Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 13, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Allied World Assurance Co Holdings, AG | ' |
Entity Central Index Key | '0001163348 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 96,409,738 |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Fixed maturity investments trading, at fair value (amortized cost: 2014: $6,074,752; 2013: $6,065,350) | $6,128,237 | $6,100,798 |
Equity securities trading, at fair value (cost: 2014: $901,300; 2013: $647,301) | 945,076 | 699,846 |
Other invested assets | 929,201 | 911,392 |
Total investments | 8,002,514 | 7,712,036 |
Cash and cash equivalents | 831,270 | 531,936 |
Restricted cash | 178,958 | 149,393 |
Insurance balances receivable | 926,183 | 664,731 |
Funds held | 405,703 | 632,430 |
Prepaid reinsurance | 376,651 | 340,992 |
Reinsurance recoverable | 1,349,009 | 1,234,504 |
Accrued investment income | 30,554 | 32,236 |
Net deferred acquisition costs | 171,827 | 126,661 |
Goodwill | 278,085 | 268,376 |
Intangible assets | 46,931 | 48,831 |
Balances receivable on sale of investments | 60,122 | 76,544 |
Net deferred tax assets | 41,312 | 37,469 |
Other assets | 110,449 | 89,691 |
Total assets | 12,809,568 | 11,945,830 |
LIABILITIES: | ' | ' |
Reserve for losses and loss expenses | 6,052,263 | 5,766,529 |
Unearned premiums | 1,716,927 | 1,396,256 |
Reinsurance balances payable | 203,428 | 173,023 |
Balances due on purchases of investments | 166,026 | 104,740 |
Senior notes | 798,725 | 798,499 |
Dividends payable | 21,686 | 16,732 |
Accounts payable and accrued liabilities | 176,914 | 170,225 |
Total liabilities | 9,135,969 | 8,426,004 |
Commitments and contingencies | ' | ' |
SHAREHOLDERS’ EQUITY: | ' | ' |
Common shares: 2014: par value CHF 4.10 per share and 2013: par value CHF 4.10 per share (2014: 100,775,256; 2013: 103,477,452 shares issued and 2014: 96,382,238; 2013: 100,253,646 shares outstanding) | 407,990 | 418,988 |
Treasury shares, at cost (2014: 4,393,018; 2013: 3,223,806) | -134,633 | -79,992 |
Retained earnings | 3,400,242 | 3,180,830 |
Total shareholders’ equity | 3,673,599 | 3,519,826 |
Total liabilities and shareholders’ equity | $12,809,568 | $11,945,830 |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Balance Sheets (Parenthetical)(USD ($)) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Fixed maturity investments trading, amortized cost | $6,074,752 | $6,065,350 |
Equity securities trading - cost | $901,300 | $647,301 |
Common stock, shares issued | 100,775,256 | 103,477,452 |
Common stock, shares outstanding | 96,382,238 | 100,253,646 |
Treasury stock (shares) | 4,393,018 | 3,223,806 |
Unaudited_Condensed_Consolidat2
Unaudited Condensed Consolidated Statements Of Operations And Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
REVENUES: | ' | ' | ' | ' |
Gross premiums written | $707,884 | $580,893 | $2,369,682 | $2,183,174 |
Premiums ceded | -139,142 | -127,816 | -475,402 | -453,823 |
Net premiums written | 568,742 | 453,077 | 1,894,280 | 1,729,351 |
Change in unearned premiums | -27,005 | 57,696 | -285,011 | -248,079 |
Net premiums earned | 541,737 | 510,773 | 1,609,269 | 1,481,272 |
Net investment income | 43,412 | 39,271 | 127,824 | 110,294 |
Net realized investment (losses) gains | -35,136 | 27,487 | 104,286 | -8,074 |
Other income | 1,032 | 0 | 1,032 | 0 |
Total revenues | 551,045 | 577,531 | 1,842,411 | 1,583,492 |
EXPENSES: | ' | ' | ' | ' |
Net losses and loss expenses | 336,090 | 276,970 | 926,231 | 807,276 |
Acquisition costs | 72,403 | 65,114 | 214,404 | 186,416 |
General and administrative expenses | 88,294 | 88,553 | 264,822 | 251,818 |
Other expense | 6,575 | 0 | 6,575 | 0 |
Amortization of intangible assets | 633 | 633 | 1,900 | 1,900 |
Interest expense | 14,325 | 14,094 | 43,451 | 42,416 |
Foreign exchange loss | 278 | 4,353 | 978 | 7,361 |
Total expenses | 518,598 | 449,717 | 1,458,361 | 1,297,187 |
Income before income taxes | 32,447 | 127,814 | 384,050 | 286,305 |
Income tax expense | 1,532 | 4,971 | 24,300 | 6,332 |
NET INCOME | 30,915 | 122,843 | 359,750 | 279,973 |
Other comprehensive income | 0 | 0 | 0 | 0 |
COMPREHENSIVE INCOME | $30,915 | $122,843 | $359,750 | $279,973 |
PER SHARE DATA | ' | ' | ' | ' |
Basic earnings per share | $0.32 | $1.20 | $3.67 | $2.72 |
Diluted earnings per share | $0.31 | $1.18 | $3.60 | $2.66 |
Weighted average common shares outstanding | 96,458,231 | 101,974,077 | 97,926,378 | 103,020,681 |
Weighted average common shares and common share equivalents outstanding | 98,444,238 | 104,184,579 | 99,965,296 | 105,393,276 |
Dividends paid per share | $0.23 | $0.17 | $0.56 | $0.29 |
Unaudited_Condensed_Consolidat3
Unaudited Condensed Consolidated Statements Of Shareholders' Equity (USD $) | Total | Common shares | Treasury shares | Retained earnings |
In Thousands | ||||
Balance, at beginning of period at Dec. 31, 2012 | $3,326,335 | $454,980 | ($113,818) | $2,985,173 |
Net income | 279,973 | ' | ' | 279,973 |
Dividends — par value reduction | -12,981 | -12,981 | ' | ' |
Dividends | -34,069 | ' | ' | -34,069 |
Stock compensation | 7,815 | ' | 26,093 | -18,278 |
Share repurchases | -123,145 | ' | -123,145 | ' |
Shares cancelled | 0 | -17,162 | 125,025 | -107,863 |
Balance, at end of period at Sep. 30, 2013 | 3,443,928 | 424,837 | -85,845 | 3,104,936 |
Balance, at beginning of period at Dec. 31, 2013 | 3,519,826 | 418,988 | -79,992 | 3,180,830 |
Net income | 359,750 | ' | ' | 359,750 |
Dividends | -60,017 | ' | ' | -60,017 |
Stock compensation | 18,568 | ' | 17,235 | 1,333 |
Share repurchases | -164,528 | ' | -164,528 | ' |
Shares cancelled | 0 | -10,998 | 92,652 | -81,654 |
Balance, at end of period at Sep. 30, 2014 | $3,673,599 | $407,990 | ($134,633) | $3,400,242 |
Unaudited_Condensed_Consolidat4
Unaudited Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES: | ' | ' |
Net income | $359,750 | $279,973 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Net realized gains on sales of investments | -118,640 | -76,104 |
Mark to market adjustments | -5,634 | 80,136 |
Stock compensation expense | 10,822 | 9,282 |
Undistributed loss (income) of equity method investments | 10,452 | -4,313 |
Changes in: | ' | ' |
Reserve for losses and loss expenses, net of reinsurance recoverables | 171,229 | 50,308 |
Unearned premiums, net of prepaid reinsurance | 285,012 | 248,079 |
Insurance balances receivable | -260,627 | -229,580 |
Funds held | 226,727 | -38,763 |
Reinsurance balances payable | 30,405 | 57,379 |
Net deferred acquisition costs | -45,166 | -37,941 |
Net deferred tax assets | -3,511 | -16,252 |
Accounts payable and accrued liabilities | 4,473 | -18,540 |
Other items, net | 4,441 | 34,508 |
Net cash provided by operating activities | 669,733 | 338,172 |
CASH FLOWS (USED IN) PROVIDED BY INVESTING ACTIVITIES: | ' | ' |
Purchases of trading securities | -5,608,594 | -4,955,817 |
Purchases of other invested assets | -242,227 | -211,501 |
Sales of trading securities | 5,500,176 | 5,137,280 |
Sales of other invested assets | 243,123 | 189,155 |
Purchases of fixed assets | -14,490 | -4,171 |
Change in restricted cash | -29,565 | -74,032 |
Net cash paid for acquisitions | -2,565 | 0 |
Net cash (used in) provided by investing activities | -154,142 | 80,914 |
CASH FLOWS USED IN FINANCING ACTIVITIES: | ' | ' |
Dividends paid - partial par value reduction | 0 | -12,981 |
Dividends paid | -55,064 | -17,117 |
Proceeds from the exercise of stock options | 7,640 | 8,465 |
Share repurchases | -166,207 | -120,163 |
Net cash used in financing activities | -213,631 | -141,796 |
Effect of exchange rate changes on foreign currency cash | -2,626 | -6,122 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 299,334 | 271,168 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 531,936 | 681,879 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 831,270 | 953,047 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for income taxes | 18,052 | 17,249 |
Cash paid for interest expense | $45,750 | $45,750 |
General
General | 9 Months Ended |
Sep. 30, 2014 | |
General [Abstract] | ' |
General | ' |
GENERAL | |
Allied World Assurance Company Holdings, AG, a Swiss holding company (“Allied World Switzerland”), through its wholly-owned subsidiaries (collectively, the “Company”), provides property and casualty insurance and reinsurance on a worldwide basis. References to $ are to the lawful currency of the United States and to CHF are to the lawful currency of Switzerland. | |
The Company has reached definitive agreements to acquire the Hong Kong and Singapore operations of Royal & Sun Alliance Insurance plc for approximately $211,000, at current exchange rates, subject to adjustments at closing. In addition to the purchase price, the Company expects to contribute an additional $90,000 to capitalize the business on an ongoing basis. Subject to regulatory approvals in both Hong Kong and Singapore, as well as court approval in Singapore, the acquisition is expected to be completed in the first half of 2015. |
Basis_of_Preparation_and_Conso
Basis of Preparation and Consolidation | 9 Months Ended | |
Sep. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Preparation and Consolidation | ' | |
BASIS OF PREPARATION AND CONSOLIDATION | ||
These unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments that are normal and recurring in nature and necessary for a fair presentation of financial position and results of operations as of the end of and for the periods presented. The results of operations for any interim period are not necessarily indicative of the results for a full year. | ||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates reflected in the Company’s financial statements, include, but are not limited to: | ||
• | The premium estimates for certain reinsurance agreements, | |
• | Recoverability of deferred acquisition costs, | |
• | The reserve for outstanding losses and loss expenses, | |
• | Valuation of ceded reinsurance recoverables, | |
• | Determination of impairment of goodwill and other intangible assets, and | |
• | Valuation of financial instruments. | |
Intercompany accounts and transactions have been eliminated on consolidation and all entities meeting consolidation requirements have been included in the unaudited condensed consolidated financial statements. | ||
On May 1, 2014, the shareholders approved a 3-for-1 stock split of the Company's common shares. All historical share and per share amounts reflect the effect of the stock split. | ||
These unaudited condensed consolidated financial statements, including these notes, should be read in conjunction with the Company’s audited consolidated financial statements, and related notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
NEW ACCOUNTING PRONOUNCEMENTS | |
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). ASU 2014-08 changes the requirements for reporting discontinued operations, such that a disposal of a component of the Company's operations is required to be reported as discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the Company's operations and financial results. Examples of strategic shifts that could have a major effect on the Company's operations could include a disposal of a major geographical area, a major line of business, a major equity method investment, or other major parts of the Company. ASU 2014-08 is effective for all disposals that occur after January 1, 2015. The Company does not believe the adoption of ASU 2014-08 will have a material impact on future financial statements and related disclosures. | |
In May 2014, the FASB issued Accounting Standards Update 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 provides a framework, through a five-step process, for recognizing revenue from customers, improves comparability and consistency of recognizing revenue across entities, industries, jurisdictions and capital markets, and requires enhanced disclosures. Certain contracts with customers are specifically excluded from the scope of ASU 2014-09, including; amongst others, insurance contracts accounted for under Accounting Standard Codification 944, Financial Services - Insurance. ASU 2014-09 is effective on January 1, 2017 with retrospective adoption required for the comparative periods. The Company is currently assessing the impact the adoption of ASU 2014-09 will have on future financial statements and related disclosures. | |
In August 2014, the FASB issued Accounting Standards Update 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"). Currently, there is no guidance under U.S. GAAP regarding management's responsibility to assess whether there is substantial doubt about an entity's ability to continue as a going concern. Under ASU 2014-15, the Company will be required to assess its ability to continue as a going concern each interim and annual reporting period and provide certain disclosures if there is substantial doubt about the entity's ability to continue as a going concern, including management's plan to alleviate the substantial doubt. ASU 2014-15 is effective on January 1, 2017 and early adoption is permitted. The Company is currently assessing the impact the adoption of ASU 2014-15 will have on future financial statements and related disclosures. |
Investments
Investments | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||
Investments | ' | |||||||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||
a) Trading Securities | ||||||||||||||||||||||
Securities accounted for at fair value with changes in fair value recognized in the unaudited condensed consolidated statements of operations and comprehensive income (“consolidated income statements”) by category are as follows: | ||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||
Fair Value | Amortized Cost | Fair Value | Amortized Cost | |||||||||||||||||||
U.S. Government and Government agencies | $ | 1,184,115 | $ | 1,186,185 | $ | 1,676,788 | $ | 1,684,832 | ||||||||||||||
Non-U.S. Government and Government agencies | 219,287 | 229,792 | 191,776 | 197,082 | ||||||||||||||||||
States, municipalities and political subdivisions | 260,690 | 251,628 | 231,555 | 234,406 | ||||||||||||||||||
Corporate debt: | ||||||||||||||||||||||
Financial institutions | 1,194,949 | 1,185,637 | 958,794 | 943,518 | ||||||||||||||||||
Industrials | 1,202,906 | 1,201,341 | 1,174,047 | 1,165,448 | ||||||||||||||||||
Utilities | 125,513 | 125,202 | 69,426 | 69,658 | ||||||||||||||||||
Mortgage-backed | 1,240,362 | 1,196,683 | 1,292,502 | 1,267,863 | ||||||||||||||||||
Asset-backed | 700,415 | 698,284 | 505,910 | 502,543 | ||||||||||||||||||
Total fixed maturity investments | $ | 6,128,237 | $ | 6,074,752 | $ | 6,100,798 | $ | 6,065,350 | ||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||
Fair Value | Original Cost | Fair Value | Original Cost | |||||||||||||||||||
Equity securities | $ | 945,076 | $ | 901,300 | $ | 699,846 | $ | 647,301 | ||||||||||||||
Other invested assets | 806,124 | 701,794 | 764,081 | 658,683 | ||||||||||||||||||
$ | 1,751,200 | $ | 1,603,094 | $ | 1,463,927 | $ | 1,305,984 | |||||||||||||||
Other invested assets, included in the table above, include investments in private equity funds, hedge funds and a high yield loan fund that are accounted for at fair value, but excludes other private securities described below in Note 4(b) that are accounted for using the equity method of accounting. | ||||||||||||||||||||||
b) Other Invested Assets | ||||||||||||||||||||||
Details regarding the carrying value, redemption characteristics and unfunded investment commitments of the other invested assets portfolio as of September 30, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||
Investment Type | Carrying Value as of September 30, 2014 | Investments | Estimated | Investments | Redemption | Redemption | Unfunded | |||||||||||||||
with | Remaining | without | Frequency(1) | Notice | Commitments | |||||||||||||||||
Redemption | Restriction | Redemption | Period(1) | |||||||||||||||||||
Restrictions | Period | Restrictions | ||||||||||||||||||||
Private equity | $ | 179,196 | $ | 179,196 | 2 - 9 Years | $ | — | $ | 223,030 | |||||||||||||
Mezzanine debt | 114,399 | 114,399 | 5 - 9 Years | — | 251,486 | |||||||||||||||||
Distressed | 9,516 | 9,516 | 4 Years | — | 5,119 | |||||||||||||||||
Total private equity | 303,111 | 303,111 | — | 479,635 | ||||||||||||||||||
Distressed | 173,111 | 173,111 | 1 Year | — | — | |||||||||||||||||
Equity long/short | 111,627 | 86,721 | 1 Year | 24,906 | Quarterly | 30 -60 Days | — | |||||||||||||||
Multi-strategy | 81,576 | — | 81,576 | Quarterly | 45 -90 Days | — | ||||||||||||||||
Relative value credit | 105,155 | — | 105,155 | Quarterly | 60 Days | — | ||||||||||||||||
Total hedge funds | 471,469 | 259,832 | 211,637 | — | ||||||||||||||||||
High yield loan fund | 31,544 | — | 31,544 | Monthly | 30 days | — | ||||||||||||||||
Total other invested assets at fair value | 806,124 | 562,943 | 243,181 | 479,635 | ||||||||||||||||||
Other private securities | 123,077 | — | 123,077 | — | ||||||||||||||||||
Total other invested assets | $ | 929,201 | $ | 562,943 | $ | 366,258 | $ | 479,635 | ||||||||||||||
Investment Type | Carrying Value as of December 31, 2013 | Investments | Estimated | Investments | Redemption | Redemption | Unfunded | |||||||||||||||
with | Remaining | without | Frequency(1) | Notice | Commitments | |||||||||||||||||
Redemption | Restriction | Redemption | Period(1) | |||||||||||||||||||
Restrictions | Period | Restrictions | ||||||||||||||||||||
Private equity | $ | 144,422 | $ | 144,422 | 2 - 9 Years | $ | — | $ | 263,519 | |||||||||||||
Mezzanine debt | 64,627 | 64,627 | 8 - 9 Years | — | 198,756 | |||||||||||||||||
Distressed | 7,776 | 7,776 | 4 Years | — | 5,249 | |||||||||||||||||
Total private equity | 216,825 | 216,825 | — | 467,524 | ||||||||||||||||||
Distressed | 151,227 | 151,227 | 1 - 2 Years | — | — | |||||||||||||||||
Equity long/short | 99,365 | — | 99,365 | Quarterly | 30 -60 Days | — | ||||||||||||||||
Multi-strategy | 136,958 | — | 136,958 | Quarterly | 45 -90 Days | — | ||||||||||||||||
Event driven | 14,018 | — | 14,018 | Annual | 60 Days | — | ||||||||||||||||
Relative value credit | 113,730 | — | 113,730 | Quarterly | 60 Days | — | ||||||||||||||||
Total hedge funds | 515,298 | 151,227 | 364,071 | — | ||||||||||||||||||
High yield loan fund | 31,958 | — | 31,958 | Monthly | 30 days | — | ||||||||||||||||
Total other invested assets at fair value | 764,081 | 368,052 | 396,029 | 467,524 | ||||||||||||||||||
Other private securities | 147,311 | — | 147,311 | — | ||||||||||||||||||
Total other invested assets | $ | 911,392 | $ | 368,052 | $ | 543,340 | $ | 467,524 | ||||||||||||||
_______________________ | ||||||||||||||||||||||
-1 | The redemption frequency and notice periods only apply to the investments without redemption restrictions. Some or all of these investments may be subject to a gate as described below. | |||||||||||||||||||||
In general, the Company has invested in hedge funds that require at least 30 days’ notice of redemption and may be redeemed on a monthly, quarterly, semi-annual, annual or longer basis, depending on the fund. Certain hedge funds have lock-up periods ranging from one to three years from initial investment. A lock-up period refers to the initial amount of time an investor is contractually required to invest before having the ability to redeem. Funds that provide for periodic redemptions may, depending on the funds’ governing documents, have the ability to deny or delay a redemption request, called a “gate.” The fund may implement this restriction because the aggregate amount of redemption requests as of a particular date exceeds a specified level, generally ranging from 15% to 25% of the fund’s net assets. The gate is a method for executing an orderly redemption process to reduce the possibility of adversely affecting investors in the fund. Typically, the imposition of a gate delays a portion of the requested redemption, with the remaining portion settled in cash sometime after the redemption date. Certain funds may impose a redemption fee on early redemptions. Interests in private equity funds cannot be redeemed because the investments include restrictions that do not allow for redemption until termination of the fund. | ||||||||||||||||||||||
The following describes each investment type: | ||||||||||||||||||||||
• | Private equity funds: Primary funds may invest in companies and general partnership interests. Secondary funds buy limited partnership interests from existing limited partners of primary private equity funds. As owners of private equity funds seek liquidity, they can sell their existing investments, plus any remaining commitment, to secondary market participants. These funds cannot be redeemed because the investments include restrictions that do not allow for redemption until termination of the fund. | |||||||||||||||||||||
• | Mezzanine debt funds: Mezzanine debt funds primarily focus on providing capital to upper middle market and middle market companies and private equity sponsors, in connection with leveraged buyouts, mergers and acquisitions, recapitalizations, growth financings and other corporate transactions. The most common position in the capital structure will be between the senior secured debt holder and the equity; however, the funds will utilize a flexible approach when structuring investments, which may include secured debt, subordinated debt, preferred stock and/or private equity. These funds cannot be redeemed because the investments include restrictions that do not allow for redemption until termination of the fund. | |||||||||||||||||||||
• | Distressed funds: In distressed debt investing, managers take positions in the debt of companies experiencing significant financial difficulties, including bankruptcy, or in certain positions of the capital structure of structured securities. The manager relies on the fundamental analysis of these securities, including the claims on the assets and the likely return to bondholders. Certain funds cannot be redeemed because the investments include restrictions that do not allow for redemption until termination of the fund. | |||||||||||||||||||||
• | Equity long/short funds: In equity long/short funds, managers take long positions in companies they deem to be undervalued and short positions in companies they deem to be overvalued. Long/short managers may invest in countries, regions or sectors and vary by their use of leverage and by their targeted net long position. | |||||||||||||||||||||
• | Multi-strategy funds: These funds may utilize many strategies employed by specialized funds including distressed investing, equity long/short, merger arbitrage, convertible arbitrage, fixed income arbitrage and macro trading. | |||||||||||||||||||||
• | Event driven funds: Event driven strategies seek to deploy capital into specific securities whose returns are affected by a specific event that affects the value of one or more securities of a company. Returns for such securities are linked primarily to the specific outcome of the events and not by the overall direction of the bond or stock markets. Examples could include mergers and acquisitions (arbitrage), corporate restructurings and spin-offs, and capital structure arbitrage. | |||||||||||||||||||||
• | Relative value credit funds: These funds seek to take exposure to credit-sensitive securities, long and/or short, based upon credit analysis of issuers and securities and credit market views. | |||||||||||||||||||||
• | High yield loan fund: A long-only private mutual fund that invests in high yield fixed income securities. | |||||||||||||||||||||
