INCOME TAXES (TABLES)

12 Months Ended

Dec. 31, 2013

INCOME TAXES [Abstract]

SCHEDULE OF INCOME TAX EXPENSE AND NET TAX ASSETS [Table Text Block]

Year ended December 31,	2013			2012			2011
Current income tax expense (benefit)
United States	$	12,466		$	4,931		$	5,064
Europe	9,039			8,566			9,598
Other	—			(174		)	188
Deferred income tax expense (benefit)
United States	(13,976		)	(10,749		)	1,379
Europe	(526		)	713			(996		)
Other	(1		)	—			—
Total income tax expense	$	7,002		$	3,287		$	15,233
Net current tax receivables	$	5,689		$	1,164		$	1,318
Net deferred tax assets	80,258			52,794			60,836
Net tax assets	$	85,947		$	53,958		$	62,154

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES [Table Text Block]

At December 31,	2013			2012
Deferred tax assets:
Discounting of loss reserves	$	59,023		$	61,534
Unearned premiums	39,146			32,355
Operating loss carryforwards	20,316			20,685
Accruals not currently deductible	39,018			25,638
Other investment adjustments and impairments	7,859			8,790
Tax credits	11,886			7,945
Depreciation	2,410			3,858
Other deferred tax assets	2,906			2,185
Deferred tax assets before valuation allowance	182,564			162,990
Valuation allowance	(25,542		)	(24,574		)
Deferred tax assets net of valuation allowance	157,022			138,416
Deferred tax liabilities:
Deferred acquisition costs	(37,226		)	(27,211		)
Net unrealized gains on investments	(23,200		)	(44,137		)
Amortization of intangible assets and goodwill	(10,059		)	(8,258		)
Accrued market discounts	(1,151		)	(1,323		)
Equalization reserves	(2,080		)	(1,957		)
Other deferred tax liabilities	(3,048		)	(2,736		)
Deferred tax liabilities	(76,764		)	(85,622		)
Net deferred tax assets	$	80,258		$	52,794

VALUATION ALLOWANCE ROLL FORWARD [Table Text Block]

At December 31,	2013			2012
Income tax expense:
Valuation allowance - beginning of year	$	33,933		$	30,623
Operating loss carryforwards	(794		)	635
Foreign tax credit	1,762			2,675
Change in investment-related items	(7,831		)	—
Valuation allowance - end of year	27,070			33,933
Accumulated other comprehensive income:
Valuation allowance - beginning of year	(9,359		)	(9,359		)
Change in investment-related items	7,831			—
Valuation allowance - end of year	(1,528		)	(9,359		)
Total valuation allowance - end of year	$	25,542		$	24,574

EFFECTIVE TAX RATE RECONCILIATION [Table Text Block]

Year ended December 31,	2013			2012			2011
Income before income taxes
Bermuda (domestic)	$	625,490		$	485,613		$	10,911
Foreign	108,977			64,915			50,627
Total income before income taxes	$	734,467		$	550,528		$	61,538
Reconciliation of effective tax rate (% of income before income taxes)
Expected tax rate	0.0		%	0.0		%	0.0		%
Foreign taxes at local expected rates:
United States	2.1		%	0.4		%	33.2		%
Europe	1.0		%	1.4		%	10.7		%
Other	0.3		%	—		%	3.3		%
Valuation allowance	(0.7		)%	0.6		%	(15.5		)%
Net tax exempt income	(1.3		)%	(1.5		)%	(11.2		)%
Other	(0.4		)%	(0.3		)%	4.3		%
Actual tax rate	1.0		%	0.6		%	24.8		%