Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Schedule Of Fair Value Assets and Liabilities Measured on Recurring Basis Table Text Block

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013 are summarized below (dollars in thousands):

September 30, 2014:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	14,190,456		$	115,707	$	12,697,745		$	1,377,004
Canadian and Canadian provincial governments	3,714,338			—		3,714,338			—
Residential mortgage-backed securities	1,000,717			—		813,215			187,502
Asset-backed securities	1,006,048			—		461,416			544,632
Commercial mortgage-backed securities	1,481,822			—		1,386,303			95,519
U.S. government and agencies securities	479,986			389,358		60,240			30,388
State and political subdivision securities	410,064			—		367,559			42,505
Other foreign government supranational and foreign government-sponsored enterprises	2,192,020			279,826		1,901,682			10,512
Total fixed maturity securities – available-for-sale	24,475,451			784,891		21,402,498			2,288,062
Funds withheld at interest – embedded derivatives	36,617			—		—			36,617
Cash equivalents	425,636			425,636		—			—
Short-term investments	16,219			8,414		7,805			—
Other invested assets:
Non-redeemable preferred stock	87,589			87,589		—			—
Other equity securities	74,361			74,361		—			—
Derivatives:
Interest rate swaps	56,092			—		56,092			—
Interest rate options	6,705					6,705			—
CPI swaps	(101		)	—		(101		)	—
Credit default swaps	7,656			—		7,656			—
Equity options	40,966			—		40,966			—
Foreign currency swaps	52,236			—		52,236			—
FVO contractholder-directed unit-linked investments	142,125			136,450		5,675			—
Other	9,591			9,591		—			—
Total other invested assets	477,220			307,991		169,229			—
Other assets – longevity swaps	4,407			—		—			4,407
Total	$	25,435,550		$	1,526,932	$	21,579,532		$	2,329,086
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	1,017,927		$	—	$	—		$	1,017,927
Other liabilities:
Derivatives:
Interest rate swaps	7,595			—		7,595			—
Foreign currency forwards	10,408			—		10,408			—
Credit default swaps	153			—		153			—
Mortality swaps	320			—		—			320
Total	$	1,036,403		$	—	$	18,156		$	1,018,247

December 31, 2013:				Fair Value Measurements Using:
	Total			Level 1		Level 2			Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate securities	$	12,110,755		$	68,934	$	10,696,532		$	1,345,289
Canadian and Canadian provincial governments	3,381,025			—		3,381,025			—
Residential mortgage-backed securities	989,643			—		836,138			153,505
Asset-backed securities	894,832			—		422,984			471,848
Commercial mortgage-backed securities	1,388,946			—		1,287,161			101,785
U.S. government and agencies securities	501,351			396,092		64,340			40,919
State and political subdivision securities	320,820			—		277,044			43,776
Other foreign government, supranational and foreign government-sponsored enterprises	1,886,764			304,487		1,544,280			37,997
Total fixed maturity securities – available-for-sale	21,474,136			769,513		18,509,504			2,195,119
Funds withheld at interest – embedded derivatives	(176,270		)	—		—			(176,270		)
Cash equivalents	371,345			371,345		—			—
Short-term investments	111,572			105,649		5,923			—
Other invested assets:
Non-redeemable preferred stock	81,854			74,220		2,672			4,962
Other equity securities	323,877			323,877		—			—
Derivatives:
Interest rate swaps	9,904			—		9,904			—
Interest rate options	2,554			—		2,554			—
CPI swaps	(309		)	—		(309		)	—
Credit default swaps	7,926			—		7,926			—
Equity options	33,869			—		33,869			—
Foreign currency swaps	21,283			—		21,283			—
FVO contractholder-directed unit-linked investments	138,892			132,643		6,249			—
Other	9,142			9,142		—			—
Total other invested assets	628,992			539,882		84,148			4,962
Total	$	22,409,775		$	1,786,389	$	18,599,575		$	2,023,811
Liabilities:
Interest sensitive contract liabilities – embedded derivatives	$	868,725		$	—	$	—		$	868,725
Other liabilities:
Derivatives:
Interest rate swaps	3,828			—		3,828			—
Foreign currency forwards	12,772			—		12,772			—
Credit default swaps	(356		)	—		(356		)	—
Equity options	(33		)	—		(33		)	—
Total	$	884,936		$	—	$	16,211		$	868,725