• | Other private securities: These securities include strategic non-controlling minority investments in private asset management companies and other insurance related investments that are accounted for using the equity method of accounting. | |||||||||||||||||||||
c) Net Investment Income | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Fixed maturity investments | $ | 38,762 | $ | 31,179 | $ | 110,998 | $ | 96,366 | ||||||||||||||
Equity securities | 3,711 | 6,110 | 12,876 | 13,718 | ||||||||||||||||||
Other invested assets: hedge funds and private equity | 2,249 | 3,812 | 8,767 | 6,001 | ||||||||||||||||||
Other invested assets: other private securities | 3,292 | 1,997 | 7,291 | 5,115 | ||||||||||||||||||
Cash and cash equivalents | 552 | 302 | 1,562 | 1,319 | ||||||||||||||||||
Expenses | (5,154 | ) | (4,129 | ) | (13,670 | ) | (12,225 | ) | ||||||||||||||
Net investment income | $ | 43,412 | $ | 39,271 | $ | 127,824 | $ | 110,294 | ||||||||||||||
Net investment income from other invested assets: other private securities included the distributed and undistributed net income from investments accounted for using the equity method of accounting. The income reported for other invested assets: other private securities for the nine months ended September 30, 2014 included a loss of $9,348 recorded for an equity method investment due to impairment charges that it recorded. | ||||||||||||||||||||||
d) Components of Realized Gains and Losses | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Gross realized gains on sale of invested assets | $ | 28,773 | $ | 51,915 | $ | 146,780 | $ | 154,387 | ||||||||||||||
Gross realized losses on sale of invested assets | (9,955 | ) | (40,770 | ) | (26,228 | ) | (82,812 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on derivatives | 2,171 | (4,169 | ) | (24,469 | ) | 3,392 | ||||||||||||||||
Mark-to-market (losses) gains: | ||||||||||||||||||||||
Fixed maturity investments, trading | (40,843 | ) | 30,383 | 18,039 | (101,205 | ) | ||||||||||||||||
Equity securities, trading | (8,479 | ) | (17,198 | ) | (8,768 | ) | (18,555 | ) | ||||||||||||||
Other invested assets, trading | (6,803 | ) | 7,326 | (1,068 | ) | 36,719 | ||||||||||||||||
Net realized investment (losses) gains | $ | (35,136 | ) | $ | 27,487 | $ | 104,286 | $ | (8,074 | ) | ||||||||||||
e) Pledged Assets | ||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013, $3,082,601 and $2,894,401, respectively, of cash and cash equivalents and investments were deposited, pledged or held in trust accounts in favor of ceding companies and other counterparties or government authorities to comply with reinsurance contract provisions, insurance laws and other contract provisions. | ||||||||||||||||||||||
In addition, as of September 30, 2014 and December 31, 2013, a further $543,828 and $1,053,632, respectively, of cash and cash equivalents and investments were pledged as collateral for the Company’s letter of credit facilities. See Note 10(d) to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 for details on the Company’s credit facilities. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Derivative Instruments | ' | |||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013, none of the Company’s derivatives were designated as hedges for accounting purposes. The following table summarizes information on the location and amounts of derivative fair values on the unaudited condensed consolidated balance sheets (“consolidated balance sheets”): | ||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Asset | Asset | Liability | Liability | Asset | Asset | Liability | Liability | |||||||||||||||||||||||||
Derivative | Derivative | Derivative | Derivative | Derivative | Derivative | Derivative | Derivative | |||||||||||||||||||||||||
Notional | Fair Value | Notional | Fair Value | Notional | Fair Value | Notional | Fair Value | |||||||||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 38,940 | $ | 814 | $ | 2,355 | $ | 22 | $ | 294,788 | $ | 6,254 | $ | 122,439 | $ | 1,176 | ||||||||||||||||
Interest rate swaps | 565,600 | 414 | — | — | 491,400 | 6,829 | 40,000 | 4,214 | ||||||||||||||||||||||||
Total derivatives | $ | 604,540 | $ | 1,228 | $ | 2,355 | $ | 22 | $ | 786,188 | $ | 13,083 | $ | 162,439 | $ | 5,390 | ||||||||||||||||
Derivative assets and derivative liabilities are classified within “other assets” or “accounts payable and accrued liabilities” on the consolidated balance sheets. | ||||||||||||||||||||||||||||||||
The following table provides the net realized and unrealized gains (losses) on derivatives not designated as hedges recorded on the consolidated income statements: | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 1,886 | $ | (2,336 | ) | $ | (580 | ) | $ | (1,091 | ) | |||||||||||||||||||||
Total included in foreign exchange loss | 1,886 | (2,336 | ) | (580 | ) | (1,091 | ) | |||||||||||||||||||||||||
Put options | — | — | — | (3,822 | ) | |||||||||||||||||||||||||||
Foreign exchange contracts | 1,701 | (4,164 | ) | 857 | 1,925 | |||||||||||||||||||||||||||
Interest rate futures and swaps | 470 | (5 | ) | (25,325 | ) | 5,289 | ||||||||||||||||||||||||||
Total included in net realized investment gains (losses) | 2,171 | (4,169 | ) | (24,468 | ) | 3,392 | ||||||||||||||||||||||||||
Total realized and unrealized gains (losses) on derivatives | $ | 4,057 | $ | (6,505 | ) | $ | (25,048 | ) | $ | 2,301 | ||||||||||||||||||||||
The loss related to interest rate future and swap contracts for the nine months ended September 30, 2014 was the result of selling interest rate future and swap contracts to reduce the duration of the investment portfolio. Given the decrease in interest rates during the year, the Company recorded a loss related to these interest rate future and swap contracts. | ||||||||||||||||||||||||||||||||
Derivative Instruments Not Designated as Hedging Instruments | ||||||||||||||||||||||||||||||||
The Company is exposed to foreign currency risk in its investment portfolio. Accordingly, the fair values of the Company’s investment portfolio are partially influenced by the change in foreign exchange rates. These foreign currency hedging activities have not been designated as specific hedges for financial reporting purposes. | ||||||||||||||||||||||||||||||||
The Company’s insurance and reinsurance subsidiaries and branches operate in various foreign countries and consequently the Company’s underwriting portfolio is exposed to foreign currency risk. The Company manages foreign currency risk by seeking to match liabilities under the insurance policies and reinsurance contracts that it writes and that are payable in foreign currencies with cash and investments that are denominated in such currencies. When necessary, the Company may also use derivatives to economically hedge un-matched foreign currency exposures, specifically forward contracts and currency options. | ||||||||||||||||||||||||||||||||
The Company also purchases and sells interest rate future and interest rate swap contracts to actively manage the duration and yield curve positioning of its fixed income portfolio. Interest rate futures and interest rate swaps can efficiently increase or decrease the overall duration of the portfolio. Additionally, interest rate future and interest rate swap contracts can be utilized to obtain the desired position along the yield curve in order to protect against certain future yield curve shapes. | ||||||||||||||||||||||||||||||||
The Company also purchases options to actively manage its equity portfolio. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||
In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon whether the inputs to the valuation of an asset or liability are observable or unobservable in the market at the measurement date, with quoted market prices being the highest level (Level 1) and unobservable inputs being the lowest level (Level 3). A fair value measurement will fall within the level of the hierarchy based on the input that is significant to determining such measurement. The three levels are defined as follows: | |||||||||||||||||||||
• | Level 1: Observable inputs to the valuation methodology that are quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||||||||||||
• | Level 2: Observable inputs to the valuation methodology other than quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets in markets that are not active and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||||||||
• | Level 3: Inputs to the valuation methodology that are unobservable for the asset or liability. | ||||||||||||||||||||
The following table shows the fair value of the Company’s financial instruments and where in the fair value hierarchy the fair value measurements are included as of the dates indicated below: | |||||||||||||||||||||
September 30, 2014 | Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | Fair Value | ||||||||||||||||||||
Fixed maturity investments: | |||||||||||||||||||||
U.S. Government and Government agencies | $ | 1,184,115 | $ | 1,184,115 | $ | 998,487 | $ | 185,628 | $ | — | |||||||||||
Non-U.S. Government and Government agencies | 219,287 | 219,287 | — | 219,287 | — | ||||||||||||||||
States, municipalities and political subdivisions | 260,690 | 260,690 | — | 260,690 | — | ||||||||||||||||
Corporate debt | 2,523,368 | 2,523,368 | — | 2,523,368 | — | ||||||||||||||||
Mortgage-backed | 1,240,362 | 1,240,362 | — | 1,120,454 | 119,908 | ||||||||||||||||
Asset-backed | 700,415 | 700,415 | — | 609,045 | 91,370 | ||||||||||||||||
Total fixed maturity investments | 6,128,237 | 6,128,237 | 998,487 | 4,918,472 | 211,278 | ||||||||||||||||
Equity securities | 945,076 | 945,076 | 907,041 | — | 38,035 | ||||||||||||||||
Other invested assets | 806,124 | 806,124 | — | — | 806,124 | ||||||||||||||||
Total investments | $ | 7,879,437 | $ | 7,879,437 | $ | 1,905,528 | $ | 4,918,472 | $ | 1,055,437 | |||||||||||
Derivative assets: | |||||||||||||||||||||
Foreign exchange contracts | $ | 814 | $ | 814 | $ | — | $ | 814 | $ | — | |||||||||||
Interest rate swaps | 414 | 414 | — | 414 | — | ||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||
Foreign exchange contracts | $ | 22 | $ | 22 | $ | — | $ | 22 | $ | — | |||||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||||
Senior notes | $ | 798,725 | $ | 888,370 | $ | — | $ | 888,370 | $ | — | |||||||||||
December 31, 2013 | Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | Fair Value | ||||||||||||||||||||
Fixed maturity investments: | |||||||||||||||||||||
U.S. Government and Government agencies | $ | 1,676,788 | $ | 1,676,788 | $ | 1,370,088 | $ | 306,700 | $ | — | |||||||||||
Non-U.S. Government and Government agencies | 191,776 | 191,776 | — | 191,776 | — | ||||||||||||||||
States, municipalities and political subdivisions | 231,555 | 231,555 | — | 231,555 | — | ||||||||||||||||
Corporate debt | 2,202,267 | 2,202,267 | — | 2,202,267 | — | ||||||||||||||||
Mortgage-backed | 1,292,502 | 1,292,502 | — | 1,145,164 | 147,338 | ||||||||||||||||
Asset-backed | 505,910 | 505,910 | — | 412,497 | 93,413 | ||||||||||||||||
Total fixed maturity investments | 6,100,798 | 6,100,798 | 1,370,088 | 4,489,959 | 240,751 | ||||||||||||||||
Equity securities | 699,846 | 699,846 | 625,942 | — | 73,904 | ||||||||||||||||
Other invested assets | 764,081 | 764,081 | — | — | 764,081 | ||||||||||||||||
Total investments | $ | 7,564,725 | $ | 7,564,725 | $ | 1,996,030 | $ | 4,489,959 | $ | 1,078,736 | |||||||||||
Derivative assets: | |||||||||||||||||||||
Foreign exchange contracts | $ | 6,254 | $ | 6,254 | $ | — | $ | 6,254 | $ | — | |||||||||||
Interest rate swaps | 6,829 | 6,829 | — | 6,829 | — | ||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||
Foreign exchange contracts | $ | 1,176 | $ | 1,176 | $ | — | $ | 1,176 | $ | — | |||||||||||
Interest rate swaps | $ | 4,214 | $ | 4,214 | $ | — | $ | 4,214 | $ | — | |||||||||||
Senior notes | $ | 798,499 | $ | 897,601 | $ | — | $ | 897,601 | $ | — | |||||||||||
“Other invested assets” excluded other private securities that the Company did not measure at fair value, but are accounted for using the equity method of accounting. Derivative assets and derivative liabilities relating to foreign exchange contracts and interest rate swaps are classified within “other assets” or “accounts payable and accrued liabilities” on the consolidated balance sheets. | |||||||||||||||||||||
The following describes the valuation techniques used by the Company to determine the fair value of financial instruments held as of the balance sheet date. | |||||||||||||||||||||
Recurring Fair Value of Financial Instruments | |||||||||||||||||||||
U.S. Government and Government agencies: Comprised primarily of bonds issued by the U.S. Treasury, the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association. The fair values of the Company’s U.S. government securities are based on quoted market prices in active markets and are included in the Level 1 fair value hierarchy. The Company believes the market for U.S. Treasury securities is an actively traded market given the high level of daily trading volume. The fair values of U.S. government agency securities are priced using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. government agency securities are included in the Level 2 fair value hierarchy. | |||||||||||||||||||||
Non-U.S. Government and Government agencies: Comprised of fixed income obligations of non-U.S. governmental entities. The fair values of these securities are based on prices obtained from international indices and are included in the Level 2 fair value hierarchy. | |||||||||||||||||||||
States, municipalities and political subdivisions: Comprised of fixed income obligations of U.S.-domiciled state and municipality entities. The fair values of these securities are based on prices obtained from the new issue market, and are included in the Level 2 fair value hierarchy. | |||||||||||||||||||||
Corporate debt: Comprised of bonds issued by or loan obligations of corporations that are diversified across a wide range of issuers and industries. The fair values of corporate debt that are short-term are priced using spread above the LIBOR yield curve, and the fair values of corporate debt that are long-term are priced using the spread above the risk-free yield curve. The spreads are sourced from broker-dealers, trade prices and the new issue market. As the significant inputs used to price corporate bonds are observable market inputs, the fair values of corporate debt are included in the Level 2 fair value hierarchy. | |||||||||||||||||||||
Mortgage-backed: Primarily comprised of residential and commercial mortgages originated by both U.S. government agencies (such as the Federal National Mortgage Association) and non-U.S. government agencies. The fair values of mortgage-backed securities originated by U.S. government agencies and non-U.S. government agencies are based on a pricing model that incorporates prepayment speeds and spreads to determine the appropriate average life of mortgage-backed securities. The spreads are sourced from broker-dealers, trade prices and the new issue market. As the significant inputs used to price the mortgage-backed securities are observable market inputs, the fair values of these securities are included in the Level 2 fair value hierarchy, unless the significant inputs used to price the mortgage-backed securities are broker-dealer quotes and the Company is not able to determine if those quotes are based on observable market inputs, in which case the fair value is included in the Level 3 hierarchy. | |||||||||||||||||||||
Asset-backed: Principally comprised of bonds backed by pools of automobile loan receivables, home equity loans, credit card receivables and collateralized loan obligations originated by a variety of financial institutions. The fair values of asset-backed securities are priced using prepayment speed and spread inputs that are sourced from the new issue market or broker-dealer quotes. As the significant inputs used to price the asset-backed securities are observable market inputs, the fair values of these securities are included in the Level 2 fair value hierarchy, unless the significant inputs used to price the asset-backed securities are broker-dealer quotes and the Company is not able to determine if those quotes are based on observable market inputs, in which case the fair value is included in the Level 3 hierarchy. | |||||||||||||||||||||
Equity securities: Comprised of common and preferred stocks and mutual funds. Equities are generally included in the Level 1 fair value hierarchy as prices are obtained from market exchanges in active markets. Non-U.S. mutual funds where the net asset value is not provided on a daily basis are included in the Level 3 fair value hierarchy. | |||||||||||||||||||||
Other invested assets: Comprised of funds invested in a range of diversified strategies. In accordance with U.S. GAAP, the fair values of the funds are based on the net asset value ("NAV") of the funds as reported by the fund manager. The fair value of these investments are included in the Level 3 fair value hierarchy as the Company believes NAV is an unobservable input and these securities are not redeemable in the near term. | |||||||||||||||||||||
Derivative instruments: The fair value of foreign exchange contracts, interest rate futures and interest rate swaps are priced from quoted market prices for similar exchange-traded derivatives and pricing valuation models that utilize independent market data inputs. The fair value of derivatives are included in the Level 2 fair value hierarchy. | |||||||||||||||||||||
Senior notes: The fair value of the senior notes is based on reported trades. The fair value of the senior notes is included in the Level 2 fair value hierarchy. | |||||||||||||||||||||
Non-recurring Fair Value of Financial Instruments | |||||||||||||||||||||
The Company measures the fair value of certain assets on a non-recurring basis, generally quarterly, annually or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets include investments accounted for using the equity method, goodwill and intangible assets. The Company uses a variety of techniques to measure the fair value of these assets when appropriate, as described below: | |||||||||||||||||||||
Investments accounted for using the equity method: When the Company determines that the carrying value of these assets may not be recoverable, the Company records the assets at fair value with the loss recognized in income. In such cases, the Company measures the fair value of these assets using discounted cash flow models and market multiple models. | |||||||||||||||||||||
Goodwill and intangible assets: The Company tests goodwill and intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, but at least annually for goodwill and indefinite-lived intangibles. If the Company determines that goodwill and intangible assets may be impaired, the Company uses techniques, including discounted expected future cash flows and market multiple models, to measure fair value. | |||||||||||||||||||||
Rollforward of Level 3 Financial Instruments | |||||||||||||||||||||
The following is a reconciliation of the beginning and ending balance of financial instruments using significant unobservable inputs (Level 3): | |||||||||||||||||||||
Three Months Ended September 30, 2014 | Other invested | Mortgage-backed | Asset-backed | Equities | |||||||||||||||||
assets | |||||||||||||||||||||
Opening balance | $ | 804,505 | $ | 146,801 | $ | 71,232 | $ | 34,863 | |||||||||||||
Realized and unrealized gains (losses) included in net income | 6,797 | (882 | ) | (253 | ) | 3,172 | |||||||||||||||
Purchases | 78,629 | 16,311 | 18,021 | — | |||||||||||||||||
Sales | (83,807 | ) | (28,761 | ) | (9,970 | ) | — | ||||||||||||||
Transfers into Level 3 from Level 2 | — | 1,628 | 17,863 | — | |||||||||||||||||
Transfers out of Level 3 into Level 2 (1) | — | (15,189 | ) | (5,523 | ) | — | |||||||||||||||
Ending balance | $ | 806,124 | $ | 119,908 | $ | 91,370 | $ | 38,035 | |||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
Opening balance | $ | 714,391 | $ | 198,003 | $ | 61,285 | $ | 53,499 | |||||||||||||
Realized and unrealized gains (losses) included in net income | 9,403 | 464 | (313 | ) | 3,972 | ||||||||||||||||
Purchases | 67,554 | 69,775 | 16,969 | 10,000 | |||||||||||||||||
Sales | (24,277 | ) | (79,001 | ) | (1,302 | ) | — | ||||||||||||||
Transfers into Level 3 from Level 2 | — | 13 | 3,394 | — | |||||||||||||||||
Transfers out of Level 3 into Level 2 (1) | — | — | — | — | |||||||||||||||||
Ending balance | $ | 767,071 | $ | 189,254 | $ | 80,033 | $ | 67,471 | |||||||||||||
Nine Months Ended September 30, 2014 | Other invested | Mortgage-backed | Asset-backed | Equities | |||||||||||||||||
assets | |||||||||||||||||||||
Opening balance | $ | 764,081 | $ | 147,338 | $ | 93,413 | $ | 73,904 | |||||||||||||
Realized and unrealized gains (losses) included in net income | 51,921 | 3,654 | (659 | ) | (6,572 | ) | |||||||||||||||
Purchases | 267,549 | 34,187 | 35,526 | — | |||||||||||||||||
Sales | (277,427 | ) | (65,038 | ) | (19,871 | ) | (29,297 | ) | |||||||||||||
Transfers into Level 3 from Level 2 | — | 1,253 | 13,923 | — | |||||||||||||||||
Transfers out of Level 3 into Level 2 (1) | — | (1,486 | ) | (30,962 | ) | — | |||||||||||||||
Ending balance | $ | 806,124 | $ | 119,908 | $ | 91,370 | $ | 38,035 | |||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Opening balance | $ | 655,888 | $ | 167,825 | $ | 62,246 | $ | 54,680 | |||||||||||||
Realized and unrealized gains (losses) included in net income | 53,365 | (5,910 | ) | (791 | ) | 2,791 | |||||||||||||||
Purchases | 237,506 | 102,369 | 42,956 | 10,000 | |||||||||||||||||
Sales | (179,688 | ) | (69,968 | ) | (26,728 | ) | — | ||||||||||||||
Transfers into Level 3 from Level 2 | — | 5,073 | 2,350 | — | |||||||||||||||||
Transfers out of Level 3 into Level 2 (1) | — | (10,135 | ) | — | — | ||||||||||||||||
Ending balance | $ | 767,071 | $ | 189,254 | $ | 80,033 | $ | 67,471 | |||||||||||||
_______________________ | |||||||||||||||||||||
-1 | Transfers out of Level 3 are primarily attributable to the availability of market observable information. | ||||||||||||||||||||
The Company attempts to verify the significant inputs used by broker-dealers in determining the fair value of the securities priced by them. If the Company could not obtain sufficient information to determine if the broker-dealers were using significant observable inputs, then such securities have been transferred to the Level 3 fair value hierarchy. The Company believes the prices obtained from the broker-dealers are the best estimate of fair value of the securities being priced as the broker-dealers are typically involved in the initial pricing of the security, and the Company has compared the price per the broker-dealer to other pricing sources and noted no material differences. The Company recognizes transfers between levels at the end of the reporting period. There were no transfers between Level 1 and Level 2 during the period. | |||||||||||||||||||||
