivatives
 
 
$
7,808

 
$
1,967

 
 
 
$
5,838

 
$
3,737

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Asset and liability derivatives are classified within other assets and other liabilities on the Consolidated Balance Sheets.
RECONCILIATION OF GROSS DERIVATIVE ASSETS AND LIABILITIES TO NET AMOUNTS PRESENTED IN BALANCE SHEETS [Table Text Block]
 
 
December 31, 2013
 
December 31, 2012
 
 
 
Gross Amounts
Gross Amounts Offset
Net
Amounts(1)
 
Gross Amounts
Gross Amounts Offset
Net
Amounts(1)
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
$
9,796

$
(1,988
)
$
7,808

 
$
6,476

$
(639
)
$
5,838

 
 
Derivative liabilities
3,955

(1,988
)
1,967

 
4,376

(639
)
3,737

 
 
 
 
 
 
 
 
 
 
 
(1)
Net asset and liability derivatives are classified within other assets and other liabilities on the Consolidated Balance Sheets.
NET EARNINGS IMPACT OF FAIR VALUE HEDGES AND TOTAL UNREALIZED AND REALIZED GAINS (LOSSES) ON DERIVATIVES NOT DESIGNATED AS HEDGES RECORDED IN EARNINGS [Table Text Block]
 
 
 
 
 
 
 
 
 
Year ended December 31,
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
$
—

 
$
10,853

 
$
11,682

 
 
Hedged investment portfolio
—

 
(3,099
)
 
(16,085
)
 
 
Hedge ineffectiveness recognized in earnings
$
—

 
$
7,754

 
$
(4,403
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Location of Gain (Loss) Recognized
in Income on Derivative
Amount of Gain (Loss) Recognized  in
Income on Derivative
 
 
 
 
 
  
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
Relating to investment portfolio:
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
Net realized investment gains
$
10,843

 
$
(9,170
)
 
$
4,431

 
 
        Interest rate swaps
Net realized investment gains
(3,112
)
 
—

 
—

 
 
Relating to underwriting portfolio:
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
Foreign exchange gains (losses)
1,690

 
26,612

 
33,893

 
 
Currency collar options
Foreign exchange gains (losses)
—

 
—

 
267

 
 
Weather-related contracts
Other insurance related income
1,987

 
—

 
—

 
 
Total
 
$
11,408

 
$
17,442

 
$
38,591