Fair Value Unobservable Input Measurements [Table Text Block]

The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed by the Company, which does not include unobservable Level 3 asset and liability measurements provided by third parties, as of September 30, 2014 and December 31, 2013 (dollars in thousands):

September 30, 2014:			Valuation Technique	Unobservable Inputs	Range (Weighted Average)
	Fair Value
Assets:
State and political subdivision securities	$	4,948	Market comparable securities	Liquidity premium	1	%
Corporate securities	248,352		Market comparable securities	Liquidity premium	0-2% (1%)
U.S. government and agencies	30,388		Market comparable securities	Liquidity premium	0-1% (1%)
Funds withheld at interest- embedded derivatives	36,617		Total return swap	Mortality	0-100%  (2%)
				Lapse	0-35%  (7%)
				Withdrawal	0-5%  (3%)
				Own Credit	0-5%  (1%)
				Crediting rate	2-4%  (3%)
Longevity swaps	4,407		Discounted cash flow	Mortality	0-100%  (2%)
				Mortality improvement	(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	911,549		Discounted cash flow	Mortality	0-100%  (2%)
				Lapse	0-35%  (7%)
				Withdrawal	0-5%  (3%)
				Option budget projection	2-4%  (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	106,378		Discounted cash flow	Mortality	0-100% (2%)
				Lapse	0-25% (8%)
				Withdrawal	0-7% (2%)
				Own Credit	0-5% (1%)
				Long-term volatility	0-27% (15%)
Mortality swaps	320		Discounted cash flow	Mortality	0-100%  (1%)

December 31, 2013:	Fair Value			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Assets:
State and political subdivision securities	$	29,024		Market comparable securities	Liquidity premium	1	%
Corporate securities	312,887			Market comparable securities	Liquidity premium	0-2%  (1%)
U.S. government and agencies	37,539			Market comparable securities	Liquidity premium	0-1%  (1%)
Funds withheld at interest- embedded derivatives	(176,270		)	Total return swap	Mortality	0-100%  (2%)
					Lapse	0-35%  (7%)
					Withdrawal	0-5%  (3%)
					Own Credit	0-1%  (1%)
					Crediting Rate	2-4%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	838,670			Discounted cash flow	Mortality	0-100% (2%)
					Lapse	0-35% (7%)
					Withdrawal	0-5% (3%)
					Option budget projection	2-4% (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	30,055			Discounted cash flow	Mortality	0-100% (2%)
					Lapse	0-25% (6%)
					Withdrawal	0-7% (3%)
					Own Credit	0-1% (1%)
					Long-term volatility	0-27% (10%)

Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block]

The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed by the Company, which does not include unobservable Level 3 asset and liability measurements provided by third parties, as of September 30, 2014 and December 31, 2013 (dollars in thousands):

September 30, 2014:			Valuation Technique	Unobservable Inputs	Range (Weighted Average)
	Fair Value
Assets:
State and political subdivision securities	$	4,948	Market comparable securities	Liquidity premium	1	%
Corporate securities	248,352		Market comparable securities	Liquidity premium	0-2% (1%)
U.S. government and agencies	30,388		Market comparable securities	Liquidity premium	0-1% (1%)
Funds withheld at interest- embedded derivatives	36,617		Total return swap	Mortality	0-100%  (2%)
				Lapse	0-35%  (7%)
				Withdrawal	0-5%  (3%)
				Own Credit	0-5%  (1%)
				Crediting rate	2-4%  (3%)
Longevity swaps	4,407		Discounted cash flow	Mortality	0-100%  (2%)
				Mortality improvement	(10%)-10%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	911,549		Discounted cash flow	Mortality	0-100%  (2%)
				Lapse	0-35%  (7%)
				Withdrawal	0-5%  (3%)
				Option budget projection	2-4%  (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	106,378		Discounted cash flow	Mortality	0-100% (2%)
				Lapse	0-25% (8%)
				Withdrawal	0-7% (2%)
				Own Credit	0-5% (1%)
				Long-term volatility	0-27% (15%)
Mortality swaps	320		Discounted cash flow	Mortality	0-100%  (1%)