The Company’s external investment accounting service provider receives prices from internationally recognized independent pricing services to measure the fair values of its fixed maturity investments. Pricing sources are evaluated and selected in a manner to ensure that the most reliable sources are used. The Company uses a pricing service ranking to consistently select the most appropriate pricing service in instances where it receives multiple quotes on the same security. The Company obtains multiple quotes for the majority of its securities. The independent pricing sources obtain market quotations and actual transaction prices for securities that have quoted prices in active markets. Each pricing service has its own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of “matrix pricing” in which the independent pricing service uses observable market inputs, including, but not limited to, reported trades, benchmark yields, broker-dealer quotes, interest rates, prepayment speeds, default rates and such other inputs as are available from market sources to determine a reasonable fair value. | |||||||||||||||||||||
All of the Company’s securities classified as Level 3, other than investments in other invested assets, are valued based on unadjusted broker-dealer quotes. This includes less liquid securities such as lower quality asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The primary valuation inputs include monthly payment information, the probability of default, loss severity rates and estimated prepayment rates. Significant changes in these inputs in isolation would result in a significantly lower or higher fair value measurement. In general, a change in the assumption of the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity in an event of default and prepayment rates. | |||||||||||||||||||||
The Company records the unadjusted price provided and validates this price through a process that includes, but is not limited to, monthly and/or quarterly: (i) comparison of prices between two independent sources, with significant differences requiring additional price sources; (ii) quantitative analysis (e.g., comparing the quarterly return for each managed portfolio to their target benchmark, with significant differences identified and investigated); (iii) evaluation of methodologies used by external parties to calculate fair value, including a review of the inputs used for pricing; (iv) comparing the price to the Company’s knowledge of the current investment market; and (v) back-testing, which includes randomly selecting purchased or sold securities and comparing the executed prices to the fair value estimates from the pricing service. In addition to internal controls, management relies on the effectiveness of the valuation controls in place at the Company’s external investment accounting service provider (supported by a Statement on Standards for Attestation Engagements No. 16 report) in conjunction with regular discussion and analysis of the investment portfolio’s structure and performance. |
Reserve_For_Losses_And_Loss_Ex
Reserve For Losses And Loss Expenses | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Insurance Loss Reserves [Abstract] | ' | |||||||||||||||
Reserve for Losses and Loss Expenses | ' | |||||||||||||||
RESERVE FOR LOSSES AND LOSS EXPENSES | ||||||||||||||||
The reserve for losses and loss expenses consists of the following: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Outstanding loss reserves | $ | 1,585,900 | $ | 1,520,867 | ||||||||||||
Reserves for losses incurred but not reported | 4,466,363 | 4,245,662 | ||||||||||||||
Reserve for losses and loss expenses | $ | 6,052,263 | $ | 5,766,529 | ||||||||||||
The table below is a reconciliation of the beginning and ending liability for unpaid losses and loss expenses. Losses incurred and paid are reflected net of reinsurance recoverables. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross liability at beginning of period | $ | 5,935,678 | $ | 5,696,865 | $ | 5,766,529 | $ | 5,645,549 | ||||||||
Reinsurance recoverable at beginning of period | (1,301,742 | ) | (1,179,525 | ) | (1,234,504 | ) | (1,141,110 | ) | ||||||||
Net liability at beginning of period | 4,633,936 | 4,517,340 | 4,532,025 | 4,504,439 | ||||||||||||
Net losses incurred related to: | ||||||||||||||||
Current year | 382,970 | 338,420 | 1,067,111 | 961,224 | ||||||||||||
Prior years | (46,880 | ) | (61,450 | ) | (140,880 | ) | (153,948 | ) | ||||||||
Total incurred | 336,090 | 276,970 | 926,231 | 807,276 | ||||||||||||
Net paid losses related to: | ||||||||||||||||
Current year | 53,596 | 30,399 | 80,401 | 54,983 | ||||||||||||
Prior years | 202,626 | 213,252 | 666,555 | 696,137 | ||||||||||||
Total paid | 256,222 | 243,651 | 746,956 | 751,120 | ||||||||||||
Foreign exchange revaluation | (10,550 | ) | 4,088 | (8,046 | ) | (5,848 | ) | |||||||||
Net liability at end of period | 4,703,254 | 4,554,747 | 4,703,254 | 4,554,747 | ||||||||||||
Reinsurance recoverable at end of period | 1,349,009 | 1,226,034 | 1,349,009 | 1,226,034 | ||||||||||||
Gross liability at end of period | $ | 6,052,263 | $ | 5,780,781 | $ | 6,052,263 | $ | 5,780,781 | ||||||||
For the three months ended September 30, 2014, the Company recognized unfavorable prior year reserve development in its U.S. insurance segment and net favorable reserve development in its international insurance and reinsurance segments. The net unfavorable prior year reserve development for the U.S. insurance segment primarily related to the 2011 through 2013 loss years was due to a higher level of reported claims in the healthcare line of business and net unfavorable prior year reserve development for the 2005 loss year primarily related to the professional liability line of business. The net favorable reserve development in the international insurance segment was primarily due to lower than expected loss emergence across most lines of business and loss years partially offset by unfavorable prior reserve development for the 2012 loss year related to adverse development on two reported claims in our professional liability line of business. The net favorable reserve development in the reinsurance segment was primarily due to lower than expected loss activity in the property reinsurance line of business for the 2013 loss year. | ||||||||||||||||
For the nine months ended September 30, 2014, the Company recognized unfavorable prior year reserve development in its U.S. insurance segment and net favorable reserve development in its international insurance and reinsurance segments. The net unfavorable prior year reserve development in the U.S. insurance segment primarily related to the 2011 through 2013 loss years in our healthcare lines of business and was due to higher than expected loss frequency and severity. The net favorable prior year reserve development in the international insurance segment was primarily due to favorable reserve development for the 2007 loss year in the professional liability line of business, net favorable development for the 2009 and 2010 loss years due to actual loss emergence being lower than anticipated across several lines of business, net unfavorable development for the 2012 loss year in the professional liability line of business and the unfavorable reserve development for the 2013 loss year in the healthcare line of business. The net favorable reserve development in the reinsurance segment was primarily due to lower than expected loss activity in the property reinsurance line of business for the 2013 loss year. | ||||||||||||||||
For the three months ended September 30, 2013, the Company had net favorable reserve development in its international insurance and reinsurance segments due to actual loss emergence being lower than initially expected. The majority of the net favorable reserve development was recognized in the 2007 through 2011 loss years across most lines of business. In addition, the reinsurance segment recognized net favorable reserve development for the 2012 loss year due to the low level of reported property losses. This was partially offset by unfavorable development in the U.S. insurance segment in the 2011 and 2012 loss years primarily due to a higher level of reported claims for certain healthcare, errors and omissions and private/not for profit directors’ and officers’ lines of business. | ||||||||||||||||
For the nine months ended September 30, 2013, the Company had net favorable reserve development in its international insurance and reinsurance segments due to actual loss emergence being lower than initially expected for most loss years. The reinsurance segment recognized net favorable reserve development for the 2012 loss year due to the low level of reported property losses. This was partially offset by adverse development in the U.S. insurance segment in the 2011 and 2012 loss years for certain healthcare, errors and omissions and not-for-profit directors’ and officers’ classes of business. | ||||||||||||||||
While the Company at times has experienced favorable reserve development in its insurance and reinsurance lines, there is no assurance that conditions and trends that have affected the development of liabilities in the past will continue. It is not appropriate to extrapolate future redundancies based on prior years’ development. The methodology of estimating loss reserves is periodically reviewed to ensure that the key assumptions used in the actuarial models continue to be appropriate. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
Under Swiss law, a resident company is subject to income tax at the federal, cantonal and communal levels that is levied on net income. Income attributable to permanent establishments or real estate located abroad is excluded from the Swiss tax base. Allied World Switzerland is a holding company and, therefore, is exempt from cantonal and communal income tax. As a result, Allied World Switzerland is subject to Swiss income tax only at the federal level. Allied World Switzerland is a resident of the Canton of Zug and, as such, is subject to an annual cantonal and communal capital tax on its taxable equity. One of Allied World Switzerland's subsidiaries is a Swiss operating company, which is a resident in the Canton of Zug. The operating company is subject to federal, cantonal and communal income tax and to annual cantonal and communal capital tax. | |
Under current Bermuda law, Allied World Assurance Company Holdings, Ltd (“Allied World Bermuda”) and its Bermuda subsidiaries are not required to pay taxes in Bermuda on either income or capital gains. Allied World Bermuda and Allied World Assurance Company, Ltd have received an assurance from the Bermuda Minister of Finance under the Exempted Undertakings Tax Protection Act 1966 of Bermuda, that in the event of any such taxes being imposed, Allied World Bermuda and Allied World Assurance Company, Ltd will be exempted until March 2035. | |
Certain subsidiaries of Allied World Switzerland file U.S. federal income tax returns and various U.S. state income tax returns, as well as income tax returns in Canada, Hong Kong, Ireland, Labuan, the United Kingdom, Singapore and Switzerland. To the best of the Company’s knowledge, there are no income tax examinations pending by any tax authority. | |
Management has deemed all material tax positions to have a greater than 50% likelihood of being sustained based on technical merits if challenged. The Company does not expect any material unrecognized tax benefits within 12 months of September 30, 2014. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Shareholders' Equity | ' | |||||||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||||||||
a) Authorized shares | ||||||||||||||||
The issued share capital consists of the following: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Common shares issued and fully paid, 2014: CHF 4.10 per share; 2013: CHF 4.10 per share | 100,775,256 | 103,477,452 | ||||||||||||||
Share capital at end of period | $ | 407,990 | $ | 418,988 | ||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
Shares issued at beginning of period | 103,477,452 | |||||||||||||||
Shares cancelled | (2,702,196 | ) | ||||||||||||||
Total shares issued at end of period | 100,775,256 | |||||||||||||||
Treasury shares issued at beginning of period | 3,223,806 | |||||||||||||||
Shares repurchased | 4,616,543 | |||||||||||||||
Shares issued out of treasury | (745,135 | ) | ||||||||||||||
Shares cancelled | (2,702,196 | ) | ||||||||||||||
Total treasury shares at end of period | 4,393,018 | |||||||||||||||
Total shares outstanding at end of period | 96,382,238 | |||||||||||||||
During the nine months ended September 30, 2014, 2,702,196 shares repurchased and designated for cancellation were constructively retired and cancelled. | ||||||||||||||||
b) Dividends | ||||||||||||||||
The Company paid the following dividends during the nine months ended September 30, 2014: | ||||||||||||||||
Dividend Paid | Dividend | Total | ||||||||||||||
Per | Amount | |||||||||||||||
Share | Paid | |||||||||||||||
2-Jan-14 | $ | 0.167 | $ | 16,732 | ||||||||||||
3-Apr-14 | $ | 0.167 | $ | 16,495 | ||||||||||||
2-Jul-14 | $ | 0.225 | $ | 21,870 | ||||||||||||
On May 2, 2013, the shareholders approved the Company’s proposal to pay cash dividends in the form of a distribution out of general legal reserve from capital contributions. The distribution amounts were paid to shareholders in quarterly dividends of $0.167 per share in July 2013, October 2013, January 2014 and April 2014. | ||||||||||||||||
On May 1, 2014, the shareholders approved the Company’s proposal to pay cash dividends in the form of a distribution out of general legal reserve from capital contributions. The distribution amount will be paid to shareholders in quarterly dividends of $0.225 per share. The first dividend was on July 2, 2014 and the second dividend was on October 2, 2014. The Company expects to distribute the remaining dividends in January 2015 and April 2015. | ||||||||||||||||
c) Share Repurchases | ||||||||||||||||
On May 1, 2014, the shareholders approved a new share repurchase program in order for the Company to repurchase up to $500,000 of its common shares. This new share repurchase program supersedes the 2012 share repurchase program and no further repurchases will be made under the 2012 share repurchase program. Repurchases may be effected from time to time through open market purchases, privately negotiated transactions, tender offers or otherwise. The timing, form and amount of the share repurchases under the program will depend on a variety of factors, including market conditions, the Company’s capital position, legal requirements and other factors. Under the terms of this share repurchase program, the first three million of common shares repurchased will remain in treasury and will be used by the Company to satisfy share delivery obligations under its equity-based compensation plans. Any additional common shares repurchased will be designated for cancellation at acquisition and will be canceled upon shareholder approval. Shares repurchased and designated for cancellation are constructively retired and recorded as a share cancellation. | ||||||||||||||||
The Company’s share repurchases were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Common shares repurchased | 654,851 | 1,282,164 | 4,616,543 | 4,103,499 | ||||||||||||
Total cost of shares repurchased | $ | 24,996 | $ | 40,574 | $ | 164,528 | $ | 123,145 | ||||||||
Average price per share | $ | 38.17 | $ | 31.64 | $ | 35.64 | $ | 30.01 | ||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||||
a) Restricted stock units and performance-based equity awards | ||||||||||||||||
Restricted stock units ("RSUs") vest pro-rata over four years from the date of grant. The compensation expense for the RSUs is based on the fair market value of Allied World Switzerland’s common shares at the date of grant. The Company estimates the expected forfeitures of RSUs at the date of grant and recognizes compensation expense only for those awards that the Company expects to vest. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. | ||||||||||||||||
Performance-based equity awards represent the right to receive a number of common shares in the future, based upon the achievement of established performance criteria during an applicable performance period. For the performance-based equity awards granted in 2014, 2013 and 2012, the Company anticipates that the performance goals are likely to be achieved. Based on the performance goals, the performance-based equity awards granted in 2014, 2013 and 2012 are expensed at 100%, 100% and 135%, respectively, of the fair value of Allied World Switzerland's common shares on the date of grant. The expense is recognized over the performance period. | ||||||||||||||||
The activity related to the Company’s RSUs awards is as follows: | ||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
Number of Awards | Weighted | |||||||||||||||
Average | ||||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
Outstanding at beginning of period | 143,697 | $ | 21.69 | |||||||||||||
RSUs granted | 454,176 | 33.56 | ||||||||||||||
RSUs forfeited | (8,061 | ) | (31.71 | ) | ||||||||||||
RSUs fully vested | (77,700 | ) | (21.68 | ) | ||||||||||||
Outstanding at end of period | 512,112 | $ | 32.06 | |||||||||||||
The activity related to the Company’s performance-based equity awards is as follows: | ||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
Number of Awards | Weighted | |||||||||||||||
Average | ||||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
Outstanding at beginning of period | 804,519 | $ | 23.21 | |||||||||||||
Performance-based equity awards granted | 166,302 | 33.56 | ||||||||||||||
Additional awards granted due to achievement of performance criteria | 104,895 | 20.5 | ||||||||||||||
Performance-based equity awards forfeited | (1,848 | ) | (25.28 | ) | ||||||||||||
Performance-based equity awards fully vested | (454,440 | ) | (20.50 | ) | ||||||||||||
Outstanding at end of period | 619,428 | $ | 27.51 | |||||||||||||
b) Cash-equivalent stock awards | ||||||||||||||||
As part of the Company’s annual year-end compensation awards, the Company granted both awards classified as equity and cash-equivalent stock awards. The cash-equivalent awards were granted to employees who received RSUs and performance-based equity awards in tandem with stock-based awards. The cash-equivalent RSU awards vest pro-rata over four years from the date of grant. The cash-equivalent performance-based equity awards vest after a three-year performance period. The amount payable per unit awarded will be equal to the price per share of Allied World Switzerland’s common shares, and as such the Company measures the value of the award each reporting period based on the period-ending share price. The effects of changes in the share price at each period-end during the service period are recognized as changes in compensation expense ratably over the service period. The liability is included in “accounts payable and accrued liabilities” in the consolidated balance sheets and changes in the liability are recorded in “general and administrative expenses” in the consolidated income statements. | ||||||||||||||||
The activity related to the Company's cash-equivalent RSUs and performance-based awards is as follows: | ||||||||||||||||
RSU's | Performance-based Awards | |||||||||||||||
Nine Months Ended September 30, 2014 | Number of Awards | Weighted Average Grant Date Fair Value | Number of Awards | Weighted Average Grant Date Fair Value | ||||||||||||
Outstanding at beginning of period | 2,049,084 | $ | 24.69 | 1,031,961 | 23.67 | |||||||||||
Granted | 438,162 | 33.56 | 249,438 | 33.56 | ||||||||||||
Additional awards granted due to achievement of performance criteria | — | — | 104,895 | 20.5 | ||||||||||||
Forfeited | (50,106 | ) | (26.75 | ) | (2,769 | ) | (25.28 | ) | ||||||||
Fully vested | (752,668 | ) | (22.51 | ) | (454,440 | ) | (20.50 | ) | ||||||||
Outstanding at end of period | 1,684,472 | $ | 27.98 | 929,085 | $ | 27.51 | ||||||||||
c) Total Stock Related Compensation Expense | ||||||||||||||||
The following table shows the total stock-related compensation expense relating to the stock options, RSUs and cash equivalent awards. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock options | $ | 424 | $ | 647 | $ | 1,564 | $ | 2,662 | ||||||||
RSUs and performance-based equity awards | 2,767 | 2,070 | 9,258 | 6,621 | ||||||||||||
Cash-equivalent stock awards | 8,433 | 13,699 | 25,930 | 34,666 | ||||||||||||
Total | $ | 11,624 | $ | 16,416 | $ | 36,752 | $ | 43,949 | ||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||
The following table sets forth the comparison of basic and diluted earnings per share: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic earnings per share: | ||||||||||||||||
Net income | $ | 30,915 | $ | 122,843 | $ | 359,750 | $ | 279,973 | ||||||||
Weighted average common shares outstanding | 96,458,231 | 101,974,077 | 97,926,378 | 103,020,681 | ||||||||||||
Basic earnings per share | $ | 0.32 | $ | 1.2 | $ | 3.67 | $ | 2.72 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Diluted earnings per share: | ||||||||||||||||
Net income | $ | 30,915 | $ | 122,843 | $ | 359,750 | $ | 279,973 | ||||||||
Weighted average common shares outstanding | 96,458,231 | 101,974,077 | 97,926,378 | 103,020,681 | ||||||||||||
Share equivalents: | ||||||||||||||||
Stock options | 1,430,243 | 1,500,342 | 1,449,641 | 1,492,374 | ||||||||||||
RSUs and performance-based equity awards | 541,711 | 708,399 | 575,675 | 877,107 | ||||||||||||
Employee share purchase plan | 14,053 | 1,761 | 13,602 | 3,114 | ||||||||||||
Weighted average common shares and common share equivalents outstanding - diluted | 98,444,238 | 104,184,579 | 99,965,296 | 105,393,276 | ||||||||||||
Diluted earnings per share | $ | 0.31 | $ | 1.18 | $ | 3.6 | $ | 2.66 | ||||||||
For the three months ended September 30, 2014, and 2013, there were no common shares considered anti-dilutive and therefore excluded from the calculation of the diluted earnings per share. | ||||||||||||||||
For the nine months ended September 30, 2014 and 2013, there were no common shares considered anti-dilutive and therefore excluded from the calculation of the diluted earnings per share. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
SEGMENT INFORMATION | |||||||||||||||||
The determination of reportable segments is based on how senior management monitors the Company’s underwriting operations. Management monitors the performance of its direct underwriting operations based on the geographic location of the Company’s offices, the markets and customers served and the type of accounts written. The Company is currently organized into three operating segments: U.S. insurance, international insurance and reinsurance. All lines of business fall within these classifications. | |||||||||||||||||
The U.S. insurance segment includes the Company’s direct specialty insurance operations in the United States and Canada, as well as the Company's claim administration services operations. The Company acquired the remaining interest in a claims administration services company it did not own in May 2014 and recorded goodwill of $9,709 related to the transaction. The U.S. insurance segment provides both direct property and specialty casualty insurance primarily to non-Fortune 1000 North American domiciled accounts, as well as third-party claims administration services. | |||||||||||||||||
The international insurance segment includes the Company’s direct insurance operations in Bermuda, Europe, and Asia Pacific, which includes offices in Australia, Hong Kong and Singapore. This segment primarily provides both direct property and casualty insurance to Fortune 1000 North American domiciled accounts from the Bermuda office and direct property and specialty casualty insurance to non-North American domiciled accounts from the European and Asia Pacific offices. | |||||||||||||||||
