2.4.0.8001125 - Disclosure - Noncontrolling intereststruefalsefalse1false falsefalseFROM_Jan01_2013_TO_Jun30_2013http://www.sec.gov/CIK0000911421duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_NoncontrollingInterestAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Noncontrolling Interest [Abstract]2false 2us-gaap_MinorityInterestDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse007. Noncontrolling Interests During March 2013, the Company formed Lorenz Re Ltd. (Lorenz Re), a Bermuda domiciled special purpose insurer to provide additional capacity to the Company for a diversified portfolio of catastrophe reinsurance treaties over a multi-year period on a fully collateralized reinsurance basis. The original business was written by the Company and was ceded to Lorenz Re effective April 1, 2013. In conjunction with the formation of Lorenz Re, the Company and third party investors each contributed 50% of Lorenz Re's non-voting redeemable preferred share capital of approximately $75 million. On May 1, 2013, the Company sold $10.5 million of its original investment in Lorenz Re to third party investors. The Company did not record any gain or loss on the sale of this investment. Lorenz Re's preferred shares are expected to be redeemed following the commutation of the portfolio back to the Company on or before June 1, 2016. Lorenz Re is considered to be a variable interest entity. The Company has concluded that it is the primary beneficiary, as it has the power to direct, and has more than an insignificant economic interest in, the activities of Lorenz Re. Accordingly, Lorenz Re is consolidated by the Company and all inter-company balances and transactions are eliminated. Net income and shareholders' equity attributable to Lorenz Re's third party investors are recorded in the Condensed Consolidated Financial Statements as noncontrolling interests. At June 30, 2013, the total assets of Lorenz Re were $96.4 million, primarily consisting of cash and investments, and the total liabilities were $21.1 million, primarily consisting of unearned premiums. The assets of Lorenz Re can only be used to settle the liabilities of Lorenz Re and there is no recourse to the Company for any liabilities of Lorenz Re.The reconciliation of the beginning and ending balance of the noncontrolling interests in Lorenz Re for the six months ended June 30, 2013 is as follows (in thousands of U.S. dollars):<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 8px"><td style="width: 592px; text-align:left;border-color:#000000;min-width:592px;"> </td><td colspan="3" style="width: 102px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:102px;">2013</td><td style="width: 6px; text-align:center;border-color:#000000;min-width:6px;"> </td></tr><tr style="height: 16px"><td style="width: 592px; text-align:left;border-color:#000000;min-width:592px;">Balance at January 1 </td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:90px;">0</td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td></tr><tr style="height: 16px"><td style="width: 592px; text-align:left;border-color:#000000;min-width:592px;">Net income attributable to noncontrolling interests</td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 90px; text-align:right;border-color:#000000;min-width:90px;">1,183</td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td></tr><tr style="height: 16px"><td style="width: 592px; text-align:left;border-color:#000000;min-width:592px;">Sale of shares to noncontrolling interests</td><td style="width: 6px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 90px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:90px;">47,136</td><td style="width: 6px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td></tr><tr style="height: 16px"><td style="width: 592px; text-align:left;border-color:#000000;min-width:592px;">Balance at June 30</td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 90px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:90px;">48,319</td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td></tr></table></div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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