December 31, 2013:	Fair Value			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Assets:
State and political subdivision securities	$	29,024		Market comparable securities	Liquidity premium	1	%
Corporate securities	312,887			Market comparable securities	Liquidity premium	0-2%  (1%)
U.S. government and agencies	37,539			Market comparable securities	Liquidity premium	0-1%  (1%)
Funds withheld at interest- embedded derivatives	(176,270		)	Total return swap	Mortality	0-100%  (2%)
					Lapse	0-35%  (7%)
					Withdrawal	0-5%  (3%)
					Own Credit	0-1%  (1%)
					Crediting Rate	2-4%  (3%)
Liabilities:
Interest sensitive contract liabilities- embedded derivatives- indexed annuities	838,670			Discounted cash flow	Mortality	0-100% (2%)
					Lapse	0-35% (7%)
					Withdrawal	0-5% (3%)
					Option budget projection	2-4% (3%)
Interest sensitive contract liabilities- embedded derivatives- variable annuities	30,055			Discounted cash flow	Mortality	0-100% (2%)
					Lapse	0-25% (6%)
					Withdrawal	0-7% (3%)
					Own Credit	0-1% (1%)
					Long-term volatility	0-27% (10%)

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Level Transfers [Table Text Block]

The following tables present the transfers between Level 1 and Level 2 during the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):

	Three months ended September 30,
	2014				2013
	Transfers from     Level 1 to Level 2		Transfers from     Level 2 to Level 1		Transfers from     Level 1 to Level 2		Transfers from     Level 2 to Level 1
Fixed maturity securities - available-for-sale:
Corporate securities	$	—	$	5,888	$	—	$	—
Total fixed maturity securities - available-for-sale	$	—	$	5,888	$	—	$	—
	Nine months ended September 30,
	2014				2013
	Transfers from     Level 1 to Level 2		Transfers from     Level 2 to Level 1		Transfers from     Level 1 to Level 2		Transfers from     Level 2 to Level 1
Fixed maturity securities - available-for-sale:
Corporate securities	$	—	$	15,946	$	—	$	14,012
Total fixed maturity securities - available-for-sale	$	—	$	15,946	$	—	$	14,012

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three and nine months ended September 30, 2014, as well as the portion of gains or losses included in income for the three and nine months ended September 30, 2014 attributable to unrealized gains or losses related to those assets and liabilities still held at September 30, 2014 (dollars in thousands):

For the three months ended September 30, 2014:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. Government and agencies securities			State and political subdivision securities
Fair value, beginning of period	$	1,287,940		$	185,547		$	556,160		$	97,914		$	32,994		$	45,767
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(1,332		)	(122		)	1,919			523			(134		)	9
Investment related gains (losses), net	(107		)	37			740			7			(63		)	(4		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(13,424		)	(462		)	(1,116		)	(2,248		)	(115		)	431
Purchases(1)	180,319			16,395			24,152			6,180			167			—
Sales(1)	(590		)	—			(2,053		)	—			—			—
Settlements(1)	(76,968		)	(16,104		)	(30,104		)	(1,315		)	(2,461		)	(66		)
Transfers into Level 3	3,327			2,211			—			—			—			—
Transfers out of Level 3	(2,161		)	—			(5,066		)	(5,542		)	—			(3,632		)
Fair value, end of period	$	1,377,004		$	187,502		$	544,632		$	95,519		$	30,388		$	42,505
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(1,335	)	$	(121	)	$	1,689		$	523		$	(134	)	$	9
Investment related gains (losses), net	—			—			—			—			—			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