The reinsurance segment includes the Company’s reinsurance operations in the United States, Bermuda, Europe and Singapore. This segment provides reinsurance of property, general casualty, professional liability, specialty lines and property catastrophe coverages written by insurance companies. The Company presently writes reinsurance on both a treaty and a facultative basis, targeting several niche reinsurance markets. | |||||||||||||||||
Responsibility and accountability for the results of underwriting operations are assigned by major line of business within each segment. Because the Company does not manage its assets by segment, investment income, interest expense and total assets are not allocated to individual reportable segments. General and administrative expenses are allocated to segments based on various factors, including staff count and each segment’s proportional share of gross premiums written. | |||||||||||||||||
The Company measures its segment profit or loss as underwriting income or loss plus other insurance-related income and expenses, which may include the net earnings from our claims administration services operations and other income or expense that is not directly related to our underwriting operations. Management measures results for each segment's underwriting income or loss on the basis of the “loss and loss expense ratio,” “acquisition cost ratio,” “general and administrative expense ratio”, “expense ratio” and the “combined ratio.” The “loss and loss expense ratio” is derived by dividing net losses and loss expenses by net premiums earned. The “acquisition cost ratio” is derived by dividing acquisition costs by net premiums earned. The “general and administrative expense ratio” is derived by dividing general and administrative expenses by net premiums earned. The expense ratio is the sum of the acquisition cost ratio and the general and administrative expense ratio. The “combined ratio” is the sum of the “loss and loss expense ratio,” the “acquisition cost ratio” and the “general and administrative expense ratio.” | |||||||||||||||||
The following tables provide a summary of the segment results: | |||||||||||||||||
Three Months Ended September 30, 2014 | U.S. Insurance | International | Reinsurance | Total | |||||||||||||
Insurance | |||||||||||||||||
Gross premiums written | $ | 386,681 | $ | 144,236 | $ | 176,967 | $ | 707,884 | |||||||||
Net premiums written | 321,713 | 87,820 | 159,209 | 568,742 | |||||||||||||
Net premiums earned | 224,764 | 94,013 | 222,960 | 541,737 | |||||||||||||
Net losses and loss expenses | (153,010 | ) | (55,814 | ) | (127,266 | ) | (336,090 | ) | |||||||||
Acquisition costs | (31,131 | ) | (1,209 | ) | (40,063 | ) | (72,403 | ) | |||||||||
General and administrative expenses | (41,730 | ) | (27,993 | ) | (18,571 | ) | (88,294 | ) | |||||||||
Underwriting (loss) income | (1,107 | ) | 8,997 | 37,060 | 44,950 | ||||||||||||
Other insurance-related income | 1,032 | — | — | 1,032 | |||||||||||||
Other insurance-related expenses | (1,270 | ) | (5,305 | ) | — | (6,575 | ) | ||||||||||
Segment (loss) income | $ | (1,345 | ) | $ | 3,692 | $ | 37,060 | $ | 39,407 | ||||||||
Net investment income | 43,412 | ||||||||||||||||
Net realized investment losses | (35,136 | ) | |||||||||||||||
Amortization of intangible assets | (633 | ) | |||||||||||||||
Interest expense | (14,325 | ) | |||||||||||||||
Foreign exchange loss | (278 | ) | |||||||||||||||
Income before income taxes | $ | 32,447 | |||||||||||||||
Loss and loss expense ratio | 68.1 | % | 59.4 | % | 57.1 | % | 62 | % | |||||||||
Acquisition cost ratio | 13.9 | % | 1.3 | % | 18 | % | 13.4 | % | |||||||||
General and administrative expense ratio | 18.6 | % | 29.8 | % | 8.3 | % | 16.3 | % | |||||||||
Expense ratio | 32.5 | % | 31.1 | % | 26.3 | % | 29.7 | % | |||||||||
Combined ratio | 100.6 | % | 90.5 | % | 83.4 | % | 91.7 | % | |||||||||
Three Months Ended September 30, 2013 | U.S. Insurance | International | Reinsurance | Total | |||||||||||||
Insurance | |||||||||||||||||
Gross premiums written | $ | 308,709 | $ | 132,881 | $ | 139,303 | $ | 580,893 | |||||||||
Net premiums written | 238,792 | 75,632 | 138,653 | 453,077 | |||||||||||||
Net premiums earned | 207,602 | 87,554 | 215,617 | 510,773 | |||||||||||||
Net losses and loss expenses | (141,222 | ) | (31,094 | ) | (104,654 | ) | (276,970 | ) | |||||||||
Acquisition costs | (28,426 | ) | 282 | (36,970 | ) | (65,114 | ) | ||||||||||
General and administrative expenses | (41,616 | ) | (26,450 | ) | (20,487 | ) | (88,553 | ) | |||||||||
Underwriting (loss) income | (3,662 | ) | 30,292 | 53,506 | 80,136 | ||||||||||||
Other insurance-related income | — | — | — | — | |||||||||||||
Other insurance-related expenses | — | — | — | — | |||||||||||||
Segment (loss) income | $ | (3,662 | ) | $ | 30,292 | $ | 53,506 | $ | 80,136 | ||||||||
Net investment income | 39,271 | ||||||||||||||||
Net realized investment gains | 27,487 | ||||||||||||||||
Amortization of intangible assets | (633 | ) | |||||||||||||||
Interest expense | (14,094 | ) | |||||||||||||||
Foreign exchange loss | (4,353 | ) | |||||||||||||||
Income before income taxes | $ | 127,814 | |||||||||||||||
Loss and loss expense ratio | 68 | % | 35.5 | % | 48.5 | % | 54.2 | % | |||||||||
Acquisition cost ratio | 13.7 | % | (0.3 | )% | 17.1 | % | 12.7 | % | |||||||||
General and administrative expense ratio | 20 | % | 30.2 | % | 9.5 | % | 17.3 | % | |||||||||
Expense ratio | 33.7 | % | 29.9 | % | 26.6 | % | 30 | % | |||||||||
Combined ratio | 101.7 | % | 65.4 | % | 75.1 | % | 84.2 | % | |||||||||
Nine Months Ended September 30, 2014 | U.S. Insurance | International | Reinsurance | Total | |||||||||||||
Insurance | |||||||||||||||||
Gross premiums written | $ | 998,051 | $ | 483,079 | $ | 888,552 | $ | 2,369,682 | |||||||||
Net premiums written | 746,403 | 285,450 | 862,427 | 1,894,280 | |||||||||||||
Net premiums earned | 651,480 | 271,557 | 686,232 | 1,609,269 | |||||||||||||
Net losses and loss expenses | (440,491 | ) | (115,299 | ) | (370,441 | ) | (926,231 | ) | |||||||||
Acquisition costs | (88,311 | ) | (835 | ) | (125,258 | ) | (214,404 | ) | |||||||||
General and administrative expenses | (125,760 | ) | (82,164 | ) | (56,898 | ) | (264,822 | ) | |||||||||
Underwriting (loss) income | (3,082 | ) | 73,259 | 133,635 | 203,812 | ||||||||||||
Other insurance-related income | 1,032 | — | — | 1,032 | |||||||||||||
Other insurance-related expenses | (1,270 | ) | (5,305 | ) | — | (6,575 | ) | ||||||||||
Segment (loss) income | $ | (3,320 | ) | $ | 67,954 | $ | 133,635 | $ | 198,269 | ||||||||
Net investment income | 127,824 | ||||||||||||||||
Net realized investment gains | 104,286 | ||||||||||||||||
Amortization of intangible assets | (1,900 | ) | |||||||||||||||
Interest expense | (43,451 | ) | |||||||||||||||
Foreign exchange loss | (978 | ) | |||||||||||||||
Income before income taxes | $ | 384,050 | |||||||||||||||
Loss and loss expense ratio | 67.6 | % | 42.5 | % | 54 | % | 57.6 | % | |||||||||
Acquisition cost ratio | 13.6 | % | 0.3 | % | 18.3 | % | 13.3 | % | |||||||||
General and administrative expense ratio | 19.3 | % | 30.3 | % | 8.3 | % | 16.5 | % | |||||||||
Expense ratio | 32.9 | % | 30.6 | % | 26.6 | % | 29.8 | % | |||||||||
Combined ratio | 100.5 | % | 73.1 | % | 80.6 | % | 87.4 | % | |||||||||
Nine Months Ended September 30, 2013 | U.S. Insurance | International | Reinsurance | Total | |||||||||||||
Insurance | |||||||||||||||||
Gross premiums written | $ | 872,024 | $ | 453,990 | $ | 857,160 | $ | 2,183,174 | |||||||||
Net premiums written | 652,464 | 259,771 | 817,116 | 1,729,351 | |||||||||||||
Net premiums earned | 593,477 | 258,809 | 628,986 | 1,481,272 | |||||||||||||
Net losses and loss expenses | (398,910 | ) | (90,997 | ) | (317,369 | ) | (807,276 | ) | |||||||||
Acquisition costs | (78,824 | ) | 1,489 | (109,081 | ) | (186,416 | ) | ||||||||||
General and administrative expenses | (119,514 | ) | (75,374 | ) | (56,930 | ) | (251,818 | ) | |||||||||
Underwriting (loss) income | (3,771 | ) | 93,927 | 145,606 | 235,762 | ||||||||||||
Other insurance-related income | — | — | — | — | |||||||||||||
Other insurance-related expenses | — | — | — | — | |||||||||||||
Segment (loss) income | $ | (3,771 | ) | $ | 93,927 | $ | 145,606 | $ | 235,762 | ||||||||
Net investment income | 110,294 | ||||||||||||||||
Net realized investment losses | (8,074 | ) | |||||||||||||||
Amortization of intangible assets | (1,900 | ) | |||||||||||||||
Interest expense | (42,416 | ) | |||||||||||||||
Foreign exchange loss | (7,361 | ) | |||||||||||||||
Income before income taxes | $ | 286,305 | |||||||||||||||
Loss and loss expense ratio | 67.2 | % | 35.2 | % | 50.5 | % | 54.5 | % | |||||||||
Acquisition cost ratio | 13.3 | % | (0.6 | )% | 17.3 | % | 12.6 | % | |||||||||
General and administrative expense ratio | 20.1 | % | 29.1 | % | 9.1 | % | 17 | % | |||||||||
Expense ratio | 33.4 | % | 28.5 | % | 26.4 | % | 29.6 | % | |||||||||
Combined ratio | 100.6 | % | 63.7 | % | 76.9 | % | 84.1 | % | |||||||||
The following table shows an analysis of the Company’s gross premiums written by geographic location of the Company’s subsidiaries and branches. All intercompany premiums have been eliminated. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
United States | $ | 483,992 | $ | 377,618 | $ | 1,447,652 | $ | 1,296,212 | |||||||||
Bermuda | 109,503 | 111,103 | 525,005 | 550,815 | |||||||||||||
Europe | 64,947 | 52,004 | 245,931 | 198,747 | |||||||||||||
Asia Pacific | 45,070 | 40,168 | 142,798 | 137,400 | |||||||||||||
Canada | 4,372 | — | 8,296 | — | |||||||||||||
Total gross premiums written | $ | 707,884 | $ | 580,893 | $ | 2,369,682 | $ | 2,183,174 | |||||||||
Europe includes gross premiums written attributable to Switzerland of $11,130 and $10,509 for the three months ended September 30, 2014 and 2013, respectively and $65,684 and $57,183 for the nine months ended September 30, 2014 and 2013. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
The Company, in common with the insurance industry in general, is subject to litigation and arbitration in the normal course of its business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of insurance or reinsurance operations. Estimated amounts payable under these proceedings are included in the reserve for losses and loss expenses in the Company’s consolidated balance sheets. As of September 30, 2014, the Company was not a party to any material legal proceedings arising outside the ordinary course of business that management believes will have a material adverse effect on the Company’s results of operations, financial position or cash flow. |
Condensed_Consolidated_Guarant
Condensed Consolidated Guarantor Financial Statements | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidated Guarantor Financial Statements | ' | |||||||||||||||||||
CONDENSED CONSOLIDATED GUARANTOR FINANCIAL STATEMENTS | ||||||||||||||||||||
The following tables present unaudited condensed consolidating financial information as of September 30, 2014 and December 31, 2013 and for the three and nine months ended September 30, 2014 and 2013 for Allied World Switzerland (the “Parent Guarantor”) and Allied World Bermuda (the “Subsidiary Issuer”). The Subsidiary Issuer is a direct, 100%-owned subsidiary of the Parent Guarantor. Investments in subsidiaries are accounted for by the Parent Guarantor under the equity method for purposes of the supplemental consolidating presentation. Earnings of subsidiaries are reflected in the Parent Guarantor’s investment accounts and earnings. The Parent Guarantor fully and unconditionally guarantees the senior notes issued by the Subsidiary Issuer. | ||||||||||||||||||||
Unaudited Condensed Consolidating Balance Sheet: | ||||||||||||||||||||
As of September 30, 2014 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments | $ | — | $ | — | $ | 8,002,514 | $ | — | $ | 8,002,514 | ||||||||||
Cash and cash equivalents | 38,196 | 2,329 | 790,745 | — | 831,270 | |||||||||||||||
Insurance balances receivable | — | — | 926,183 | — | 926,183 | |||||||||||||||
Funds held | — | — | 405,703 | — | 405,703 | |||||||||||||||
Reinsurance recoverable | — | — | 1,349,009 | — | 1,349,009 | |||||||||||||||
Net deferred acquisition costs | — | — | 171,827 | — | 171,827 | |||||||||||||||
Goodwill and intangible assets | — | — | 325,016 | — | 325,016 | |||||||||||||||
Balances receivable on sale of investments | — | — | 60,122 | — | 60,122 | |||||||||||||||
Investments in subsidiaries | 3,644,932 | 4,255,136 | — | (7,900,068 | ) | — | ||||||||||||||
Due from subsidiaries | 18,497 | 407 | 15,508 | (34,412 | ) | — | ||||||||||||||
Other assets | 2,009 | 3,576 | 732,339 | — | 737,924 | |||||||||||||||
Total assets | $ | 3,703,634 | $ | 4,261,448 | $ | 12,778,966 | $ | (7,934,480 | ) | $ | 12,809,568 | |||||||||
LIABILITIES: | ||||||||||||||||||||
Reserve for losses and loss expenses | $ | — | $ | — | $ | 6,052,263 | $ | — | $ | 6,052,263 | ||||||||||
Unearned premiums | — | — | 1,716,927 | — | 1,716,927 | |||||||||||||||
Reinsurance balances payable | — | — | 203,428 | — | 203,428 | |||||||||||||||
Balances due on purchases of investments | — | — | 166,026 | — | 166,026 | |||||||||||||||
Senior notes | — | 798,725 | — | — | 798,725 | |||||||||||||||
Due to subsidiaries | 6,826 | 8,682 | 18,904 | (34,412 | ) | — | ||||||||||||||
Other liabilities | 23,209 | 12,513 | 162,878 | — | 198,600 | |||||||||||||||
Total liabilities | 30,035 | 819,920 | 8,320,426 | (34,412 | ) | 9,135,969 | ||||||||||||||
Total shareholders’ equity | 3,673,599 | 3,441,528 | 4,458,540 | (7,900,068 | ) | 3,673,599 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,703,634 | $ | 4,261,448 | $ | 12,778,966 | $ | (7,934,480 | ) | $ | 12,809,568 | |||||||||
As of December 31, 2013 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments | $ | — | $ | — | $ | 7,712,036 | $ | — | $ | 7,712,036 | ||||||||||
Cash and cash equivalents | 10,790 | 2,775 | 518,371 | — | 531,936 | |||||||||||||||
Insurance balances receivable | — | — | 664,731 | — | 664,731 | |||||||||||||||
Funds held | — | — | 632,430 | — | 632,430 | |||||||||||||||
Reinsurance recoverable | — | — | 1,234,504 | — | 1,234,504 | |||||||||||||||
Net deferred acquisition costs | — | — | 126,661 | — | 126,661 | |||||||||||||||
Goodwill and intangible assets | — | — | 317,207 | — | 317,207 | |||||||||||||||
Balances receivable on sale of investments | — | — | 76,544 | — | 76,544 | |||||||||||||||
Investments in subsidiaries | 3,413,001 | 4,018,619 | — | (7,431,620 | ) | — | ||||||||||||||
Due from subsidiaries | 111,172 | 122,846 | 123,479 | (357,497 | ) | — | ||||||||||||||
Other assets | 1,757 | 4,671 | 643,353 | — | 649,781 | |||||||||||||||
Total assets | $ | 3,536,720 | $ | 4,148,911 | $ | 12,049,316 | $ | (7,789,117 | ) | $ | 11,945,830 | |||||||||
LIABILITIES: | ||||||||||||||||||||
Reserve for losses and loss expenses | $ | — | $ | — | $ | 5,766,529 | $ | — | $ | 5,766,529 | ||||||||||
Unearned premiums | — | — | 1,396,256 | — | 1,396,256 | |||||||||||||||
Reinsurance balances payable | — | — | 173,023 | — | 173,023 | |||||||||||||||
Balances due on purchases of investments | — | — | 104,740 | — | 104,740 | |||||||||||||||
Senior notes | — | 798,499 | — | — | 798,499 | |||||||||||||||
Due to subsidiaries | 12,945 | 110,534 | 234,018 | (357,497 | ) | — | ||||||||||||||
Other liabilities | 3,949 | 17,797 | 165,211 | — | 186,957 | |||||||||||||||
Total liabilities | 16,894 | 926,830 | 7,839,777 | (357,497 | ) | 8,426,004 | ||||||||||||||
Total shareholders’ equity | 3,519,826 | 3,222,081 | 4,209,539 | (7,431,620 | ) | 3,519,826 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,536,720 | $ | 4,148,911 | $ | 12,049,316 | $ | (7,789,117 | ) | $ | 11,945,830 | |||||||||
The investment in subsidiaries and total shareholders' equity balances reported above in the Unaudited Condensed Consolidating Balance Sheet for Allied World Bermuda (Subsidiary Issuer) as of December 31, 2013 were reduced by $776,000 from the previously reported amounts to properly record intercompany dividends as a reduction in the investment in subsidiaries balance due to a miscalculation. Since the intercompany dividends were eliminated in consolidation there was no impact to consolidated total shareholders' equity. | ||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income: | ||||||||||||||||||||
Three Months Ended September 30, 2014 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 541,737 | $ | — | $ | 541,737 | ||||||||||
Net investment income | 2 | — | 43,410 | — | 43,412 | |||||||||||||||
Net realized investment gains (losses) | — | — | (35,136 | ) | — | (35,136 | ) | |||||||||||||
Other income | — | — | 1,032 | — | 1,032 | |||||||||||||||
Net losses and loss expenses | — | — | (336,090 | ) | — | (336,090 | ) | |||||||||||||
Acquisition costs | — | — | (72,403 | ) | — | (72,403 | ) | |||||||||||||
General and administrative expenses | (8,285 | ) | (182 | ) | (79,827 | ) | — | (88,294 | ) | |||||||||||
Other expense | — | — | (6,575 | ) | — | (6,575 | ) | |||||||||||||
Amortization of intangible assets | — | — | (633 | ) | — | (633 | ) | |||||||||||||
Interest expense | — | (13,855 | ) | (470 | ) | — | (14,325 | ) | ||||||||||||
Foreign exchange gain (loss) | 16 | 47 | (341 | ) | — | (278 | ) | |||||||||||||
Income tax (expense) benefit | — | — | (1,532 | ) | — | (1,532 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | 39,182 | 49,491 | — | (88,673 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 30,915 | $ | 35,501 | $ | 53,172 | $ | (88,673 | ) | $ | 30,915 | |||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 30,915 | $ | 35,501 | $ | 53,172 | $ | (88,673 | ) | $ | 30,915 | |||||||||
Three Months Ended September 30, 2013 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 510,773 | $ | — | $ | 510,773 | ||||||||||
Net investment income | 3 | — | 39,268 | — | 39,271 | |||||||||||||||
Net realized investment gains (losses) | — | — | 27,487 | — | 27,487 | |||||||||||||||
Other income | — | — | — | — | — | |||||||||||||||
Net losses and loss expenses | — | — | (276,970 | ) | — | (276,970 | ) | |||||||||||||
Acquisition costs | — | — | (65,114 | ) | — | (65,114 | ) | |||||||||||||
General and administrative expenses | (7,323 | ) | (4,961 | ) | (76,269 | ) | — | (88,553 | ) | |||||||||||
Other expense | — | — | — | — | — | |||||||||||||||
Amortization of intangible assets | — | — | (633 | ) | — | (633 | ) | |||||||||||||
Interest expense | — | (13,838 | ) | (256 | ) | — | (14,094 | ) | ||||||||||||
Foreign exchange gain (loss) | (13 | ) | (212 | ) | (4,128 | ) | — | (4,353 | ) | |||||||||||
Income tax (expense) benefit | — | — | (4,971 | ) | — | (4,971 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | 130,176 | 150,653 | — | (280,829 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 122,843 | $ | 131,642 | $ | 149,187 | $ | (280,829 | ) | $ | 122,843 | |||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 122,843 | $ | 131,642 | $ | 149,187 | $ | (280,829 | ) | $ | 122,843 | |||||||||
Nine Months Ended September 30, 2014 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 1,609,269 | $ | — | $ | 1,609,269 | ||||||||||
Net investment income | 6 | — | 127,818 | — | 127,824 | |||||||||||||||
Net realized investment gains (losses) | — | — | 104,286 | — | 104,286 | |||||||||||||||
Other income | — | — | 1,032 | — | 1,032 | |||||||||||||||
Net losses and loss expenses | — | — | (926,231 | ) | — | (926,231 | ) | |||||||||||||
Acquisition costs | — | — | (214,404 | ) | — | (214,404 | ) | |||||||||||||
General and administrative expenses | (28,012 | ) | (919 | ) | (235,891 | ) | — | (264,822 | ) | |||||||||||
Other expense | — | — | (6,575 | ) | — | (6,575 | ) | |||||||||||||
Amortization of intangible assets | — | — | (1,900 | ) | — | (1,900 | ) | |||||||||||||
Interest expense | — | (41,556 | ) | (1,895 | ) | — | (43,451 | ) | ||||||||||||
Foreign exchange gain (loss) | 12 | 68 | (1,058 | ) | — | (978 | ) | |||||||||||||
Income tax (expense) benefit | (86 | ) | — | (24,214 | ) | — | (24,300 | ) | ||||||||||||
Equity in earnings of consolidated subsidiaries | 387,830 | 419,294 | — | (807,124 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 359,750 | $ | 376,887 | $ | 430,237 | $ | (807,124 | ) | $ | 359,750 | |||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 359,750 | $ | 376,887 | $ | 430,237 | $ | (807,124 | ) | $ | 359,750 | |||||||||
Nine Months Ended September 30, 2013 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 1,481,272 | $ | — | $ | 1,481,272 | ||||||||||
Net investment income | 11 | 4 | 110,279 | — | 110,294 | |||||||||||||||
Net realized investment gains (losses) | — | — | (8,074 | ) | — | (8,074 | ) | |||||||||||||
Other income | — | — | — | — | — | |||||||||||||||
Net losses and loss expenses | — | — | (807,276 | ) | — | (807,276 | ) | |||||||||||||
Acquisition costs | — | — | (186,416 | ) | — | (186,416 | ) | |||||||||||||
General and administrative expenses | (26,875 | ) | (5,873 | ) | (219,070 | ) | — | (251,818 | ) | |||||||||||
Other expense | — | — | — | — | — | |||||||||||||||
Amortization of intangible assets | — | — | (1,900 | ) | — | (1,900 | ) | |||||||||||||
Interest expense | — | (41,503 | ) | (913 | ) | — | (42,416 | ) | ||||||||||||
Foreign exchange gain (loss) | 261 | (935 | ) | (6,687 | ) | — | (7,361 | ) | ||||||||||||
Income tax (expense) benefit | — | — | (6,332 | ) | — | (6,332 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | 306,576 | 353,280 | — | (659,856 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 279,973 | $ | 304,973 | $ | 354,883 | $ | (659,856 | ) | $ | 279,973 | |||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 279,973 | $ | 304,973 | $ | 354,883 | $ | (659,856 | ) | $ | 279,973 | |||||||||
Unaudited Condensed Consolidating Statement of Cash Flows: | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 241,037 | $ | 263,554 | $ | 737,516 | $ | (575,000 | ) | $ | 667,107 | |||||||||
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases trading securities | — | — | (5,608,594 | ) | — | (5,608,594 | ) | |||||||||||||
Purchases of other invested assets | — | — | (242,227 | ) | — | (242,227 | ) | |||||||||||||
Sales of trading securities | — | — | 5,500,176 | — | 5,500,176 | |||||||||||||||
Sales of other invested assets | — | — | 243,123 | — | 243,123 | |||||||||||||||
Other | — | — | (46,620 | ) | — | (46,620 | ) | |||||||||||||
Net cash provided by (used in) investing activities | — | — | (154,142 | ) | — | (154,142 | ) | |||||||||||||
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ||||||||||||||||||||
Dividends paid | (55,064 | ) | — | — | — | (55,064 | ) | |||||||||||||
Intercompany dividends paid | — | (264,000 | ) | (311,000 | ) | 575,000 | — | |||||||||||||
Proceeds from the exercise of stock options | 7,640 | — | — | — | 7,640 | |||||||||||||||
Share repurchases | (166,207 | ) | — | — | — | (166,207 | ) | |||||||||||||
Net cash provided by (used in) financing activities | (213,631 | ) | (264,000 | ) | (311,000 | ) | 575,000 | (213,631 | ) | |||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 27,406 | (446 | ) | 272,374 | — | 299,334 | ||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 10,790 | 2,775 | 518,371 | — | 531,936 | |||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 38,196 | $ | 2,329 | $ | 790,745 | $ | — | $ | 831,270 | ||||||||||
Nine Months Ended September 30, 2013 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ | 177,859 | $ | 226,564 | $ | 431,127 | $ | (503,500 | ) | $ | 332,050 | |||||||||
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of trading securities | — | — | (4,955,817 | ) | — | (4,955,817 | ) | |||||||||||||
