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DERIVATIVE INSTRUMENTS (TABLES)
 6 Months Ended
Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
LOCATION AND AMOUNTS OF DERIVATIVE FAIR VALUES ON THE CONSOLIDATED BALANCE SHEET [Table Text Block]
 
  
June 30, 2014
 
December 31, 2013
 
 
  
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
$
132,230

 
$
12

 
$
2,011

 
$
254,023

 
$
1,214

 
$
1,032

 
 
Interest rate swaps
281,250

 
—

 
272

 
281,250

 
873

 
—

 
 
Relating to underwriting portfolio:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
605,076

 
5,608

 
—

 
390,663

 
4,737

 
120

 
 
Weather-related contracts
3,000

 
—

 
750

 
24,451

 
984

 
815

 
 
Commodity contracts
100,850

 
3,571

 
—

 
—

 
—

 
—

 
 
Total derivatives
 
 
$
9,191

 
$
3,033

 
 
 
$
7,808

 
$
1,967

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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]
 
 
June 30, 2014
 
December 31, 2013
 
 
 
Gross Amounts
Gross Amounts Offset
Net
Amounts(1)
 
Gross Amounts
Gross Amounts Offset
Net
Amounts(1)
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
$
11,985

$
(2,794
)
$
9,191

 
$
9,796

$
(1,988
)
$
7,808

 
 
Derivative liabilities
5,827

(2,794
)
3,033

 
3,955

(1,988
)
1,967

 
 
 
 
 
 
 
 
 
 
 
(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]
 
  
Location of Gain (Loss) Recognized in Income on Derivative
Three months ended June 30,
 
Six months ended June 30,
 
 
  
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
Relating to investment portfolio:
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
Net realized investment gains
$
(2,355
)
 
$
10,128

 
$
(3,684
)
 
$
17,292

 
 
Interest rate swaps
Net realized investment gains
(4,800
)
 
—

 
(8,960
)
 
—

 
 
Relating to underwriting portfolio:
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
Foreign exchange losses (gains)
1,058

 
(4,685
)
 
13,131

 
(2,197
)
 
 
Weather-related contracts
Other insurance related income
383

 
—

 
4,061

 
—

 
 
Commodity contracts
Other insurance related income
1,713

 
—

 
1,713

 
—

 
 
Total
 
$
(4,001
)
 
$
5,443

 
$
6,261

 
$
15,095