For the three months ended September 30, 2014 (continued):	Fixed maturity securities available-for-sale
	Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivative			Other assets longevity swaps			Interest sensitive contract liabilities embedded derivatives			Other liabilities mortality swaps
Fair value, beginning of period	$	10,888		$	(20,194	)	$	—		$	(940,236	)	$	—
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			—			—			—			—
Investment related gains (losses), net	—			56,811			—			(47,479		)	—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			(35,651		)	—
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	(72		)	—			(92		)	—			—
Other revenues	—			—			4,499			—			(320		)
Purchases(1)	—			—			—			(11,912		)	—
Sales(1)	—			—			—			—			—
Settlements(1)	(304		)	—			—			17,351			—
Transfers into Level 3	—			—			—			—			—
Transfers out of Level 3	—			—			—			—			—
Fair value, end of period	$	10,512		$	36,617		$	4,407		$	(1,017,927	)	$	(320	)
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	—		$	—		$	—		$	—		$	—
Investment related gains (losses), net	—			56,811			—			(48,677		)	—
Other revenues	—			—			4,499			—			(320		)
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			(53,001		)	—
Policy acquisition costs and other insurance expenses	—			—			—			—			—

For the nine months ended September 30, 2014:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage- backed securities			Asset-backed securities			Commercial     mortgage- backed securities			U.S. Government and agencies securities			State and political subdivision securities
Fair value, beginning of period	$	1,345,289		$	153,505		$	471,848		$	101,785		$	40,919		$	43,776
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(3,718		)	(24		)	6,031			1,342			(416		)	31
Investment related gains (losses), net	(101		)	174			1,987			99			(313		)	(12		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(4,888		)	2,793			4,898			2,426			762			2,875
Purchases(1)	312,380			48,543			148,260			6,180			460			—
Sales(1)	(48,266		)	(744		)	(22,923		)	(14,626		)	—			—
Settlements(1)	(177,914		)	(28,676		)	(42,737		)	(1,858		)	(11,024		)	(532		)
Transfers into Level 3	10,257			13,675			11,614			5,712			—			—
Transfers out of Level 3	(56,035		)	(1,744		)	(34,346		)	(5,541		)	—			(3,633		)
Fair value, end of period	$	1,377,004		$	187,502		$	544,632		$	95,519		$	30,388		$	42,505
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(3,671	)	$	(28	)	$	3,694		$	1,398		$	(416	)	$	31
Investment related gains (losses), net	—			—			—			—			—			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

For the nine months ended September 30, 2014 (continued):	Fixed maturity securities available-for-sale
	Other foreign government, supranational and foreign government-sponsored enterprises			Funds withheld at interest- embedded derivative			Other invested assets- non-redeemable preferred stock			Other assets longevity swaps			Interest sensitive contract liabilities embedded derivatives			Other liabilities mortality swaps
Fair value, beginning of period	$	37,997		$	(176,270	)	$	4,962		$	—		$	(868,725	)	$	—
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	—			—			—			—			—			—
Investment related gains (losses), net	—			212,887			—			—			(76,323		)	—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			(86,775		)	—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(40		)	—			—			(92		)	—			—
Other revenues	—			—			—			4,499			—			(320		)
Purchases(1)	—			—			—			—			(41,321		)	—
Sales(1)	—			—			—			—			—			—
Settlements(1)	(903		)	—			—			—			55,217			—
Transfers into Level 3	—			—			—			—			—			—
Transfers out of Level 3	(26,542		)	—			(4,962		)	—			—			—
Fair value, end of period	$	10,512		$	36,617		$	—		$	4,407		$	(1,017,927	)	$	(320	)
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	—		$	—		$	—		$	—		$	—		$	—
Investment related gains (losses), net	—			212,887			—			—			(78,834		)	—
Other revenues	—			—			—			4,499			—			(320		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			(141,992		)	—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

(1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

The tables below provide a summary of the changes in fair value of Level 3 assets and liabilities for the three and nine months ended September 30, 2013, as well as the portion of gains or losses included in income for the three and nine months ended September 30, 2013 attributable to unrealized gains or losses related to those assets and liabilities still held at September 30, 2013 (dollars in thousands):

For the three months ended September 30, 2013:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage-backed securities			Asset-backed securities			Commercial mortgage-backed securities			U.S. Government and agencies securities
Fair value, beginning of period	$	1,592,005		$	140,054		$	352,606		$	180,982		$	—
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(2,254		)	24			2,314			466			—
Investment related gains (losses), net	(924		)	(419		)	53			(6,864		)	—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—
Included in other comprehensive income	587			122			370			8,998			(40		)
Purchases (1)	80,644			2,623			91,675			19,420			—
Sales(1)	(53,052		)	(1,116		)	(8,659		)	(81,253		)	—
Settlements(1)	(90,493		)	(8,017		)	(4,812		)	(233		)	—
Transfers into Level 3	2,760			—			—			3,425			3,462
Transfers out of Level 3	(8,977		)	—			(5,467		)	—			—
Fair value, end of period	$	1,520,296		$	133,271		$	428,080		$	124,941		$	3,422
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(2,096	)	$	24		$	2,314		$	301		$	—
Investment related gains (losses), net	—			—			—			(134		)	—
Claims & other policy benefits	—			—			—			—			—
Interest credited	—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—