Purchases of other invested assets | — | — | (211,501 | ) | — | (211,501 | ) | |||||||||||||
Sales of trading securities | — | — | 5,137,280 | — | 5,137,280 | |||||||||||||||
Sales of other invested assets | — | — | 189,155 | — | 189,155 | |||||||||||||||
Other | — | — | (78,203 | ) | — | (78,203 | ) | |||||||||||||
Net cash provided by (used in) investing activities | — | — | 80,914 | — | 80,914 | |||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ||||||||||||||||||||
Dividends paid - partial par value reduction | (12,981 | ) | — | — | — | (12,981 | ) | |||||||||||||
Dividends paid | (17,117 | ) | — | — | — | (17,117 | ) | |||||||||||||
Intercompany dividends paid | — | (229,500 | ) | (274,000 | ) | 503,500 | — | |||||||||||||
Proceeds from the exercise of stock options | 8,465 | — | — | — | 8,465 | |||||||||||||||
Share repurchases | (120,163 | ) | — | — | — | (120,163 | ) | |||||||||||||
Net cash provided by (used in) financing activities | (141,796 | ) | (229,500 | ) | (274,000 | ) | 503,500 | (141,796 | ) | |||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 36,063 | (2,936 | ) | 238,041 | — | 271,168 | ||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 19,997 | 11,324 | 650,558 | — | 681,879 | |||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 56,060 | $ | 8,388 | $ | 888,599 | $ | — | $ | 953,047 | ||||||||||
Notes to Parent Company Condensed Financial Information | ||||||||||||||||||||
a) Dividends | ||||||||||||||||||||
Allied World Switzerland received cash dividends from its subsidiaries of $264,000 and $229,500 for the nine months ended September 30, 2014 and 2013, respectively. Such dividends are included in “cash flows provided by (used in) operating activities” in the unaudited condensed consolidating cash flows. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
On October 2, 2014, the Company paid a quarterly dividend of $0.225 per share to shareholders of record on September 23, 2014. | |
In October 2014, the Company, through its subsidiary Allied World Financial Services, Inc., acquired a minority interest in Blue Vista Capital Management, LLC ("Blue Vista"). Blue Vista invests across real estate asset classes and capital structures through limited partnerships and separate accounts. As part of the acquisition, the Company has agreed to invest $225,000 to various funds managed by Blue Vista over the next several years. | |
Effective December 31, 2014, the Company will reorganize how it manages its business, and as a result it will realign its executive management team and change its reportable segments to correspond to the reorganization. The Company's Bermuda direct insurance operations, which had previously been included in the international insurance segment, will now be combined with the U.S. insurance segment and renamed North American Insurance. The remaining direct insurance operations of the international insurance segment will be renamed Global Markets Insurance. The reinsurance segment will remain unchanged. The newly created segments will be presented in the Company's financial statements beginning with the period ended December 31, 2014 and prior periods will be recast to conform to the new presentation. |
Basis_of_Preparation_and_Conso1
Basis of Preparation and Consolidation (Policies) | 9 Months Ended | |
Sep. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of accounting | ' | |
Intercompany accounts and transactions have been eliminated on consolidation and all entities meeting consolidation requirements have been included in the unaudited condensed consolidated financial statements. | ||
These unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments that are normal and recurring in nature and necessary for a fair presentation of financial position and results of operations as of the end of and for the periods presented. The results of operations for any interim period are not necessarily indicative of the results for a full year. | ||
Use of estimates | ' | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates reflected in the Company’s financial statements, include, but are not limited to: | ||
• | The premium estimates for certain reinsurance agreements, | |
• | Recoverability of deferred acquisition costs, | |
• | The reserve for outstanding losses and loss expenses, | |
• | Valuation of ceded reinsurance recoverables, | |
• | Determination of impairment of goodwill and other intangible assets, and | |
• | Valuation of financial instruments. |
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||
Schedule of trading securities | ' | |||||||||||||||||||||
Securities accounted for at fair value with changes in fair value recognized in the unaudited condensed consolidated statements of operations and comprehensive income (“consolidated income statements”) by category are as follows: | ||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||
Fair Value | Amortized Cost | Fair Value | Amortized Cost | |||||||||||||||||||
U.S. Government and Government agencies | $ | 1,184,115 | $ | 1,186,185 | $ | 1,676,788 | $ | 1,684,832 | ||||||||||||||
Non-U.S. Government and Government agencies | 219,287 | 229,792 | 191,776 | 197,082 | ||||||||||||||||||
States, municipalities and political subdivisions | 260,690 | 251,628 | 231,555 | 234,406 | ||||||||||||||||||
Corporate debt: | ||||||||||||||||||||||
Financial institutions | 1,194,949 | 1,185,637 | 958,794 | 943,518 | ||||||||||||||||||
Industrials | 1,202,906 | 1,201,341 | 1,174,047 | 1,165,448 | ||||||||||||||||||
Utilities | 125,513 | 125,202 | 69,426 | 69,658 | ||||||||||||||||||
Mortgage-backed | 1,240,362 | 1,196,683 | 1,292,502 | 1,267,863 | ||||||||||||||||||
Asset-backed | 700,415 | 698,284 | 505,910 | 502,543 | ||||||||||||||||||
Total fixed maturity investments | $ | 6,128,237 | $ | 6,074,752 | $ | 6,100,798 | $ | 6,065,350 | ||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||
Fair Value | Original Cost | Fair Value | Original Cost | |||||||||||||||||||
Equity securities | $ | 945,076 | $ | 901,300 | $ | 699,846 | $ | 647,301 | ||||||||||||||
Other invested assets | 806,124 | 701,794 | 764,081 | 658,683 | ||||||||||||||||||
$ | 1,751,200 | $ | 1,603,094 | $ | 1,463,927 | $ | 1,305,984 | |||||||||||||||
Schedule of other invested assets | ' | |||||||||||||||||||||
Details regarding the carrying value, redemption characteristics and unfunded investment commitments of the other invested assets portfolio as of September 30, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||
Investment Type | Carrying Value as of September 30, 2014 | Investments | Estimated | Investments | Redemption | Redemption | Unfunded | |||||||||||||||
with | Remaining | without | Frequency(1) | Notice | Commitments | |||||||||||||||||
Redemption | Restriction | Redemption | Period(1) | |||||||||||||||||||
Restrictions | Period | Restrictions | ||||||||||||||||||||
Private equity | $ | 179,196 | $ | 179,196 | 2 - 9 Years | $ | — | $ | 223,030 | |||||||||||||
Mezzanine debt | 114,399 | 114,399 | 5 - 9 Years | — | 251,486 | |||||||||||||||||
Distressed | 9,516 | 9,516 | 4 Years | — | 5,119 | |||||||||||||||||
Total private equity | 303,111 | 303,111 | — | 479,635 | ||||||||||||||||||
Distressed | 173,111 | 173,111 | 1 Year | — | — | |||||||||||||||||
Equity long/short | 111,627 | 86,721 | 1 Year | 24,906 | Quarterly | 30 -60 Days | — | |||||||||||||||
Multi-strategy | 81,576 | — | 81,576 | Quarterly | 45 -90 Days | — | ||||||||||||||||
Relative value credit | 105,155 | — | 105,155 | Quarterly | 60 Days | — | ||||||||||||||||
Total hedge funds | 471,469 | 259,832 | 211,637 | — | ||||||||||||||||||
High yield loan fund | 31,544 | — | 31,544 | Monthly | 30 days | — | ||||||||||||||||
Total other invested assets at fair value | 806,124 | 562,943 | 243,181 | 479,635 | ||||||||||||||||||
Other private securities | 123,077 | — | 123,077 | — | ||||||||||||||||||
Total other invested assets | $ | 929,201 | $ | 562,943 | $ | 366,258 | $ | 479,635 | ||||||||||||||
Investment Type | Carrying Value as of December 31, 2013 | Investments | Estimated | Investments | Redemption | Redemption | Unfunded | |||||||||||||||
with | Remaining | without | Frequency(1) | Notice | Commitments | |||||||||||||||||
Redemption | Restriction | Redemption | Period(1) | |||||||||||||||||||
Restrictions | Period | Restrictions | ||||||||||||||||||||
Private equity | $ | 144,422 | $ | 144,422 | 2 - 9 Years | $ | — | $ | 263,519 | |||||||||||||
Mezzanine debt | 64,627 | 64,627 | 8 - 9 Years | — | 198,756 | |||||||||||||||||
Distressed | 7,776 | 7,776 | 4 Years | — | 5,249 | |||||||||||||||||
Total private equity | 216,825 | 216,825 | — | 467,524 | ||||||||||||||||||
Distressed | 151,227 | 151,227 | 1 - 2 Years | — | — | |||||||||||||||||
Equity long/short | 99,365 | — | 99,365 | Quarterly | 30 -60 Days | — | ||||||||||||||||
Multi-strategy | 136,958 | — | 136,958 | Quarterly | 45 -90 Days | — | ||||||||||||||||
Event driven | 14,018 | — | 14,018 | Annual | 60 Days | — | ||||||||||||||||
Relative value credit | 113,730 | — | 113,730 | Quarterly | 60 Days | — | ||||||||||||||||
Total hedge funds | 515,298 | 151,227 | 364,071 | — | ||||||||||||||||||
High yield loan fund | 31,958 | — | 31,958 | Monthly | 30 days | — | ||||||||||||||||
Total other invested assets at fair value | 764,081 | 368,052 | 396,029 | 467,524 | ||||||||||||||||||
Other private securities | 147,311 | — | 147,311 | — | ||||||||||||||||||
Total other invested assets | $ | 911,392 | $ | 368,052 | $ | 543,340 | $ | 467,524 | ||||||||||||||
_______________________ | ||||||||||||||||||||||
-1 | The redemption frequency and notice periods only apply to the investments without redemption restrictions. Some or all of these investments may be subject to a gate as described below. | |||||||||||||||||||||
Schedule of net investment income | ' | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Fixed maturity investments | $ | 38,762 | $ | 31,179 | $ | 110,998 | $ | 96,366 | ||||||||||||||
Equity securities | 3,711 | 6,110 | 12,876 | 13,718 | ||||||||||||||||||
Other invested assets: hedge funds and private equity | 2,249 | 3,812 | 8,767 | 6,001 | ||||||||||||||||||
Other invested assets: other private securities | 3,292 | 1,997 | 7,291 | 5,115 | ||||||||||||||||||
Cash and cash equivalents | 552 | 302 | 1,562 | 1,319 | ||||||||||||||||||
Expenses | (5,154 | ) | (4,129 | ) | (13,670 | ) | (12,225 | ) | ||||||||||||||
Net investment income | $ | 43,412 | $ | 39,271 | $ | 127,824 | $ | 110,294 | ||||||||||||||
Components of realized gains and losses | ' | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Gross realized gains on sale of invested assets | $ | 28,773 | $ | 51,915 | $ | 146,780 | $ | 154,387 | ||||||||||||||
Gross realized losses on sale of invested assets | (9,955 | ) | (40,770 | ) | (26,228 | ) | (82,812 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on derivatives | 2,171 | (4,169 | ) | (24,469 | ) | 3,392 | ||||||||||||||||
Mark-to-market (losses) gains: | ||||||||||||||||||||||
Fixed maturity investments, trading | (40,843 | ) | 30,383 | 18,039 | (101,205 | ) | ||||||||||||||||
Equity securities, trading | (8,479 | ) | (17,198 | ) | (8,768 | ) | (18,555 | ) | ||||||||||||||
Other invested assets, trading | (6,803 | ) | 7,326 | (1,068 | ) | 36,719 | ||||||||||||||||
Net realized investment (losses) gains | $ | (35,136 | ) | $ | 27,487 | $ | 104,286 | $ | (8,074 | ) | ||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Location and amounts of derivative fair values on the unaudited condensed consolidated balance sheets | ' | |||||||||||||||||||||||||||||||
The following table summarizes information on the location and amounts of derivative fair values on the unaudited condensed consolidated balance sheets (“consolidated balance sheets”): | ||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Asset | Asset | Liability | Liability | Asset | Asset | Liability | Liability | |||||||||||||||||||||||||
Derivative | Derivative | Derivative | Derivative | Derivative | Derivative | Derivative | Derivative | |||||||||||||||||||||||||
Notional | Fair Value | Notional | Fair Value | Notional | Fair Value | Notional | Fair Value | |||||||||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 38,940 | $ | 814 | $ | 2,355 | $ | 22 | $ | 294,788 | $ | 6,254 | $ | 122,439 | $ | 1,176 | ||||||||||||||||
Interest rate swaps | 565,600 | 414 | — | — | 491,400 | 6,829 | 40,000 | 4,214 | ||||||||||||||||||||||||
Total derivatives | $ | 604,540 | $ | 1,228 | $ | 2,355 | $ | 22 | $ | 786,188 | $ | 13,083 | $ | 162,439 | $ | 5,390 | ||||||||||||||||
Unrealized and realized gains (losses) on derivatives recorded in the unaudited condensed consolidated income statements | ' | |||||||||||||||||||||||||||||||
The following table provides the net realized and unrealized gains (losses) on derivatives not designated as hedges recorded on the consolidated income statements: | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 1,886 | $ | (2,336 | ) | $ | (580 | ) | $ | (1,091 | ) | |||||||||||||||||||||
Total included in foreign exchange loss | 1,886 | (2,336 | ) | (580 | ) | (1,091 | ) | |||||||||||||||||||||||||
Put options | — | — | — | (3,822 | ) | |||||||||||||||||||||||||||
Foreign exchange contracts | 1,701 | (4,164 | ) | 857 | 1,925 | |||||||||||||||||||||||||||
Interest rate futures and swaps | 470 | (5 | ) | (25,325 | ) | 5,289 | ||||||||||||||||||||||||||
Total included in net realized investment gains (losses) | 2,171 | (4,169 | ) | (24,468 | ) | 3,392 | ||||||||||||||||||||||||||
Total realized and unrealized gains (losses) on derivatives | $ | 4,057 | $ | (6,505 | ) | $ | (25,048 | ) | $ | 2,301 | ||||||||||||||||||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair value hierarchy and related disclosures | ' | ||||||||||||||||||||
The following table shows the fair value of the Company’s financial instruments and where in the fair value hierarchy the fair value measurements are included as of the dates indicated below: | |||||||||||||||||||||
September 30, 2014 | Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | Fair Value | ||||||||||||||||||||
Fixed maturity investments: | |||||||||||||||||||||
U.S. Government and Government agencies | $ | 1,184,115 | $ | 1,184,115 | $ | 998,487 | $ | 185,628 | $ | — | |||||||||||
Non-U.S. Government and Government agencies | 219,287 | 219,287 | — | 219,287 | — | ||||||||||||||||
States, municipalities and political subdivisions | 260,690 | 260,690 | — | 260,690 | — | ||||||||||||||||
Corporate debt | 2,523,368 | 2,523,368 | — | 2,523,368 | — | ||||||||||||||||
Mortgage-backed | 1,240,362 | 1,240,362 | — | 1,120,454 | 119,908 | ||||||||||||||||
Asset-backed | 700,415 | 700,415 | — | 609,045 | 91,370 | ||||||||||||||||
Total fixed maturity investments | 6,128,237 | 6,128,237 | 998,487 | 4,918,472 | 211,278 | ||||||||||||||||
Equity securities | 945,076 | 945,076 | 907,041 | — | 38,035 | ||||||||||||||||
Other invested assets | 806,124 | 806,124 | — | — | 806,124 | ||||||||||||||||
Total investments | $ | 7,879,437 | $ | 7,879,437 | $ | 1,905,528 | $ | 4,918,472 | $ | 1,055,437 | |||||||||||
Derivative assets: | |||||||||||||||||||||
Foreign exchange contracts | $ | 814 | $ | 814 | $ | — | $ | 814 | $ | — | |||||||||||
Interest rate swaps | 414 | 414 | — | 414 | — | ||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||
Foreign exchange contracts | $ | 22 | $ | 22 | $ | — | $ | 22 | $ | — | |||||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||||
Senior notes | $ | 798,725 | $ | 888,370 | $ | — | $ | 888,370 | $ | — | |||||||||||
December 31, 2013 | Carrying | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | Fair Value | ||||||||||||||||||||
Fixed maturity investments: | |||||||||||||||||||||
U.S. Government and Government agencies | $ | 1,676,788 | $ | 1,676,788 | $ | 1,370,088 | $ | 306,700 | $ | — | |||||||||||
Non-U.S. Government and Government agencies | 191,776 | 191,776 | — | 191,776 | — | ||||||||||||||||
States, municipalities and political subdivisions | 231,555 | 231,555 | — | 231,555 | — | ||||||||||||||||
Corporate debt | 2,202,267 | 2,202,267 | — | 2,202,267 | — | ||||||||||||||||
Mortgage-backed | 1,292,502 | 1,292,502 | — | 1,145,164 | 147,338 | ||||||||||||||||
Asset-backed | 505,910 | 505,910 | — | 412,497 | 93,413 | ||||||||||||||||
Total fixed maturity investments | 6,100,798 | 6,100,798 | 1,370,088 | 4,489,959 | 240,751 | ||||||||||||||||
Equity securities | 699,846 | 699,846 | 625,942 | — | 73,904 | ||||||||||||||||
Other invested assets | 764,081 | 764,081 | — | — | 764,081 | ||||||||||||||||
Total investments | $ | 7,564,725 | $ | 7,564,725 | $ | 1,996,030 | $ | 4,489,959 | $ | 1,078,736 | |||||||||||
Derivative assets: | |||||||||||||||||||||
Foreign exchange contracts | $ | 6,254 | $ | 6,254 | $ | — | $ | 6,254 | $ | — | |||||||||||
Interest rate swaps | 6,829 | 6,829 | — | 6,829 | — | ||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||
Foreign exchange contracts | $ | 1,176 | $ | 1,176 | $ | — | $ | 1,176 | $ | — | |||||||||||
Interest rate swaps | $ | 4,214 | $ | 4,214 | $ | — | $ | 4,214 | $ | — | |||||||||||
Senior notes | $ | 798,499 | $ | 897,601 | $ | — | $ | 897,601 | $ | — | |||||||||||
Fair value measurements using significant unobservable inputs (Level 3) | ' | ||||||||||||||||||||
The following is a reconciliation of the beginning and ending balance of financial instruments using significant unobservable inputs (Level 3): | |||||||||||||||||||||
Three Months Ended September 30, 2014 | Other invested | Mortgage-backed | Asset-backed | Equities | |||||||||||||||||
assets | |||||||||||||||||||||
Opening balance | $ | 804,505 | $ | 146,801 | $ | 71,232 | $ | 34,863 | |||||||||||||
Realized and unrealized gains (losses) included in net income | 6,797 | (882 | ) | (253 | ) | 3,172 | |||||||||||||||
Purchases | 78,629 | 16,311 | 18,021 | — | |||||||||||||||||
Sales | (83,807 | ) | (28,761 | ) | (9,970 | ) | — | ||||||||||||||
Transfers into Level 3 from Level 2 | — | 1,628 | 17,863 | — | |||||||||||||||||
Transfers out of Level 3 into Level 2 (1) | — | (15,189 | ) | (5,523 | ) | — | |||||||||||||||
Ending balance | $ | 806,124 | $ | 119,908 | $ | 91,370 | $ | 38,035 | |||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
Opening balance | $ | 714,391 | $ | 198,003 | $ | 61,285 | $ | 53,499 | |||||||||||||
Realized and unrealized gains (losses) included in net income | 9,403 | 464 | (313 | ) | 3,972 | ||||||||||||||||
Purchases | 67,554 | 69,775 | 16,969 | 10,000 | |||||||||||||||||
Sales | (24,277 | ) | (79,001 | ) | (1,302 | ) | — | ||||||||||||||
Transfers into Level 3 from Level 2 | — | 13 | 3,394 | — | |||||||||||||||||
Transfers out of Level 3 into Level 2 (1) | — | — | — | — | |||||||||||||||||
Ending balance | $ | 767,071 | $ | 189,254 | $ | 80,033 | $ | 67,471 | |||||||||||||
Nine Months Ended September 30, 2014 | Other invested | Mortgage-backed | Asset-backed | Equities | |||||||||||||||||
assets | |||||||||||||||||||||
Opening balance | $ | 764,081 | $ | 147,338 | $ | 93,413 | $ | 73,904 | |||||||||||||
Realized and unrealized gains (losses) included in net income | 51,921 | 3,654 | (659 | ) | (6,572 | ) | |||||||||||||||
Purchases | 267,549 | 34,187 | 35,526 | — | |||||||||||||||||
Sales | (277,427 | ) | (65,038 | ) | (19,871 | ) | (29,297 | ) | |||||||||||||
Transfers into Level 3 from Level 2 | — | 1,253 | 13,923 | — | |||||||||||||||||
Transfers out of Level 3 into Level 2 (1) | — | (1,486 | ) | (30,962 | ) | — | |||||||||||||||
Ending balance | $ | 806,124 | $ | 119,908 | $ | 91,370 | $ | 38,035 | |||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Opening balance | $ | 655,888 | $ | 167,825 | $ | 62,246 | $ | 54,680 | |||||||||||||
Realized and unrealized gains (losses) included in net income | 53,365 | (5,910 | ) | (791 | ) | 2,791 | |||||||||||||||
Purchases | 237,506 | 102,369 | 42,956 | 10,000 | |||||||||||||||||
Sales | (179,688 | ) | (69,968 | ) | (26,728 | ) | — | ||||||||||||||
Transfers into Level 3 from Level 2 | — | 5,073 | 2,350 | — | |||||||||||||||||
Transfers out of Level 3 into Level 2 (1) | — | (10,135 | ) | — | — | ||||||||||||||||
Ending balance | $ | 767,071 | $ | 189,254 | $ | 80,033 | $ | 67,471 | |||||||||||||
_______________________ | |||||||||||||||||||||
-1 | Transfers out of Level 3 are primarily attributable to the availability of market observable information. |
Reserve_For_Losses_And_Loss_Ex1
Reserve For Losses And Loss Expenses (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Insurance Loss Reserves [Abstract] | ' | |||||||||||||||
Components of liabilty for unpaid losses and loss expenses | ' | |||||||||||||||
The reserve for losses and loss expenses consists of the following: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Outstanding loss reserves | $ | 1,585,900 | $ | 1,520,867 | ||||||||||||
Reserves for losses incurred but not reported | 4,466,363 | 4,245,662 | ||||||||||||||
Reserve for losses and loss expenses | $ | 6,052,263 | $ | 5,766,529 | ||||||||||||
Reconciliation of beginning and ending liability for unpaid losses and loss expenses | ' | |||||||||||||||
The table below is a reconciliation of the beginning and ending liability for unpaid losses and loss expenses. Losses incurred and paid are reflected net of reinsurance recoverables. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross liability at beginning of period | $ | 5,935,678 | $ | 5,696,865 | $ | 5,766,529 | $ | 5,645,549 | ||||||||
Reinsurance recoverable at beginning of period | (1,301,742 | ) | (1,179,525 | ) | (1,234,504 | ) | (1,141,110 | ) | ||||||||
Net liability at beginning of period | 4,633,936 | 4,517,340 | 4,532,025 | 4,504,439 | ||||||||||||
Net losses incurred related to: | ||||||||||||||||
Current year | 382,970 | 338,420 | 1,067,111 | 961,224 | ||||||||||||
Prior years | (46,880 | ) | (61,450 | ) | (140,880 | ) | (153,948 | ) | ||||||||
Total incurred | 336,090 | 276,970 | 926,231 | 807,276 | ||||||||||||
Net paid losses related to: | ||||||||||||||||
Current year | 53,596 | 30,399 | 80,401 | 54,983 | ||||||||||||
Prior years | 202,626 | 213,252 | 666,555 | 696,137 | ||||||||||||
Total paid | 256,222 | 243,651 | 746,956 | 751,120 | ||||||||||||
Foreign exchange revaluation | (10,550 | ) | 4,088 | (8,046 | ) | (5,848 | ) | |||||||||
Net liability at end of period | 4,703,254 | 4,554,747 | 4,703,254 | 4,554,747 | ||||||||||||
Reinsurance recoverable at end of period | 1,349,009 | 1,226,034 | 1,349,009 | 1,226,034 | ||||||||||||
Gross liability at end of period | $ | 6,052,263 | $ | 5,780,781 | $ | 6,052,263 | $ | 5,780,781 | ||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Issued share capital | ' | |||||||||||||||
The issued share capital consists of the following: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Common shares issued and fully paid, 2014: CHF 4.10 per share; 2013: CHF 4.10 per share | 100,775,256 | 103,477,452 | ||||||||||||||
Share capital at end of period | $ | 407,990 | $ | 418,988 | ||||||||||||
Schedule of common stock outstanding roll forward | ' | |||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
Shares issued at beginning of period | 103,477,452 | |||||||||||||||
Shares cancelled | (2,702,196 | ) | ||||||||||||||
Total shares issued at end of period | 100,775,256 | |||||||||||||||
Treasury shares issued at beginning of period | 3,223,806 | |||||||||||||||
Shares repurchased | 4,616,543 | |||||||||||||||
Shares issued out of treasury | (745,135 | ) | ||||||||||||||
Shares cancelled | (2,702,196 | ) | ||||||||||||||
Total treasury shares at end of period | 4,393,018 | |||||||||||||||
Total shares outstanding at end of period | 96,382,238 | |||||||||||||||
Dividends paid | ' | |||||||||||||||
