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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2012
Reinsurance Disclosures [Abstract]  
Schedule of direct, assumed and ceded premiums
The following table presents direct, assumed, and ceded premiums:
 
Years Ended December 31
 
(in millions of U.S. dollars)
2012
 
 
2011
 
 
2010
 
Premiums written
 
 
 
 
 
 
Direct
$
18,144

 
$
17,626

 
$
15,887

Assumed
 
3,449

 
 
3,205

 
 
3,624

Ceded
 
(5,518
)
 
 
(5,459
)
 
 
(5,803
)
Net
$
16,075

 
$
15,372

 
$
13,708

Premiums earned
 
 
 
 

 
 

Direct
$
17,802

 
$
17,534

 
$
15,780

Assumed
 
3,302

 
 
3,349

 
 
3,516

Ceded
 
(5,427
)
 
 
(5,496
)
 
 
(5,792
)
Net
$
15,677

 
$
15,387

 
$
13,504
Schedule of reinsurance recoverable on losses and loss expenses
The following table presents the composition of reinsurance recoverable on losses and loss expenses:
 
 
December 31
 
 
December 31
 
(in millions of U.S. dollars)
2012
 
 
2011
 
Reinsurance recoverable on unpaid losses and loss expenses (1)

$
11,399

 

$
11,602

Reinsurance recoverable on paid losses and loss expenses (1)
 
679

 
 
787

Net reinsurance recoverable on losses and loss expenses

$
12,078

 

$
12,389
Schedule of reinsurance recoverable and provision by category of reinsurer

(in millions of U.S. dollars, except percentages)
2012
 
 
Provision
 
 
% of Gross

Categories
 
Largest reinsurers

$
5,800

 

$
98

 
1.7
%
Other reinsurers balances rated A- or better
 
3,080

 
 
40

 
1.3
%
Other reinsurers balances with ratings lower than A- or not rated
 
602

 
 
120

 
19.9
%
Other pools and government agencies
 
383

 
 
14

 
3.7
%
Structured settlements
 
582

 
 
24

 
4.1
%
Captives
 
1,761

 
 
14

 
0.8
%
Other
 
309

 
 
129

 
41.7
%
Total

$
12,517

 

$
439

 
3.5
%
Schedule of income and expenses relating to GMDB and GLB reinsurance
 
Years Ended December 31
 
(in millions of U.S. dollars)
2012

 
2011

 
2010

GMDB
 
 
 
 
 
Net premiums earned
$
85

 
$
98

 
$
109

Policy benefits and other reserve adjustments
$
60

 
$
59

 
$
99

GLB
 
 
 
 
 
Net premiums earned
$
160

 
$
163

 
$
164

Policy benefits and other reserve adjustments
61

 
47

 
29

Net realized gains (losses)
203

 
(812
)
 
(64
)
Gain (loss) recognized in income
$
302

 
$
(696
)
 
$
71

Net cash received
$
149

 
$
161

 
$
160

Net (increase) decrease in liability
$
153

 
$
(857
)
 
$
(89
)