Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:

At June 30, 2016	Total			Quoted Prices in Active Markets for Identical  Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Fixed maturity investments
U.S. treasuries	$	2,660,051		$	2,660,051	$	—		$	—
Agencies	126,549			—		126,549			—
Municipal	561,456			—		561,456			—
Non-U.S. government (Sovereign debt)	313,699			—		313,699			—
Non-U.S. government-backed corporate	157,606			—		157,606			—
Corporate	1,840,407			—		1,840,407			—
Agency mortgage-backed	513,666			—		513,666			—
Non-agency mortgage-backed	258,507			—		258,507			—
Commercial mortgage-backed	503,475			—		503,475			—
Asset-backed	150,147			—		150,147			—
Total fixed maturity investments	7,085,563			2,660,051		4,425,512			—
Short term investments	1,000,206			—		1,000,206			—
Equity investments trading	301,298			301,298		—			—
Other investments
Catastrophe bonds	275,553			—		275,553			—
Private equity partnerships (1)	190,316			—		—			190,316
Senior secured bank loan fund (1)	22,212			—		—			22,212
Hedge funds (1)	1,621			—		—			1,621
Total other investments	489,702			—		275,553			214,149
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (2)	(2,680		)	—		—			(2,680		)
Derivatives (3)	2,368			1,084		1,284			—
Other	(4,541		)	—		(4,541		)	—
Total other assets and (liabilities)	(4,853		)	1,084		(3,257		)	(2,680		)
	$	8,871,916		$	2,962,433	$	5,698,014		$	211,469

(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2) Included in assumed and ceded (re)insurance contracts at June 30, 2016 was $1.0 million and $3.7 million of other assets and other liabilities, respectively.

(3) See “Note 11. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company.

At December 31, 2015	Total			Quoted Prices in Active Markets for Identical  Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Fixed maturity investments
U.S. treasuries	$	2,064,944		$	2,064,944		$	—		$	—
Agencies	137,976			—			137,976			—
Municipal	583,282			—			583,282			—
Non-U.S. government (Sovereign debt)	334,981			—			334,981			—
Non-U.S. government-backed corporate	138,994			—			138,994			—
Corporate	2,055,323			—			2,047,705			7,618
Agency mortgage-backed	504,518			—			504,518			—
Non-agency mortgage-backed	270,763			—			270,763			—
Commercial mortgage-backed	561,496			—			561,496			—
Asset-backed	130,541			—			130,541			—
Total fixed maturity investments	6,782,818			2,064,944			4,710,256			7,618
Short term investments	1,208,401			—			1,208,401			—
Equity investments trading	393,877			393,877			—			—
Other investments
Catastrophe bonds	241,253			—			241,253			—
Private equity partnerships (1)	214,848			—			—			—
Senior secured bank loan fund (1)	23,231			—			—			—
Hedge funds (1)	2,289			—			—			—
Total other investments	481,621			—			241,253			—
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (2)	(5,899		)	—			—			(5,899		)
Derivatives (3)	1,486			(1,234		)	2,720			—
Other	(12,320		)	—			(12,320		)	—
Total other assets and (liabilities)	(16,733		)	(1,234		)	(9,600		)	(5,899		)
	$	8,849,984		$	2,457,587		$	6,150,310		$	1,719

(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2) Included in assumed and ceded (re)insurance contracts at December 31, 2015 was $3.5 million and $9.4 million of other assets and other liabilities, respectively.

(3) See “Note 11. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company.

Schedule Of Quantitative Information Used As Level 3 Inputs

Below is a summary of quantitative information regarding the significant observable and unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:

At June 30, 2016	Fair Value (Level 3)			Valuation Technique	Unobservable (U) and Observable (O) Inputs	Low		High		Weighted Average or Actual
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts	(1,302		)	Internal valuation model	Bond price (U)	$	97.61	$	100.02	$	99.02
					Liquidity discount (U)	n/a		n/a		1.3		%
Assumed and ceded (re)insurance contracts	(1,378		)	Internal valuation model	Net undiscounted cash flows (U)	n/a		n/a		$	(10,753	)
					Expected loss ratio (U)	n/a		n/a		0.1		%
					Net acquisition expense ratio (O)	n/a		n/a		23.0		%
					Contract period (O)	0.5 years		3.0 years		2.2 years
					Discount rate (U)	n/a		n/a		0.7		%
Total assumed and ceded (re)insurance contracts	(2,680		)
Total other assets and (liabilities)	(2,680		)
	$	(2,680	)

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Level 3 Inputs

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs. Interest and dividend income are included in net investment income and are excluded from the reconciliation.