The Company paid the following dividends during the nine months ended September 30, 2014: | ||||||||||||||||
Dividend Paid | Dividend | Total | ||||||||||||||
Per | Amount | |||||||||||||||
Share | Paid | |||||||||||||||
2-Jan-14 | $ | 0.167 | $ | 16,732 | ||||||||||||
3-Apr-14 | $ | 0.167 | $ | 16,495 | ||||||||||||
2-Jul-14 | $ | 0.225 | $ | 21,870 | ||||||||||||
Share repurchases | ' | |||||||||||||||
The Company’s share repurchases were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Common shares repurchased | 654,851 | 1,282,164 | 4,616,543 | 4,103,499 | ||||||||||||
Total cost of shares repurchased | $ | 24,996 | $ | 40,574 | $ | 164,528 | $ | 123,145 | ||||||||
Average price per share | $ | 38.17 | $ | 31.64 | $ | 35.64 | $ | 30.01 | ||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||||
Schedule of stock-related compensation expense | ' | |||||||||||||||
The following table shows the total stock-related compensation expense relating to the stock options, RSUs and cash equivalent awards. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock options | $ | 424 | $ | 647 | $ | 1,564 | $ | 2,662 | ||||||||
RSUs and performance-based equity awards | 2,767 | 2,070 | 9,258 | 6,621 | ||||||||||||
Cash-equivalent stock awards | 8,433 | 13,699 | 25,930 | 34,666 | ||||||||||||
Total | $ | 11,624 | $ | 16,416 | $ | 36,752 | $ | 43,949 | ||||||||
Rsus Other Than Performance Based Rsus [Member] | ' | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||||
Schedule of activity of stock awards | ' | |||||||||||||||
The activity related to the Company’s RSUs awards is as follows: | ||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
Number of Awards | Weighted | |||||||||||||||
Average | ||||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
Outstanding at beginning of period | 143,697 | $ | 21.69 | |||||||||||||
RSUs granted | 454,176 | 33.56 | ||||||||||||||
RSUs forfeited | (8,061 | ) | (31.71 | ) | ||||||||||||
RSUs fully vested | (77,700 | ) | (21.68 | ) | ||||||||||||
Outstanding at end of period | 512,112 | $ | 32.06 | |||||||||||||
Performance Based Rsus [Member] | ' | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||||
Schedule of activity of stock awards | ' | |||||||||||||||
The activity related to the Company’s performance-based equity awards is as follows: | ||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
Number of Awards | Weighted | |||||||||||||||
Average | ||||||||||||||||
Grant Date | ||||||||||||||||
Fair Value | ||||||||||||||||
Outstanding at beginning of period | 804,519 | $ | 23.21 | |||||||||||||
Performance-based equity awards granted | 166,302 | 33.56 | ||||||||||||||
Additional awards granted due to achievement of performance criteria | 104,895 | 20.5 | ||||||||||||||
Performance-based equity awards forfeited | (1,848 | ) | (25.28 | ) | ||||||||||||
Performance-based equity awards fully vested | (454,440 | ) | (20.50 | ) | ||||||||||||
Outstanding at end of period | 619,428 | $ | 27.51 | |||||||||||||
Cash-equivalent stock awards [Member] | ' | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||||
Schedule of activity of cash equivalent awards | ' | |||||||||||||||
The activity related to the Company's cash-equivalent RSUs and performance-based awards is as follows: | ||||||||||||||||
RSU's | Performance-based Awards | |||||||||||||||
Nine Months Ended September 30, 2014 | Number of Awards | Weighted Average Grant Date Fair Value | Number of Awards | Weighted Average Grant Date Fair Value | ||||||||||||
Outstanding at beginning of period | 2,049,084 | $ | 24.69 | 1,031,961 | 23.67 | |||||||||||
Granted | 438,162 | 33.56 | 249,438 | 33.56 | ||||||||||||
Additional awards granted due to achievement of performance criteria | — | — | 104,895 | 20.5 | ||||||||||||
Forfeited | (50,106 | ) | (26.75 | ) | (2,769 | ) | (25.28 | ) | ||||||||
Fully vested | (752,668 | ) | (22.51 | ) | (454,440 | ) | (20.50 | ) | ||||||||
Outstanding at end of period | 1,684,472 | $ | 27.98 | 929,085 | $ | 27.51 | ||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Comparison Of Basic And Diluted Earnings Per Share | ' | |||||||||||||||
The following table sets forth the comparison of basic and diluted earnings per share: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic earnings per share: | ||||||||||||||||
Net income | $ | 30,915 | $ | 122,843 | $ | 359,750 | $ | 279,973 | ||||||||
Weighted average common shares outstanding | 96,458,231 | 101,974,077 | 97,926,378 | 103,020,681 | ||||||||||||
Basic earnings per share | $ | 0.32 | $ | 1.2 | $ | 3.67 | $ | 2.72 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Diluted earnings per share: | ||||||||||||||||
Net income | $ | 30,915 | $ | 122,843 | $ | 359,750 | $ | 279,973 | ||||||||
Weighted average common shares outstanding | 96,458,231 | 101,974,077 | 97,926,378 | 103,020,681 | ||||||||||||
Share equivalents: | ||||||||||||||||
Stock options | 1,430,243 | 1,500,342 | 1,449,641 | 1,492,374 | ||||||||||||
RSUs and performance-based equity awards | 541,711 | 708,399 | 575,675 | 877,107 | ||||||||||||
Employee share purchase plan | 14,053 | 1,761 | 13,602 | 3,114 | ||||||||||||
Weighted average common shares and common share equivalents outstanding - diluted | 98,444,238 | 104,184,579 | 99,965,296 | 105,393,276 | ||||||||||||
Diluted earnings per share | $ | 0.31 | $ | 1.18 | $ | 3.6 | $ | 2.66 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summary of segment results | ' | ||||||||||||||||
The following tables provide a summary of the segment results: | |||||||||||||||||
Three Months Ended September 30, 2014 | U.S. Insurance | International | Reinsurance | Total | |||||||||||||
Insurance | |||||||||||||||||
Gross premiums written | $ | 386,681 | $ | 144,236 | $ | 176,967 | $ | 707,884 | |||||||||
Net premiums written | 321,713 | 87,820 | 159,209 | 568,742 | |||||||||||||
Net premiums earned | 224,764 | 94,013 | 222,960 | 541,737 | |||||||||||||
Net losses and loss expenses | (153,010 | ) | (55,814 | ) | (127,266 | ) | (336,090 | ) | |||||||||
Acquisition costs | (31,131 | ) | (1,209 | ) | (40,063 | ) | (72,403 | ) | |||||||||
General and administrative expenses | (41,730 | ) | (27,993 | ) | (18,571 | ) | (88,294 | ) | |||||||||
Underwriting (loss) income | (1,107 | ) | 8,997 | 37,060 | 44,950 | ||||||||||||
Other insurance-related income | 1,032 | — | — | 1,032 | |||||||||||||
Other insurance-related expenses | (1,270 | ) | (5,305 | ) | — | (6,575 | ) | ||||||||||
Segment (loss) income | $ | (1,345 | ) | $ | 3,692 | $ | 37,060 | $ | 39,407 | ||||||||
Net investment income | 43,412 | ||||||||||||||||
Net realized investment losses | (35,136 | ) | |||||||||||||||
Amortization of intangible assets | (633 | ) | |||||||||||||||
Interest expense | (14,325 | ) | |||||||||||||||
Foreign exchange loss | (278 | ) | |||||||||||||||
Income before income taxes | $ | 32,447 | |||||||||||||||
Loss and loss expense ratio | 68.1 | % | 59.4 | % | 57.1 | % | 62 | % | |||||||||
Acquisition cost ratio | 13.9 | % | 1.3 | % | 18 | % | 13.4 | % | |||||||||
General and administrative expense ratio | 18.6 | % | 29.8 | % | 8.3 | % | 16.3 | % | |||||||||
Expense ratio | 32.5 | % | 31.1 | % | 26.3 | % | 29.7 | % | |||||||||
Combined ratio | 100.6 | % | 90.5 | % | 83.4 | % | 91.7 | % | |||||||||
Three Months Ended September 30, 2013 | U.S. Insurance | International | Reinsurance | Total | |||||||||||||
Insurance | |||||||||||||||||
Gross premiums written | $ | 308,709 | $ | 132,881 | $ | 139,303 | $ | 580,893 | |||||||||
Net premiums written | 238,792 | 75,632 | 138,653 | 453,077 | |||||||||||||
Net premiums earned | 207,602 | 87,554 | 215,617 | 510,773 | |||||||||||||
Net losses and loss expenses | (141,222 | ) | (31,094 | ) | (104,654 | ) | (276,970 | ) | |||||||||
Acquisition costs | (28,426 | ) | 282 | (36,970 | ) | (65,114 | ) | ||||||||||
General and administrative expenses | (41,616 | ) | (26,450 | ) | (20,487 | ) | (88,553 | ) | |||||||||
Underwriting (loss) income | (3,662 | ) | 30,292 | 53,506 | 80,136 | ||||||||||||
Other insurance-related income | — | — | — | — | |||||||||||||
Other insurance-related expenses | — | — | — | — | |||||||||||||
Segment (loss) income | $ | (3,662 | ) | $ | 30,292 | $ | 53,506 | $ | 80,136 | ||||||||
Net investment income | 39,271 | ||||||||||||||||
Net realized investment gains | 27,487 | ||||||||||||||||
Amortization of intangible assets | (633 | ) | |||||||||||||||
Interest expense | (14,094 | ) | |||||||||||||||
Foreign exchange loss | (4,353 | ) | |||||||||||||||
Income before income taxes | $ | 127,814 | |||||||||||||||
Loss and loss expense ratio | 68 | % | 35.5 | % | 48.5 | % | 54.2 | % | |||||||||
Acquisition cost ratio | 13.7 | % | (0.3 | )% | 17.1 | % | 12.7 | % | |||||||||
General and administrative expense ratio | 20 | % | 30.2 | % | 9.5 | % | 17.3 | % | |||||||||
Expense ratio | 33.7 | % | 29.9 | % | 26.6 | % | 30 | % | |||||||||
Combined ratio | 101.7 | % | 65.4 | % | 75.1 | % | 84.2 | % | |||||||||
Nine Months Ended September 30, 2014 | U.S. Insurance | International | Reinsurance | Total | |||||||||||||
Insurance | |||||||||||||||||
Gross premiums written | $ | 998,051 | $ | 483,079 | $ | 888,552 | $ | 2,369,682 | |||||||||
Net premiums written | 746,403 | 285,450 | 862,427 | 1,894,280 | |||||||||||||
Net premiums earned | 651,480 | 271,557 | 686,232 | 1,609,269 | |||||||||||||
Net losses and loss expenses | (440,491 | ) | (115,299 | ) | (370,441 | ) | (926,231 | ) | |||||||||
Acquisition costs | (88,311 | ) | (835 | ) | (125,258 | ) | (214,404 | ) | |||||||||
General and administrative expenses | (125,760 | ) | (82,164 | ) | (56,898 | ) | (264,822 | ) | |||||||||
Underwriting (loss) income | (3,082 | ) | 73,259 | 133,635 | 203,812 | ||||||||||||
Other insurance-related income | 1,032 | — | — | 1,032 | |||||||||||||
Other insurance-related expenses | (1,270 | ) | (5,305 | ) | — | (6,575 | ) | ||||||||||
Segment (loss) income | $ | (3,320 | ) | $ | 67,954 | $ | 133,635 | $ | 198,269 | ||||||||
Net investment income | 127,824 | ||||||||||||||||
Net realized investment gains | 104,286 | ||||||||||||||||
Amortization of intangible assets | (1,900 | ) | |||||||||||||||
Interest expense | (43,451 | ) | |||||||||||||||
Foreign exchange loss | (978 | ) | |||||||||||||||
Income before income taxes | $ | 384,050 | |||||||||||||||
Loss and loss expense ratio | 67.6 | % | 42.5 | % | 54 | % | 57.6 | % | |||||||||
Acquisition cost ratio | 13.6 | % | 0.3 | % | 18.3 | % | 13.3 | % | |||||||||
General and administrative expense ratio | 19.3 | % | 30.3 | % | 8.3 | % | 16.5 | % | |||||||||
Expense ratio | 32.9 | % | 30.6 | % | 26.6 | % | 29.8 | % | |||||||||
Combined ratio | 100.5 | % | 73.1 | % | 80.6 | % | 87.4 | % | |||||||||
Nine Months Ended September 30, 2013 | U.S. Insurance | International | Reinsurance | Total | |||||||||||||
Insurance | |||||||||||||||||
Gross premiums written | $ | 872,024 | $ | 453,990 | $ | 857,160 | $ | 2,183,174 | |||||||||
Net premiums written | 652,464 | 259,771 | 817,116 | 1,729,351 | |||||||||||||
Net premiums earned | 593,477 | 258,809 | 628,986 | 1,481,272 | |||||||||||||
Net losses and loss expenses | (398,910 | ) | (90,997 | ) | (317,369 | ) | (807,276 | ) | |||||||||
Acquisition costs | (78,824 | ) | 1,489 | (109,081 | ) | (186,416 | ) | ||||||||||
General and administrative expenses | (119,514 | ) | (75,374 | ) | (56,930 | ) | (251,818 | ) | |||||||||
Underwriting (loss) income | (3,771 | ) | 93,927 | 145,606 | 235,762 | ||||||||||||
Other insurance-related income | — | — | — | — | |||||||||||||
Other insurance-related expenses | — | — | — | — | |||||||||||||
Segment (loss) income | $ | (3,771 | ) | $ | 93,927 | $ | 145,606 | $ | 235,762 | ||||||||
Net investment income | 110,294 | ||||||||||||||||
Net realized investment losses | (8,074 | ) | |||||||||||||||
Amortization of intangible assets | (1,900 | ) | |||||||||||||||
Interest expense | (42,416 | ) | |||||||||||||||
Foreign exchange loss | (7,361 | ) | |||||||||||||||
Income before income taxes | $ | 286,305 | |||||||||||||||
Loss and loss expense ratio | 67.2 | % | 35.2 | % | 50.5 | % | 54.5 | % | |||||||||
Acquisition cost ratio | 13.3 | % | (0.6 | )% | 17.3 | % | 12.6 | % | |||||||||
General and administrative expense ratio | 20.1 | % | 29.1 | % | 9.1 | % | 17 | % | |||||||||
Expense ratio | 33.4 | % | 28.5 | % | 26.4 | % | 29.6 | % | |||||||||
Combined ratio | 100.6 | % | 63.7 | % | 76.9 | % | 84.1 | % | |||||||||
Analysis of gross written premium by geographic location | ' | ||||||||||||||||
The following table shows an analysis of the Company’s gross premiums written by geographic location of the Company’s subsidiaries and branches. All intercompany premiums have been eliminated. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
United States | $ | 483,992 | $ | 377,618 | $ | 1,447,652 | $ | 1,296,212 | |||||||||
Bermuda | 109,503 | 111,103 | 525,005 | 550,815 | |||||||||||||
Europe | 64,947 | 52,004 | 245,931 | 198,747 | |||||||||||||
Asia Pacific | 45,070 | 40,168 | 142,798 | 137,400 | |||||||||||||
Canada | 4,372 | — | 8,296 | — | |||||||||||||
Total gross premiums written | $ | 707,884 | $ | 580,893 | $ | 2,369,682 | $ | 2,183,174 | |||||||||
Condensed_Consolidated_Guarant1
Condensed Consolidated Guarantor Financial Statements (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of condensed consolidating balance sheet | ' | |||||||||||||||||||
Unaudited Condensed Consolidating Balance Sheet: | ||||||||||||||||||||
As of September 30, 2014 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments | $ | — | $ | — | $ | 8,002,514 | $ | — | $ | 8,002,514 | ||||||||||
Cash and cash equivalents | 38,196 | 2,329 | 790,745 | — | 831,270 | |||||||||||||||
Insurance balances receivable | — | — | 926,183 | — | 926,183 | |||||||||||||||
Funds held | — | — | 405,703 | — | 405,703 | |||||||||||||||
Reinsurance recoverable | — | — | 1,349,009 | — | 1,349,009 | |||||||||||||||
Net deferred acquisition costs | — | — | 171,827 | — | 171,827 | |||||||||||||||
Goodwill and intangible assets | — | — | 325,016 | — | 325,016 | |||||||||||||||
Balances receivable on sale of investments | — | — | 60,122 | — | 60,122 | |||||||||||||||
Investments in subsidiaries | 3,644,932 | 4,255,136 | — | (7,900,068 | ) | — | ||||||||||||||
Due from subsidiaries | 18,497 | 407 | 15,508 | (34,412 | ) | — | ||||||||||||||
Other assets | 2,009 | 3,576 | 732,339 | — | 737,924 | |||||||||||||||
Total assets | $ | 3,703,634 | $ | 4,261,448 | $ | 12,778,966 | $ | (7,934,480 | ) | $ | 12,809,568 | |||||||||
LIABILITIES: | ||||||||||||||||||||
Reserve for losses and loss expenses | $ | — | $ | — | $ | 6,052,263 | $ | — | $ | 6,052,263 | ||||||||||
Unearned premiums | — | — | 1,716,927 | — | 1,716,927 | |||||||||||||||
Reinsurance balances payable | — | — | 203,428 | — | 203,428 | |||||||||||||||
Balances due on purchases of investments | — | — | 166,026 | — | 166,026 | |||||||||||||||
Senior notes | — | 798,725 | — | — | 798,725 | |||||||||||||||
Due to subsidiaries | 6,826 | 8,682 | 18,904 | (34,412 | ) | — | ||||||||||||||
Other liabilities | 23,209 | 12,513 | 162,878 | — | 198,600 | |||||||||||||||
Total liabilities | 30,035 | 819,920 | 8,320,426 | (34,412 | ) | 9,135,969 | ||||||||||||||
Total shareholders’ equity | 3,673,599 | 3,441,528 | 4,458,540 | (7,900,068 | ) | 3,673,599 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,703,634 | $ | 4,261,448 | $ | 12,778,966 | $ | (7,934,480 | ) | $ | 12,809,568 | |||||||||
As of December 31, 2013 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments | $ | — | $ | — | $ | 7,712,036 | $ | — | $ | 7,712,036 | ||||||||||
Cash and cash equivalents | 10,790 | 2,775 | 518,371 | — | 531,936 | |||||||||||||||
Insurance balances receivable | — | — | 664,731 | — | 664,731 | |||||||||||||||
Funds held | — | — | 632,430 | — | 632,430 | |||||||||||||||
Reinsurance recoverable | — | — | 1,234,504 | — | 1,234,504 | |||||||||||||||
Net deferred acquisition costs | — | — | 126,661 | — | 126,661 | |||||||||||||||
Goodwill and intangible assets | — | — | 317,207 | — | 317,207 | |||||||||||||||
Balances receivable on sale of investments | — | — | 76,544 | — | 76,544 | |||||||||||||||
Investments in subsidiaries | 3,413,001 | 4,018,619 | — | (7,431,620 | ) | — | ||||||||||||||
Due from subsidiaries | 111,172 | 122,846 | 123,479 | (357,497 | ) | — | ||||||||||||||
Other assets | 1,757 | 4,671 | 643,353 | — | 649,781 | |||||||||||||||
Total assets | $ | 3,536,720 | $ | 4,148,911 | $ | 12,049,316 | $ | (7,789,117 | ) | $ | 11,945,830 | |||||||||
LIABILITIES: | ||||||||||||||||||||
Reserve for losses and loss expenses | $ | — | $ | — | $ | 5,766,529 | $ | — | $ | 5,766,529 | ||||||||||
Unearned premiums | — | — | 1,396,256 | — | 1,396,256 | |||||||||||||||
Reinsurance balances payable | — | — | 173,023 | — | 173,023 | |||||||||||||||
Balances due on purchases of investments | — | — | 104,740 | — | 104,740 | |||||||||||||||
Senior notes | — | 798,499 | — | — | 798,499 | |||||||||||||||
Due to subsidiaries | 12,945 | 110,534 | 234,018 | (357,497 | ) | — | ||||||||||||||
Other liabilities | 3,949 | 17,797 | 165,211 | — | 186,957 | |||||||||||||||
Total liabilities | 16,894 | 926,830 | 7,839,777 | (357,497 | ) | 8,426,004 | ||||||||||||||
Total shareholders’ equity | 3,519,826 | 3,222,081 | 4,209,539 | (7,431,620 | ) | 3,519,826 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,536,720 | $ | 4,148,911 | $ | 12,049,316 | $ | (7,789,117 | ) | $ | 11,945,830 | |||||||||
Schedule of condensed consolidating income statement | ' | |||||||||||||||||||
Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income: | ||||||||||||||||||||
Three Months Ended September 30, 2014 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 541,737 | $ | — | $ | 541,737 | ||||||||||
Net investment income | 2 | — | 43,410 | — | 43,412 | |||||||||||||||
Net realized investment gains (losses) | — | — | (35,136 | ) | — | (35,136 | ) | |||||||||||||
Other income | — | — | 1,032 | — | 1,032 | |||||||||||||||
Net losses and loss expenses | — | — | (336,090 | ) | — | (336,090 | ) | |||||||||||||
Acquisition costs | — | — | (72,403 | ) | — | (72,403 | ) | |||||||||||||
General and administrative expenses | (8,285 | ) | (182 | ) | (79,827 | ) | — | (88,294 | ) | |||||||||||
Other expense | — | — | (6,575 | ) | — | (6,575 | ) | |||||||||||||
Amortization of intangible assets | — | — | (633 | ) | — | (633 | ) | |||||||||||||
Interest expense | — | (13,855 | ) | (470 | ) | — | (14,325 | ) | ||||||||||||
Foreign exchange gain (loss) | 16 | 47 | (341 | ) | — | (278 | ) | |||||||||||||
Income tax (expense) benefit | — | — | (1,532 | ) | — | (1,532 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | 39,182 | 49,491 | — | (88,673 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 30,915 | $ | 35,501 | $ | 53,172 | $ | (88,673 | ) | $ | 30,915 | |||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 30,915 | $ | 35,501 | $ | 53,172 | $ | (88,673 | ) | $ | 30,915 | |||||||||
Three Months Ended September 30, 2013 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 510,773 | $ | — | $ | 510,773 | ||||||||||
Net investment income | 3 | — | 39,268 | — | 39,271 | |||||||||||||||
Net realized investment gains (losses) | — | — | 27,487 | — | 27,487 | |||||||||||||||
Other income | — | — | — | — | — | |||||||||||||||
Net losses and loss expenses | — | — | (276,970 | ) | — | (276,970 | ) | |||||||||||||
Acquisition costs | — | — | (65,114 | ) | — | (65,114 | ) | |||||||||||||
General and administrative expenses | (7,323 | ) | (4,961 | ) | (76,269 | ) | — | (88,553 | ) | |||||||||||
Other expense | — | — | — | — | — | |||||||||||||||
Amortization of intangible assets | — | — | (633 | ) | — | (633 | ) | |||||||||||||
Interest expense | — | (13,838 | ) | (256 | ) | — | (14,094 | ) | ||||||||||||
Foreign exchange gain (loss) | (13 | ) | (212 | ) | (4,128 | ) | — | (4,353 | ) | |||||||||||
Income tax (expense) benefit | — | — | (4,971 | ) | — | (4,971 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | 130,176 | 150,653 | — | (280,829 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 122,843 | $ | 131,642 | $ | 149,187 | $ | (280,829 | ) | $ | 122,843 | |||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 122,843 | $ | 131,642 | $ | 149,187 | $ | (280,829 | ) | $ | 122,843 | |||||||||
Nine Months Ended September 30, 2014 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 1,609,269 | $ | — | $ | 1,609,269 | ||||||||||
Net investment income | 6 | — | 127,818 | — | 127,824 | |||||||||||||||
Net realized investment gains (losses) | — | — | 104,286 | — | 104,286 | |||||||||||||||
Other income | — | — | 1,032 | — | 1,032 | |||||||||||||||
Net losses and loss expenses | — | — | (926,231 | ) | — | (926,231 | ) | |||||||||||||
Acquisition costs | — | — | (214,404 | ) | — | (214,404 | ) | |||||||||||||
General and administrative expenses | (28,012 | ) | (919 | ) | (235,891 | ) | — | (264,822 | ) | |||||||||||
Other expense | — | — | (6,575 | ) | — | (6,575 | ) | |||||||||||||
Amortization of intangible assets | — | — | (1,900 | ) | — | (1,900 | ) | |||||||||||||
Interest expense | — | (41,556 | ) | (1,895 | ) | — | (43,451 | ) | ||||||||||||
Foreign exchange gain (loss) | 12 | 68 | (1,058 | ) | — | (978 | ) | |||||||||||||
Income tax (expense) benefit | (86 | ) | — | (24,214 | ) | — | (24,300 | ) | ||||||||||||
Equity in earnings of consolidated subsidiaries | 387,830 | 419,294 | — | (807,124 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 359,750 | $ | 376,887 | $ | 430,237 | $ | (807,124 | ) | $ | 359,750 | |||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 359,750 | $ | 376,887 | $ | 430,237 | $ | (807,124 | ) | $ | 359,750 | |||||||||
Nine Months Ended September 30, 2013 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 1,481,272 | $ | — | $ | 1,481,272 | ||||||||||
Net investment income | 11 | 4 | 110,279 | — | 110,294 | |||||||||||||||
Net realized investment gains (losses) | — | — | (8,074 | ) | — | (8,074 | ) | |||||||||||||
Other income | — | — | — | — | — | |||||||||||||||
Net losses and loss expenses | — | — | (807,276 | ) | — | (807,276 | ) | |||||||||||||
Acquisition costs | — | — | (186,416 | ) | — | (186,416 | ) | |||||||||||||
General and administrative expenses | (26,875 | ) | (5,873 | ) | (219,070 | ) | — | (251,818 | ) | |||||||||||
Other expense | — | — | — | — | — | |||||||||||||||
Amortization of intangible assets | — | — | (1,900 | ) | — | (1,900 | ) | |||||||||||||
Interest expense | — | (41,503 | ) | (913 | ) | — | (42,416 | ) | ||||||||||||
Foreign exchange gain (loss) | 261 | (935 | ) | (6,687 | ) | — | (7,361 | ) | ||||||||||||
Income tax (expense) benefit | — | — | (6,332 | ) | — | (6,332 | ) | |||||||||||||
Equity in earnings of consolidated subsidiaries | 306,576 | 353,280 | — | (659,856 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 279,973 | $ | 304,973 | $ | 354,883 | $ | (659,856 | ) | $ | 279,973 | |||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 279,973 | $ | 304,973 | $ | 354,883 | $ | (659,856 | ) | $ | 279,973 | |||||||||
Schedule of condensed consolidating statement of cash flows | ' | |||||||||||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows: | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 241,037 | $ | 263,554 | $ | 737,516 | $ | (575,000 | ) | $ | 667,107 | |||||||||
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases trading securities | — | — | (5,608,594 | ) | — | (5,608,594 | ) | |||||||||||||
Purchases of other invested assets | — | — | (242,227 | ) | — | (242,227 | ) | |||||||||||||
Sales of trading securities | — | — | 5,500,176 | — | 5,500,176 | |||||||||||||||
Sales of other invested assets | — | — | 243,123 | — | 243,123 | |||||||||||||||