	Fixed maturity securities - available-for-sale
For the three months ended September 30, 2013 (continued):	State and political subdivision securities			Other foreign government, supranational and foreign government-sponsored enterprises			Funds  withheld at interest- embedded derivatives			Other invested assets- non-redeemable preferred stock		Interest sensitive contract liabilities embedded derivatives
Fair value, beginning of period	$	41,275		$	26,830		$	(108,473	)	$	—	$	(878,568	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	9			(77		)	—			—		—
Investment related gains (losses), net	(4		)	—			(67,460		)	—		19,829
Claims & other policy benefits	—			—			—			—		—
Interest credited	—			—			—			—		28,378
Policy acquisition costs and other insurance expenses	—			—			—			—		—
Included in other comprehensive income	1,844			407			—			186		—
Purchases(1)	—			—			—			—		(16,082		)
Sales(1)	—			—			—			—		—
Settlements(1)	(62		)	—			—			—		20,544
Transfers into Level 3	979			—			—			4,639		—
Transfers out of Level 3	—			—			—			—		—
Fair value, end of period	$	44,041		$	27,160		$	(175,933	)	$	4,825	$	(825,899	)
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	9		$	(77	)	$	—		$	—	$	—
Investment related gains (losses), net	—			—			(67,460		)	—		19,326
Claims & other policy benefits	—			—			—			—		—
Interest credited	—			—			—			—		7,834
Policy acquisition costs and other insurance expenses	—			—			—			—		—

For the nine months ended September 30, 2013:	Fixed maturity securities - available-for-sale
	Corporate securities			Residential mortgage-backed securities			Asset-backed securities			Commercial mortgage-backed securities			U.S. Government and agencies securities			State and political subdivision securities
Fair value, beginning of period	$	1,668,563		$	93,931		$	232,391		$	167,006		$	4,538		$	43,212
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(6,594		)	18			4,719			1,548			—			27
Investment related gains (losses), net	(1,837		)	(394		)	(1,468		)	(16,726		)	—			(12		)
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—
Included in other comprehensive income	(36,123		)	(78		)	15,007			36,943			(40		)	204
Purchases (1)	256,006			54,543			220,098			19,420			—			—
Sales(1)	(109,123		)	(3,733		)	(24,951		)	(83,974		)	—			—
Settlements(1)	(236,392		)	(20,307		)	(16,248		)	(2,701		)	—			(369		)
Transfers into Level 3	10,906			14,631			8,305			3,425			3,462			979
Transfers out of Level 3	(25,110		)	(5,340		)	(9,773		)	—			(4,538		)	—
Fair value, end of period	$	1,520,296		$	133,271		$	428,080		$	124,941		$	3,422		$	44,041
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(6,313	)	$	17		$	4,711		$	1,382		$	—		$	27
Investment related gains (losses), net	(202		)	—			—			(10,243		)	—			—
Claims & other policy benefits	—			—			—			—			—			—
Interest credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	—			—			—			—			—			—