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed maturity investments trading			Other assets and (liabilities)			Total
Balance - April 1, 2016	$	7,500		$	(4,724	)	$	2,776
Total realized gains
Included in other income	—			2,092			2,092
Purchases	—			(48		)	(48		)
Settlements	(7,500		)	—			(7,500		)
Balance - June 30, 2016	$	—		$	(2,680	)	$	(2,680	)
	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed maturity investments trading			Other assets and (liabilities)			Total
Balance - January 1, 2016	$	7,618		$	(5,899	)	$	1,719
Total unrealized losses
Included in net investment income	(118		)	—			(118		)
Total realized gains
Included in other income	—			3,792			3,792
Purchases	—			(573		)	(573		)
Settlements	(7,500		)	—			(7,500		)
Balance - June 30, 2016	$	—		$	(2,680	)	$	(2,680	)
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income	$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed maturity investments trading			Other assets  and (liabilities)			Total
Balance - April 1, 2015	$	15,474		$	72,969		$	88,443
Total unrealized (losses) gains
Included in net investment income	(314		)	16			(298		)
Included in other income	—			(348		)	(348		)
Total realized gains
Included in other income	—			1,512			1,512
Total foreign exchange losses	—			(6		)	(6		)
Purchases	—			1,544			1,544
Settlements	(7,500		)	—			(7,500		)
Balance - June 30, 2015	$	7,660		$	75,687		$	83,347
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income	$	(132	)	$	16		$	(116	)
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income	$	—		$	(348	)	$	(348	)
	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed maturity investments trading			Other assets  and (liabilities)			Total
Balance - January 1, 2015	$	15,660		$	(8,934	)	$	6,726
Total unrealized (losses) gains
Included in net investment income	(500		)	176			(324		)
Included in other income	—			(348		)	(348		)
Total realized gains
Included in other income	—			2,828			2,828
Purchases	—			81,965			81,965
Settlements	(7,500		)	—			(7,500		)
Balance - June 30, 2015	$	7,660		$	75,687		$	83,347
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income	$	(318	)	$	176		$	(142	)
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income	$	—		$	(348	)	$	(348	)

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Level 3 Inputs

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs. Interest and dividend income are included in net investment income and are excluded from the reconciliation.

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed maturity investments trading			Other assets and (liabilities)			Total
Balance - April 1, 2016	$	7,500		$	(4,724	)	$	2,776
Total realized gains
Included in other income	—			2,092			2,092
Purchases	—			(48		)	(48		)
Settlements	(7,500		)	—			(7,500		)
Balance - June 30, 2016	$	—		$	(2,680	)	$	(2,680	)
	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed maturity investments trading			Other assets and (liabilities)			Total
Balance - January 1, 2016	$	7,618		$	(5,899	)	$	1,719
Total unrealized losses
Included in net investment income	(118		)	—			(118		)
Total realized gains
Included in other income	—			3,792			3,792
Purchases	—			(573		)	(573		)
Settlements	(7,500		)	—			(7,500		)
Balance - June 30, 2016	$	—		$	(2,680	)	$	(2,680	)
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income	$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed maturity investments trading			Other assets  and (liabilities)			Total
Balance - April 1, 2015	$	15,474		$	72,969		$	88,443
Total unrealized (losses) gains
Included in net investment income	(314		)	16			(298		)
Included in other income	—			(348		)	(348		)
Total realized gains
Included in other income	—			1,512			1,512
Total foreign exchange losses	—			(6		)	(6		)
Purchases	—			1,544			1,544
Settlements	(7,500		)	—			(7,500		)
Balance - June 30, 2015	$	7,660		$	75,687		$	83,347
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income	$	(132	)	$	16		$	(116	)
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income	$	—		$	(348	)	$	(348	)
	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed maturity investments trading			Other assets  and (liabilities)			Total
Balance - January 1, 2015	$	15,660		$	(8,934	)	$	6,726
Total unrealized (losses) gains
Included in net investment income	(500		)	176			(324		)
Included in other income	—			(348		)	(348		)
Total realized gains
Included in other income	—			2,828			2,828
Purchases	—			81,965			81,965
Settlements	(7,500		)	—			(7,500		)
Balance - June 30, 2015	$	7,660		$	75,687		$	83,347
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income	$	(318	)	$	176		$	(142	)
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income	$	—		$	(348	)	$	(348	)

Schedule Of The Balances The Company Has Elected To Account For At Fair Value

Below is a summary of the balances the Company has elected to account for at fair value:

	June 30, 2016		December 31, 2015
Other investments	$	489,702	$	481,621
Other assets	$	980	$	3,463
Other liabilities	$	3,660	$	9,362

Schedule Of Other Investments Measured Using Net Asset Valuations

The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient:

At June 30, 2016	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period (Minimum Days)	Redemption Notice Period (Maximum Days)
Private equity partnerships	$	190,316	$	238,916	See below	See below	See below
Senior secured bank loan fund	22,212		2,330		See below	See below	See below
Hedge funds	1,621		—		See below	See below	See below
Total other investments measured using net asset valuations	$	214,149	$	241,246