Other | — | — | (46,620 | ) | — | (46,620 | ) | |||||||||||||
Net cash provided by (used in) investing activities | — | — | (154,142 | ) | — | (154,142 | ) | |||||||||||||
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ||||||||||||||||||||
Dividends paid | (55,064 | ) | — | — | — | (55,064 | ) | |||||||||||||
Intercompany dividends paid | — | (264,000 | ) | (311,000 | ) | 575,000 | — | |||||||||||||
Proceeds from the exercise of stock options | 7,640 | — | — | — | 7,640 | |||||||||||||||
Share repurchases | (166,207 | ) | — | — | — | (166,207 | ) | |||||||||||||
Net cash provided by (used in) financing activities | (213,631 | ) | (264,000 | ) | (311,000 | ) | 575,000 | (213,631 | ) | |||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 27,406 | (446 | ) | 272,374 | — | 299,334 | ||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 10,790 | 2,775 | 518,371 | — | 531,936 | |||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 38,196 | $ | 2,329 | $ | 790,745 | $ | — | $ | 831,270 | ||||||||||
Nine Months Ended September 30, 2013 | Allied World | Allied World | Other Allied | Consolidating | Allied World | |||||||||||||||
Switzerland | Bermuda | World | Adjustments | Switzerland | ||||||||||||||||
(Parent | (Subsidiary | Subsidiaries | Consolidated | |||||||||||||||||
Guarantor) | Issuer) | |||||||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $ | 177,859 | $ | 226,564 | $ | 431,127 | $ | (503,500 | ) | $ | 332,050 | |||||||||
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of trading securities | — | — | (4,955,817 | ) | — | (4,955,817 | ) | |||||||||||||
Purchases of other invested assets | — | — | (211,501 | ) | — | (211,501 | ) | |||||||||||||
Sales of trading securities | — | — | 5,137,280 | — | 5,137,280 | |||||||||||||||
Sales of other invested assets | — | — | 189,155 | — | 189,155 | |||||||||||||||
Other | — | — | (78,203 | ) | — | (78,203 | ) | |||||||||||||
Net cash provided by (used in) investing activities | — | — | 80,914 | — | 80,914 | |||||||||||||||
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ||||||||||||||||||||
Dividends paid - partial par value reduction | (12,981 | ) | — | — | — | (12,981 | ) | |||||||||||||
Dividends paid | (17,117 | ) | — | — | — | (17,117 | ) | |||||||||||||
Intercompany dividends paid | — | (229,500 | ) | (274,000 | ) | 503,500 | — | |||||||||||||
Proceeds from the exercise of stock options | 8,465 | — | — | — | 8,465 | |||||||||||||||
Share repurchases | (120,163 | ) | — | — | — | (120,163 | ) | |||||||||||||
Net cash provided by (used in) financing activities | (141,796 | ) | (229,500 | ) | (274,000 | ) | 503,500 | (141,796 | ) | |||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 36,063 | (2,936 | ) | 238,041 | — | 271,168 | ||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 19,997 | 11,324 | 650,558 | — | 681,879 | |||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 56,060 | $ | 8,388 | $ | 888,599 | $ | — | $ | 953,047 | ||||||||||
General_Details
General (Details) (Hong Kong and Singapore Operations of Royal Sun Alliance Insurance Plc, USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Hong Kong and Singapore Operations of Royal Sun Alliance Insurance Plc | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition Preliminary Purchase Price | $211,000 |
Business Acquisition Expected Additional Capitalization | $90,000 |
Basis_of_Preparation_and_Conso2
Basis of Preparation and Consolidation (Details) | 0 Months Ended |
1-May-14 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Other invested assets [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |
Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | ||
Hedge Funds [Member] | Hedge Funds [Member] | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ' | ' | ' |
Redemption notice period | ' | ' | '30 days | ' | ' |
Redemption restriction period | ' | '1 year | ' | '3 years | ' |
Gate trigger, percentage | ' | ' | 15.00% | ' | 25.00% |
Loss on equity method investments | $9,348 | ' | ' | ' | ' |
Investments_Schedule_Of_Tradin
Investments (Schedule Of Trading Securities) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Equity securities and other invested assets [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities, Fair Value | $1,751,200 | $1,463,927 |
Trading securities, Amortized Cost | 1,603,094 | 1,305,984 |
Equity securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities, Fair Value | 945,076 | 699,846 |
Trading securities, Amortized Cost | 901,300 | 647,301 |
Other invested assets [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities, Fair Value | 806,124 | 764,081 |
Trading securities, Amortized Cost | 701,794 | 658,683 |
Fixed maturity investments [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities, Fair Value | 6,128,237 | 6,100,798 |
Trading securities, Amortized Cost | 6,074,752 | 6,065,350 |
U.S. Government And Government Agencies [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities, Fair Value | 1,184,115 | 1,676,788 |
Trading securities, Amortized Cost | 1,186,185 | 1,684,832 |
Non-U.S. Government And Government Agencies [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities, Fair Value | 219,287 | 191,776 |
Trading securities, Amortized Cost | 229,792 | 197,082 |
States, Municipalities And Political Subdivisions [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities, Fair Value | 260,690 | 231,555 |
Trading securities, Amortized Cost | 251,628 | 234,406 |
Corporate Debt, Financial Institutions [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities, Fair Value | 1,194,949 | 958,794 |
Trading securities, Amortized Cost | 1,185,637 | 943,518 |
Corporate Debt, Industrials [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities, Fair Value | 1,202,906 | 1,174,047 |
Trading securities, Amortized Cost | 1,201,341 | 1,165,448 |
Corporate Debt, Utilities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities, Fair Value | 125,513 | 69,426 |
Trading securities, Amortized Cost | 125,202 | 69,658 |
Mortgage-Backed [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities, Fair Value | 1,240,362 | 1,292,502 |
Trading securities, Amortized Cost | 1,196,683 | 1,267,863 |
Asset-Backed [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Trading securities, Fair Value | 700,415 | 505,910 |
Trading securities, Amortized Cost | $698,284 | $502,543 |
Investments_Schedule_Of_Other_
Investments (Schedule Of Other Investments) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 929,201 | 911,392 | ||
Investment commitment | 479,635 | 467,524 | ||
Investments with redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 562,943 | 368,052 | ||
Investments without redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 366,258 | 543,340 | ||
Hedge Funds [Member] | Investments without redemption restrictions [Member] | Minimum [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Redemption notice period | '30 days | ' | ||
Total Fair Value [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 806,124 | 764,081 | ||
Investment commitment | 479,635 | 467,524 | ||
Total Fair Value [Member] | Investments with redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 562,943 | 368,052 | ||
Total Fair Value [Member] | Investments without redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 243,181 | 396,029 | ||
Total Fair Value [Member] | Private Equity Funds [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 303,111 | 216,825 | ||
Investment commitment | 479,635 | 467,524 | ||
Total Fair Value [Member] | Private Equity Funds [Member] | Investments with redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 303,111 | 216,825 | ||
Total Fair Value [Member] | Private Equity Funds [Member] | Investments without redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 0 | 0 | ||
Total Fair Value [Member] | Private Equity [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 179,196 | 144,422 | ||
Investment commitment | 223,030 | 263,519 | ||
Total Fair Value [Member] | Private Equity [Member] | Investments with redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 179,196 | 144,422 | ||
Total Fair Value [Member] | Private Equity [Member] | Investments with redemption restrictions [Member] | Minimum [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Estimated remaining restriction period | '2 years | '2 years | ||
Total Fair Value [Member] | Private Equity [Member] | Investments with redemption restrictions [Member] | Maximum [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Estimated remaining restriction period | '9 years | '9 years | ||
Total Fair Value [Member] | Private Equity [Member] | Investments without redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 0 | 0 | ||
Total Fair Value [Member] | Mezzanine Debt [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 114,399 | 64,627 | ||
Investment commitment | 251,486 | 198,756 | ||
Total Fair Value [Member] | Mezzanine Debt [Member] | Investments with redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 114,399 | 64,627 | ||
Total Fair Value [Member] | Mezzanine Debt [Member] | Investments with redemption restrictions [Member] | Minimum [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Estimated remaining restriction period | '5 years | '8 years | ||
Total Fair Value [Member] | Mezzanine Debt [Member] | Investments with redemption restrictions [Member] | Maximum [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Estimated remaining restriction period | '9 years | '9 years | ||
Total Fair Value [Member] | Mezzanine Debt [Member] | Investments without redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 0 | 0 | ||
Total Fair Value [Member] | Distressed [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 9,516 | 7,776 | ||
Investment commitment | 5,119 | 5,249 | ||
Total Fair Value [Member] | Distressed [Member] | Investments with redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 9,516 | 7,776 | ||
Estimated remaining restriction period | '4 years | '4 years | ||
Total Fair Value [Member] | Distressed [Member] | Investments without redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 0 | 0 | ||
Total Fair Value [Member] | Hedge Funds [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 471,469 | 515,298 | ||
Investment commitment | 0 | 0 | ||
Total Fair Value [Member] | Hedge Funds [Member] | Investments with redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 259,832 | 151,227 | ||
Total Fair Value [Member] | Hedge Funds [Member] | Investments without redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 211,637 | 364,071 | ||
Total Fair Value [Member] | Distressed Funds [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 173,111 | 151,227 | ||
Investment commitment | 0 | 0 | ||
Total Fair Value [Member] | Distressed Funds [Member] | Investments with redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 173,111 | 151,227 | ||
Estimated remaining restriction period | '1 year | ' | ||
Total Fair Value [Member] | Distressed Funds [Member] | Investments with redemption restrictions [Member] | Minimum [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Estimated remaining restriction period | ' | '1 year | ||
Total Fair Value [Member] | Distressed Funds [Member] | Investments with redemption restrictions [Member] | Maximum [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Estimated remaining restriction period | ' | '2 years | ||
Total Fair Value [Member] | Distressed Funds [Member] | Investments without redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 0 | 0 | ||
Total Fair Value [Member] | Equity Long/Short [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 111,627 | 99,365 | ||
Investment commitment | 0 | 0 | ||
Total Fair Value [Member] | Equity Long/Short [Member] | Investments with redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 86,721 | 0 | ||
Estimated remaining restriction period | '1 year | ' | ||
Total Fair Value [Member] | Equity Long/Short [Member] | Investments without redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 24,906 | 99,365 | ||
Redemption frequency | 'Quarterly | [1] | 'Quarterly | [1] |
Total Fair Value [Member] | Equity Long/Short [Member] | Investments without redemption restrictions [Member] | Minimum [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Redemption notice period | '30 days | [1] | '30 days | [1] |
Total Fair Value [Member] | Equity Long/Short [Member] | Investments without redemption restrictions [Member] | Maximum [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Redemption notice period | '60 days | [1] | '60 days | [1] |
Total Fair Value [Member] | Multi-Strategy Funds [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 81,576 | 136,958 | ||
Investment commitment | 0 | 0 | ||
Total Fair Value [Member] | Multi-Strategy Funds [Member] | Investments with redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 0 | 0 | ||
Total Fair Value [Member] | Multi-Strategy Funds [Member] | Investments without redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 81,576 | 136,958 | ||
Redemption frequency | 'Quarterly | [1] | 'Quarterly | [1] |
Total Fair Value [Member] | Multi-Strategy Funds [Member] | Investments without redemption restrictions [Member] | Minimum [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Redemption notice period | '45 days | [1] | '45 days | [1] |
Total Fair Value [Member] | Multi-Strategy Funds [Member] | Investments without redemption restrictions [Member] | Maximum [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Redemption notice period | '90 days | [1] | '90 days | [1] |
Total Fair Value [Member] | Event Driven Funds [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | ' | 14,018 | ||
Investment commitment | ' | 0 | ||
Total Fair Value [Member] | Event Driven Funds [Member] | Investments with redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | ' | 0 | ||
Total Fair Value [Member] | Event Driven Funds [Member] | Investments without redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | ' | 14,018 | ||
Redemption frequency | ' | 'Annual | [1] | |
Redemption notice period | ' | '60 days | [1] | |
Total Fair Value [Member] | Relative Value Credit [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 105,155 | 113,730 | ||
Investment commitment | 0 | 0 | ||
Total Fair Value [Member] | Relative Value Credit [Member] | Investments with redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 0 | 0 | ||
Total Fair Value [Member] | Relative Value Credit [Member] | Investments without redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 105,155 | 113,730 | ||
Redemption frequency | 'Quarterly | [1] | 'Quarterly | [1] |
Redemption notice period | '60 days | [1] | '60 days | |
Total Fair Value [Member] | High Yield Loan Fund [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 31,544 | 31,958 | ||
Investment commitment | 0 | 0 | ||
Total Fair Value [Member] | High Yield Loan Fund [Member] | Investments with redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 0 | 0 | ||
Total Fair Value [Member] | High Yield Loan Fund [Member] | Investments without redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 31,544 | 31,958 | ||
Redemption frequency | 'Monthly | [1] | 'Monthly | [1] |
Redemption notice period | '30 days | [1] | '30 days | [1] |
Carrying Value [Member] | Other Private Securities [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 123,077 | 147,311 | ||
Investment commitment | 0 | 0 | ||
Carrying Value [Member] | Other Private Securities [Member] | Investments with redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 0 | 0 | ||
Carrying Value [Member] | Other Private Securities [Member] | Investments without redemption restrictions [Member] | ' | ' | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ||
Other invested assets | 123,077 | 147,311 | ||
[1] | The redemption frequency and notice periods only apply to the investments without redemption restrictions. Some or all of these investments may be subject to a gate as described below. |
Investments_Schedule_Of_Net_In
Investments (Schedule Of Net Investment Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Net investment income | $43,412 | $39,271 | $127,824 | $110,294 |
Fixed maturity investments [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Net investment income | 38,762 | 31,179 | 110,998 | 96,366 |
Equity securities [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Net investment income | 3,711 | 6,110 | 12,876 | 13,718 |
Other invested assets - hedge funds and private equity [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Net investment income | 2,249 | 3,812 | 8,767 | 6,001 |
Other invested assets - other private securities [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Net investment income | 3,292 | 1,997 | 7,291 | 5,115 |
Cash and cash equivalents [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Net investment income | 552 | 302 | 1,562 | 1,319 |
Expenses [Member] | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' |
Net investment income | ($5,154) | ($4,129) | ($13,670) | ($12,225) |
Investments_Components_Of_Real
Investments (Components Of Realized Gains And Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Gross realized gains on sale of invested assets | $28,773 | $51,915 | $146,780 | $154,387 |
Gross realized losses on sale of invested assets | -9,955 | -40,770 | -26,228 | -82,812 |
Net realized and unrealized gains (losses) on derivatives | 2,171 | -4,169 | -24,469 | 3,392 |
Net realized investment (losses) gains | -35,136 | 27,487 | 104,286 | -8,074 |
Fixed maturity investments, trading [Member] | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Mark-to-market (losses) gains | -40,843 | 30,383 | 18,039 | -101,205 |
Equity securities, trading [Member] | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Mark-to-market (losses) gains | -8,479 | -17,198 | -8,768 | -18,555 |
Other invested assets [Member] | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Mark-to-market (losses) gains | ($6,803) | $7,326 | ($1,068) | $36,719 |
Investments_Pledged_Assets_Det
Investments (Pledged Assets) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compliance With Reinsurance Contract Provisions Or Insurance Laws [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Restricted cash, cash equivalents and investments | $3,082,601 | $2,894,401 |
Pledged As Collateral For Letter Of Credit Facilities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Restricted cash, cash equivalents and investments | $543,828 | $1,053,632 |
Derivative_Instruments_Locatio
Derivative Instruments (Location and Amounts of Derivative Fair Values On The Condensed Consolidated Balance Sheets) (Details) (Not Designated as Hedging Instrument, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivative Notional Amount | $604,540 | $786,188 |
Asset Derivative Fair Value | 1,228 | 13,083 |
Liability Derivative Notional Amount | 2,355 | 162,439 |
Liability Derivative Fair Value | 22 | 5,390 |
Foreign exchange contracts | Other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivative Notional Amount | 38,940 | 294,788 |
Asset Derivative Fair Value | 814 | 6,254 |
Foreign exchange contracts | Accounts payable and accrued liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivative Notional Amount | 2,355 | 122,439 |
Liability Derivative Fair Value | 22 | 1,176 |
Interest rate swaps | Other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivative Notional Amount | 565,600 | 491,400 |
Asset Derivative Fair Value | 414 | 6,829 |
Interest rate swaps | Accounts payable and accrued liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivative Notional Amount | 0 | 40,000 |
Liability Derivative Fair Value | $0 | $4,214 |
Derivative_Instruments_Locatio1
Derivative Instruments (Location and Amounts of Unrealized And Realized Gains (Losses) On Derivatives Recorded In The Condensed Consolidated Income Statements) (Details) (Not Designated as Hedging Instrument, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized and unrealized gains (losses) on derivatives | $4,057 | ($6,505) | ($25,048) | $2,301 |
Foreign exchange gain (loss) | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized and unrealized gains (losses) on derivatives | 1,886 | -2,336 | -580 | -1,091 |
Foreign exchange gain (loss) | Foreign exchange contracts | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized and unrealized gains (losses) on derivatives | 1,886 | -2,336 | -580 | -1,091 |
Net realized investment gains (losses) | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized and unrealized gains (losses) on derivatives | 2,171 | -4,169 | -24,468 | 3,392 |
Net realized investment gains (losses) | Put options | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized and unrealized gains (losses) on derivatives | 0 | 0 | 0 | -3,822 |
Net realized investment gains (losses) | Foreign exchange contracts | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized and unrealized gains (losses) on derivatives | 1,701 | -4,164 | 857 | 1,925 |
Net realized investment gains (losses) | Interest rate futures and swaps | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized and unrealized gains (losses) on derivatives | $470 | ($5) | ($25,325) | $5,289 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Schedule Of Fair Value Of Financial Instruments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | $6,128,237 | $6,100,798 |
Equity securities | 945,076 | 699,846 |
Other invested assets | 929,201 | 911,392 |
Total investments | 8,002,514 | 7,712,036 |
Senior notes | 798,725 | 798,499 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 6,128,237 | 6,100,798 |
Equity securities | 945,076 | 699,846 |
Other invested assets | 806,124 | 764,081 |
Total investments | 7,879,437 | 7,564,725 |
Senior notes | 798,725 | 798,499 |
Fair Value, Measurements, Recurring [Member] | Foreign exchange contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 814 | 6,254 |
Derivative liabilities | 22 | 1,176 |
Fair Value, Measurements, Recurring [Member] | Interest rate swaps | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 414 | 6,829 |
Derivative liabilities | 0 | 4,214 |
Fair Value, Measurements, Recurring [Member] | U.S. Government And Government Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 1,184,115 | 1,676,788 |
Fair Value, Measurements, Recurring [Member] | Non-U.S. Government And Government Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 219,287 | 191,776 |
Fair Value, Measurements, Recurring [Member] | States, Municipalities And Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 260,690 | 231,555 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 2,523,368 | 2,202,267 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 1,240,362 | 1,292,502 |
Fair Value, Measurements, Recurring [Member] | Asset-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 700,415 | 505,910 |
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 6,128,237 | 6,100,798 |
Equity securities | 945,076 | 699,846 |
Other invested assets | 806,124 | 764,081 |
Total investments | 7,879,437 | 7,564,725 |
Senior notes | 888,370 | 897,601 |
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Foreign exchange contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 814 | 6,254 |
Derivative liabilities | 22 | 1,176 |
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Interest rate swaps | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 414 | 6,829 |
Derivative liabilities | 0 | 4,214 |
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | U.S. Government And Government Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 1,184,115 | 1,676,788 |