	Fixed maturity securities - available-for-sale
For the nine months ended September 30, 2013 (continued):	Other foreign government, supranational and foreign government-sponsored enterprises			Funds  withheld at interest- embedded derivatives			Short-term investments			Other invested assets- non-redeemable preferred stock		Interest sensitive contract liabilities embedded derivatives
Fair value, beginning of period	$	28,280		$	(243,177	)	$	22,031		$	—	$	(912,361	)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	(227		)	—			(3		)	—		—
Investment related gains (losses), net	—			67,244			—			—		106,952
Claims & other policy benefits	—			—			—			—		—
Interest credited	—			—			—			—		(32,637		)
Policy acquisition costs and other insurance expenses	—			—			—			—		—
Included in other comprehensive income	(893		)	—			(28		)	186		—
Purchases(1)	—			—			—			—		(44,707		)
Sales(1)	—			—			—			—		—
Settlements(1)	—			—			(22,000		)	—		56,854
Transfers into Level 3	—			—			—			4,639		—
Transfers out of Level 3	—			—			—			—		—
Fair value, end of period	$	27,160		$	(175,933	)	$	—		$	4,825	$	(825,899	)
Unrealized gains and losses recorded in earnings for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses	$	(227	)	$	—		$	(4	)	$	—	$	—
Investment related gains (losses), net	—			67,244			—			—		104,237
Claims & other policy benefits	—			—			—			—		—
Interest credited	—			—			—			—		(89,491		)
Policy acquisition costs and other insurance expenses	—			—			—			—		—

(1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods presented; that is, they are not measured at fair value on a recurring basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3).

	Carrying Value After Measurement				Net Investment Gains (Losses)
	At September 30,				Three months ended September 30,					Nine months ended September 30,
(dollars in thousands)	2014		2013		2014			2013		2014			2013
Mortgage loans(1)	$	9,580	$	13,575	$	2,206		$	47	$	550		$	139
Limited partnership interests(2)	19,282		9,161		(2,134		)	—		(6,305		)	(2,429		)
Real estate investments(3)	—		4,136		—			—		—			(600		)

(1) Mortgage loans — The impaired mortgage loans presented above were written down to their estimated fair values at the date the impairments were recognized and are reported as losses above. Subsequent improvements in estimated fair value on previously impaired loans recorded through a reduction in the previously established valuation allowance are reported as gains above. Nonrecurring fair value adjustments on mortgage loans are based on the fair value of underlying collateral or discounted cash flows.

(2) Limited partnership interests — The impaired limited partnership interests presented above were accounted for using the cost method. Impairments on these cost method investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency.

(3) Real estate investments — The impaired real estate investments presented above were written down to their estimated fair value at the date of impairment and are reported as losses above. The impairments were based on third-party appraisal values obtained and reviewed by the Company.

Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block]

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, at September 30, 2014 and December 31, 2013 (dollars in thousands):

September 30, 2014:	Carrying Value		Estimated  Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3
Assets:
Mortgage loans on real estate	$	2,617,091	$	2,711,031	$	—	$	—	$	2,711,031
Policy loans	1,249,948		1,249,948		—		1,249,948		—
Funds withheld at interest(1)	5,930,102		6,389,736		—		—		6,389,736
Cash and cash equivalents(2)	693,109		693,109		693,109		—		—
Short-term investments(2)	28,218		28,218		28,218		—		—
Other invested assets(2)	448,619		496,795		4,879		35,446		456,470
Accrued investment income	305,880		305,880		—		305,880		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	9,747,141	$	9,839,726	$	—	$	—	$	9,839,726
Long-term debt	2,314,693		2,529,192		—		—		2,529,192
Collateral finance facility	482,115		379,822		—		—		379,822
December 31, 2013:	Carrying Value		Estimated Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3
Assets:
Mortgage loans on real estate	$	2,486,680	$	2,489,721	$	—	$	—	$	2,489,721
Policy loans	1,244,469		1,244,469		—		1,244,469		—
Funds withheld at interest(1)	5,948,374		6,207,342		—		—		6,207,342
Cash and cash equivalents(2)	552,302		552,302		552,302		—		—
Short-term investments(2)	27,823		27,823		27,823		—		—
Other invested assets(2)	491,545		534,442		5,070		33,886		495,486
Accrued investment income	267,908		267,908		—		267,908		—
Liabilities:
Interest-sensitive contract liabilities(1)	$	10,228,120	$	9,989,514	$	—	$	—	$	9,989,514
Long-term debt	2,214,350		2,333,023		—		—		2,333,023
Collateral finance facility	484,752		374,984		—		—		374,984

(1) Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are embedded derivatives and are measured at fair value on a recurring basis.

(2) Carrying values presented herein differ from those presented in the condensed consolidated balance sheets because certain items within the respective financial statement caption are measured at fair value on a recurring basis.