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Non-U.S. Government And Government Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 219,287 | 191,776 |
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | States, Municipalities And Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 260,690 | 231,555 |
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Corporate Debt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 2,523,368 | 2,202,267 |
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Mortgage-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 1,240,362 | 1,292,502 |
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Asset-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 700,415 | 505,910 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 998,487 | 1,370,088 |
Equity securities | 907,041 | 625,942 |
Other invested assets | 0 | 0 |
Total investments | 1,905,528 | 1,996,030 |
Senior notes | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Foreign exchange contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Interest rate swaps | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | U.S. Government And Government Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 998,487 | 1,370,088 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Non-U.S. Government And Government Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | States, Municipalities And Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Corporate Debt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Mortgage-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Asset-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 4,918,472 | 4,489,959 |
Equity securities | 0 | 0 |
Other invested assets | 0 | 0 |
Total investments | 4,918,472 | 4,489,959 |
Senior notes | 888,370 | 897,601 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Foreign exchange contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 814 | 6,254 |
Derivative liabilities | 22 | 1,176 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest rate swaps | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 414 | 6,829 |
Derivative liabilities | 0 | 4,214 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | U.S. Government And Government Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 185,628 | 306,700 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Non-U.S. Government And Government Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 219,287 | 191,776 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | States, Municipalities And Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 260,690 | 231,555 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Corporate Debt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 2,523,368 | 2,202,267 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Mortgage-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 1,120,454 | 1,145,164 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Asset-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 609,045 | 412,497 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 211,278 | 240,751 |
Equity securities | 38,035 | 73,904 |
Other invested assets | 806,124 | 764,081 |
Total investments | 1,055,437 | 1,078,736 |
Senior notes | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Foreign exchange contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest rate swaps | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | U.S. Government And Government Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Non-U.S. Government And Government Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | States, Municipalities And Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Corporate Debt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Mortgage-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | 119,908 | 147,338 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Asset-Backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading fixed maturity investments | $91,370 | $93,413 |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Schedule Of Fair Value Measurement Using Significant Unobservable Inputs Level Three) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Other invested assets [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Opening balance | $804,505 | $714,391 | $764,081 | $655,888 | ||||
Realized and unrealized gains (losses) included in net income | 6,797 | 9,403 | 51,921 | 53,365 | ||||
Purchases | 78,629 | 67,554 | 267,549 | 237,506 | ||||
Sales | -83,807 | -24,277 | -277,427 | -179,688 | ||||
Transfers into Level 3 from Level 2 | 0 | 0 | 0 | 0 | ||||
Transfers out of Level 3 to Level 2 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Ending balance | 806,124 | 767,071 | 806,124 | 767,071 | ||||
Mortgage-Backed [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Opening balance | 146,801 | 198,003 | 147,338 | 167,825 | ||||
Realized and unrealized gains (losses) included in net income | -882 | 464 | 3,654 | -5,910 | ||||
Purchases | 16,311 | 69,775 | 34,187 | 102,369 | ||||
Sales | -28,761 | -79,001 | -65,038 | -69,968 | ||||
Transfers into Level 3 from Level 2 | 1,628 | 13 | 1,253 | 5,073 | ||||
Transfers out of Level 3 to Level 2 | -15,189 | [1] | 0 | [1] | -1,486 | [1] | -10,135 | [1] |
Ending balance | 119,908 | 189,254 | 119,908 | 189,254 | ||||
Asset-Backed [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Opening balance | 71,232 | 61,285 | 93,413 | 62,246 | ||||
Realized and unrealized gains (losses) included in net income | -253 | -313 | -659 | -791 | ||||
Purchases | 18,021 | 16,969 | 35,526 | 42,956 | ||||
Sales | -9,970 | -1,302 | -19,871 | -26,728 | ||||
Transfers into Level 3 from Level 2 | 17,863 | 3,394 | 13,923 | 2,350 | ||||
Transfers out of Level 3 to Level 2 | -5,523 | [1] | 0 | [1] | -30,962 | [1] | 0 | [1] |
Ending balance | 91,370 | 80,033 | 91,370 | 80,033 | ||||
Equity securities [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Opening balance | 34,863 | 53,499 | 73,904 | 54,680 | ||||
Realized and unrealized gains (losses) included in net income | 3,172 | 3,972 | -6,572 | 2,791 | ||||
Purchases | 0 | 10,000 | 0 | 10,000 | ||||
Sales | 0 | 0 | -29,297 | 0 | ||||
Transfers into Level 3 from Level 2 | 0 | 0 | 0 | 0 | ||||
Transfers out of Level 3 to Level 2 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Ending balance | $38,035 | $67,471 | $38,035 | $67,471 | ||||
[1] | Transfers out of Level 3 are primarily attributable to the availability of market observable information. |
Reserve_For_Losses_And_Loss_Ex2
Reserve For Losses And Loss Expenses (Schedule Of Reserve For Losses And Loss Expenses) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Insurance Loss Reserves [Abstract] | ' | ' | ' | ' | ' | ' |
Outstanding loss reserves | $1,585,900 | ' | $1,520,867 | ' | ' | ' |
Reserves for losses incurred but not reported | 4,466,363 | ' | 4,245,662 | ' | ' | ' |
Reserve for losses and loss expenses | $6,052,263 | $5,935,678 | $5,766,529 | $5,780,781 | $5,696,865 | $5,645,549 |
Reserve_For_Losses_And_Loss_Ex3
Reserve For Losses And Loss Expenses (Schedule Of Reconciliation Of Unpaid Losses And Loss Expenses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Insurance Loss Reserves [Abstract] | ' | ' | ' | ' |
Gross liability at beginning of year | $5,935,678 | $5,696,865 | $5,766,529 | $5,645,549 |
Reinsurance recoverable at beginning of year | -1,301,742 | -1,179,525 | -1,234,504 | -1,141,110 |
Net liability at beginning of year | 4,633,936 | 4,517,340 | 4,532,025 | 4,504,439 |
Net losses incurred related to: | ' | ' | ' | ' |
Current year | 382,970 | 338,420 | 1,067,111 | 961,224 |
Prior years | -46,880 | -61,450 | -140,880 | -153,948 |
Total incurred | 336,090 | 276,970 | 926,231 | 807,276 |
Net paid losses related to: | ' | ' | ' | ' |
Current year | 53,596 | 30,399 | 80,401 | 54,983 |
Prior years | 202,626 | 213,252 | 666,555 | 696,137 |
Total paid | 256,222 | 243,651 | 746,956 | 751,120 |
Foreign exchange revaluation | -10,550 | 4,088 | -8,046 | -5,848 |
Net liability at end of year | 4,703,254 | 4,554,747 | 4,703,254 | 4,554,747 |
Reinsurance recoverable at end of year | 1,349,009 | 1,226,034 | 1,349,009 | 1,226,034 |
Gross liability at end of year | $6,052,263 | $5,780,781 | $6,052,263 | $5,780,781 |
Shareholders_Equity_Issued_Sha
Shareholders' Equity (Issued Share Capital) (Details) | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | USD ($) | CHF | USD ($) | CHF |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Common shares issued and fully paid, 2014: CHF 4.10 per share; 2013: CHF 4.10 per share | 100,775,256 | 100,775,256 | 103,477,452 | 103,477,452 |
Common shares, par value | ' | 4.1 | ' | 4.1 |
Total share capital | $407,990 | ' | $418,988 | ' |
Shareholders_Equity_Schedule_O
Shareholders' Equity (Schedule Of Common Stock Outstanding Roll Forward) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' | ' | ' |
Shares issued at beginning of period, shares | ' | ' | 103,477,452 | ' | ' |
Shares cancelled, shares | ' | ' | -2,702,196 | ' | ' |
Shares issued at end of period, shares | 100,775,256 | ' | 100,775,256 | ' | ' |
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract] | ' | ' | ' | ' | ' |
Treasury shares issued at beginning of period, shares | ' | ' | 3,223,806 | ' | ' |
Shares repurchased, shares | 654,851 | 1,282,164 | 4,616,543 | 4,103,499 | ' |
Shares issued out of treasury, shares | ' | ' | -745,135 | ' | ' |
Shares cancelled, shares | ' | ' | -2,702,196 | ' | ' |
Total treasury shares at end of period, shares | 4,393,018 | ' | 4,393,018 | ' | ' |
Total shares outstanding at end of year | 96,382,238 | ' | 96,382,238 | ' | 100,253,646 |
Shareholders_Equity_Schedule_O1
Shareholders' Equity (Schedule Of Dividends Paid) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 02, 2014 | 1-May-14 | Apr. 03, 2014 | Jan. 02, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 02, 2014 |
Common shares | Common shares | Common shares | Common shares | Common shares | Common shares | Subsequent event | |||||
Common shares | |||||||||||
Dividends, Common Stock [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid per common share | $0.23 | $0.17 | $0.56 | $0.29 | $0.23 | ' | $0.17 | $0.17 | $0.17 | $0.17 | $0.23 |
Payment of quarterly dividends | ' | ' | ' | ' | $21,870 | ' | $16,495 | $16,732 | ' | ' | ' |
Dividends declared per share | ' | ' | ' | ' | ' | $0.23 | ' | ' | ' | ' | ' |
Shareholders_Equity_Schedule_O2
Shareholders' Equity (Schedule Of Share Repurchases) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | 1-May-14 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | $500,000 | ' | ' | ' | ' |
Shares repurchased, shares | ' | 654,851 | 1,282,164 | 4,616,543 | 4,103,499 |
Cost of shares repurchased | ' | $24,996 | $40,574 | $164,528 | $123,145 |
Shares repurchased, average price per share | ' | $38.17 | $31.64 | $35.64 | $30.01 |
Treasury shares held for issuance pursuant to equity-based compensation plans | 3,000,000 | ' | ' | ' | ' |
Employee_Benefit_Plans_Restric
Employee Benefit Plans (Restricted Stock Units) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' |
Vesting period | '4 years |
Rsus Other Than Performance Based Rsus [Member] | ' |
Activity: | ' |
Outstanding, beginning of period, shares | 143,697 |
Granted, shares | 454,176 |
Forfeited, shares | -8,061 |
Fully vested, shares | -77,700 |
Outstanding, end of period, shares | 512,112 |
Weighted average grant date fair value: | ' |
Outstanding, beginning of period - weighted average grant date fair value | 21.69 |
Granted - weighted average grant date fair value | 33.56 |
Forfeited - weighted average grant date fair value | -31.71 |
Vested - weighted average grant date fair value | -21.68 |
Outstanding, end of period - weighted average grant date fair value | 32.06 |
Performance Based Rsus [Member] | ' |
Activity: | ' |
Outstanding, beginning of period, shares | 804,519 |
Granted, shares | 166,302 |
Additional awards granted due to achievement of performance criteria, shares | 104,895 |
Forfeited, shares | -1,848 |
Fully vested, shares | -454,440 |
Outstanding, end of period, shares | 619,428 |
Weighted average grant date fair value: | ' |
Outstanding, beginning of period - weighted average grant date fair value | 23.21 |
Granted - weighted average grant date fair value | 33.56 |
Additional awards granted due to achievement of performance criteria - weighted average grant date fair value | 20.5 |
Forfeited - weighted average grant date fair value | -25.28 |
Vested - weighted average grant date fair value | -20.5 |
Outstanding, end of period - weighted average grant date fair value | 27.51 |
Awards 2014 [Member] | Performance Based Rsus [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' |
The rate at which performance awards are expensed | 100.00% |
Awards 2013 [Member] | Performance Based Rsus [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' |
The rate at which performance awards are expensed | 100.00% |
Awards 2012 [Member] | Performance Based Rsus [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' |
The rate at which performance awards are expensed | 135.00% |
Employee_Benefit_Plans_CashEqu
Employee Benefit Plans (Cash-Equivalent Stock Awards) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Cash Equivalent Stock Awards Rsus [Member] | ' |
Activity: | ' |
Outstanding, beginning of period, shares | 2,049,084 |
Granted, shares | 438,162 |
Additional awards granted due to achievement of performance criteria, shares | 0 |
Forfeited, shares | -50,106 |
Fully vested, shares | -752,668 |
Outstanding, end of period, shares | 1,684,472 |
Weighted average grant date fair value: | ' |
Outstanding, beginning of period - weighted average grant date fair value | $24.69 |
Granted - weighted average grant date fair value | $33.56 |
Additional awards granted due to achievement of performance criteria - weighted average grant date fair value | $0 |
Forfeited - weighted average grant date fair value | ($26.75) |
Vested - weighted average grant date fair value | ($22.51) |
Outstanding, end of period - weighted average grant date fair value | $27.98 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' |
Vesting period | '4 years |
Cash Equivalent Stock Awards Performance Based [Member] | ' |
Activity: | ' |
Outstanding, beginning of period, shares | 1,031,961 |
Granted, shares | 249,438 |
Additional awards granted due to achievement of performance criteria, shares | 104,895 |
Forfeited, shares | -2,769 |
Fully vested, shares | -454,440 |
Outstanding, end of period, shares | 929,085 |
Weighted average grant date fair value: | ' |
Outstanding, beginning of period - weighted average grant date fair value | $23.67 |
Granted - weighted average grant date fair value | $33.56 |
Additional awards granted due to achievement of performance criteria - weighted average grant date fair value | $20.50 |
Forfeited - weighted average grant date fair value | ($25.28) |
Vested - weighted average grant date fair value | ($20.50) |
Outstanding, end of period - weighted average grant date fair value | $27.51 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' |
Vesting period | '3 years |
Employee_Benefit_Plans_Other_D
Employee Benefit Plans (Other Details) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $11,624 | $16,416 | $36,752 | $43,949 |
Stock options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 424 | 647 | 1,564 | 2,662 |
RSUs and performance-based equity awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 2,767 | 2,070 | 9,258 | 6,621 |
Cash-equivalent stock awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $8,433 | $13,699 | $25,930 | $34,666 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (Stock Compensation Plan [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Compensation Plan [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities excluded from computation of earnings per share | 0 | 0 | 0 | 0 |
Earnings_Per_Share_Comparison_
Earnings Per Share (Comparison Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share, Basic [Abstract] | ' | ' | ' | ' |
Net income | $30,915 | $122,843 | $359,750 | $279,973 |
Weighted average common shares outstanding | 96,458,231 | 101,974,077 | 97,926,378 | 103,020,681 |
Basic earnings per share | $0.32 | $1.20 | $3.67 | $2.72 |
Earnings Per Share, Diluted [Abstract] | ' | ' | ' | ' |
Net income | $30,915 | $122,843 | $359,750 | $279,973 |
Weighted average common shares outstanding | 96,458,231 | 101,974,077 | 97,926,378 | 103,020,681 |
Share equivalents: | ' | ' | ' | ' |
Warrants and options | 1,430,243 | 1,500,342 | 1,449,641 | 1,492,374 |
RSUs and LTIP awards | 541,711 | 708,399 | 575,675 | 877,107 |
Employee share purchase plan | 14,053 | 1,761 | 13,602 | 3,114 |
Weighted average common shares and common share equivalents outstanding - diluted | 98,444,238 | 104,184,579 | 99,965,296 | 105,393,276 |
Diluted earnings per share | $0.31 | $1.18 | $3.60 | $2.66 |
Segment_Information_Summary_Of
Segment Information (Summary Of Segment Results) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
segments | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross premiums written | $707,884 | $580,893 | $2,369,682 | $2,183,174 |
Net premiums written | 568,742 | 453,077 | 1,894,280 | 1,729,351 |
Net premiums earned | 541,737 | 510,773 | 1,609,269 | 1,481,272 |
Net losses and loss expenses | -336,090 | -276,970 | -926,231 | -807,276 |
Acquisition costs | -72,403 | -65,114 | -214,404 | -186,416 |
General and administrative expenses | -88,294 | -88,553 | -264,822 | -251,818 |
Underwriting (loss) income | 44,950 | 80,136 | 203,812 | 235,762 |
Other insurance-related income | 1,032 | 0 | 1,032 | 0 |
Other insurance-related expenses | -6,575 | 0 | -6,575 | 0 |
Segment (loss) income | 39,407 | 80,136 | 198,269 | 235,762 |
Net investment income | 43,412 | 39,271 | 127,824 | 110,294 |
Net realized investment (losses) gains | -35,136 | 27,487 | 104,286 | -8,074 |
Amortization of intangible assets | -633 | -633 | -1,900 | -1,900 |
Interest expense | -14,325 | -14,094 | -43,451 | -42,416 |
Foreign exchange loss | -278 | -4,353 | -978 | -7,361 |
Income before income taxes | 32,447 | 127,814 | 384,050 | 286,305 |
Loss and loss expense ratio | 62.00% | 54.20% | 57.60% | 54.50% |
Acquisition cost ratio | 13.40% | 12.70% | 13.30% | 12.60% |
General and administrative expense ratio | 16.30% | 17.30% | 16.50% | 17.00% |
Expense ratio | 29.70% | 30.00% | 29.80% | 29.60% |
Combined ratio | 91.70% | 84.20% | 87.40% | 84.10% |
Number of operating segments | ' | ' | 3 | ' |
Operating Segments [Member] | U S Insurance [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross premiums written | 386,681 | 308,709 | 998,051 | 872,024 |
Net premiums written | 321,713 | 238,792 | 746,403 | 652,464 |
Net premiums earned | 224,764 | 207,602 | 651,480 | 593,477 |
Net losses and loss expenses | -153,010 | -141,222 | -440,491 | -398,910 |
Acquisition costs | -31,131 | -28,426 | -88,311 | -78,824 |
General and administrative expenses | -41,730 | -41,616 | -125,760 | -119,514 |
Underwriting (loss) income | -1,107 | -3,662 | -3,082 | -3,771 |
Other insurance-related income | 1,032 | 0 | 1,032 | 0 |
Other insurance-related expenses | -1,270 | 0 | -1,270 | 0 |
Segment (loss) income | -1,345 | -3,662 | -3,320 | -3,771 |
Loss and loss expense ratio | 68.10% | 68.00% | 67.60% | 67.20% |
Acquisition cost ratio | 13.90% | 13.70% | 13.60% | 13.30% |
General and administrative expense ratio | 18.60% | 20.00% | 19.30% | 20.10% |
Expense ratio | 32.50% | 33.70% | 32.90% | 33.40% |
Combined ratio | 100.60% | 101.70% | 100.50% | 100.60% |
Operating Segments [Member] | International Insurance [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross premiums written | 144,236 | 132,881 | 483,079 | 453,990 |
Net premiums written | 87,820 | 75,632 | 285,450 | 259,771 |
Net premiums earned | 94,013 | 87,554 | 271,557 | 258,809 |
Net losses and loss expenses | -55,814 | -31,094 | -115,299 | -90,997 |
Acquisition costs | -1,209 | 282 | -835 | 1,489 |
General and administrative expenses | -27,993 | -26,450 | -82,164 | -75,374 |
Underwriting (loss) income | 8,997 | 30,292 | 73,259 | 93,927 |
Other insurance-related income | 0 | 0 | 0 | 0 |
Other insurance-related expenses | -5,305 | 0 | -5,305 | 0 |
Segment (loss) income | 3,692 | 30,292 | 67,954 | 93,927 |
Loss and loss expense ratio | 59.40% | 35.50% | 42.50% | 35.20% |
Acquisition cost ratio | 1.30% | -0.30% | 0.30% | -0.60% |
General and administrative expense ratio | 29.80% | 30.20% | 30.30% | 29.10% |
Expense ratio | 31.10% | 29.90% | 30.60% | 28.50% |
Combined ratio | 90.50% | 65.40% | 73.10% | 63.70% |
Operating Segments [Member] | Reinsurance [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross premiums written | 176,967 | 139,303 | 888,552 | 857,160 |
Net premiums written | 159,209 | 138,653 | 862,427 | 817,116 |
Net premiums earned | 222,960 | 215,617 | 686,232 | 628,986 |
Net losses and loss expenses | -127,266 | -104,654 | -370,441 | -317,369 |
Acquisition costs | -40,063 | -36,970 | -125,258 | -109,081 |
General and administrative expenses | -18,571 | -20,487 | -56,898 | -56,930 |
Underwriting (loss) income | 37,060 | 53,506 | 133,635 | 145,606 |
Other insurance-related income | 0 | 0 | 0 | 0 |
Other insurance-related expenses | 0 | 0 | 0 | 0 |
Segment (loss) income | $37,060 | $53,506 | $133,635 | $145,606 |
Loss and loss expense ratio | 57.10% | 48.50% | 54.00% | 50.50% |
Acquisition cost ratio | 18.00% | 17.10% | 18.30% | 17.30% |
General and administrative expense ratio | 8.30% | 9.50% | 8.30% | 9.10% |
Expense ratio | 26.30% | 26.60% | 26.60% | 26.40% |
Combined ratio | 83.40% | 75.10% | 80.60% | 76.90% |
Segment_Information_Gross_Prem
Segment Information (Gross Premiums Written By Geographic Location) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Gross premiums written | $707,884 | $580,893 | $2,369,682 | $2,183,174 |
United States | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Gross premiums written | 483,992 | 377,618 | 1,447,652 | 1,296,212 |
Bermuda | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Gross premiums written | 109,503 | 111,103 | 525,005 | 550,815 |
Europe | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Gross premiums written | 64,947 | 52,004 | 245,931 | 198,747 |
Asia Pacific | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Gross premiums written | 45,070 | 40,168 | 142,798 | 137,400 |
Canada | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Gross premiums written | 4,372 | 0 | 8,296 | 0 |
Switzerland | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Gross premiums written | $11,130 | $10,509 | $65,684 | $57,183 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (Operating Segments [Member], U S Insurance [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | 31-May-14 |
Operating Segments [Member] | U S Insurance [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Goodwill, Acquired During Period | $9,709 |
Condensed_Consolidated_Guarant2
Condensed Consolidated Guarantor Financial Statements (Schedule Of Condensed Consolidating Balance Sheet) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
ASSETS: | ' | ' | ' | ' | ' | ' |
Investments | $8,002,514 | ' | $7,712,036 | ' | ' | ' |
Cash and cash equivalents | 831,270 | ' | 531,936 | 953,047 | ' | 681,879 |
Insurance balances receivable | 926,183 | ' | 664,731 | ' | ' | ' |
Funds held | 405,703 | ' | 632,430 | ' | ' | ' |
Reinsurance recoverable | 1,349,009 | 1,301,742 | 1,234,504 | 1,226,034 | 1,179,525 | 1,141,110 |
Net deferred acquisition costs | 171,827 | ' | 126,661 | ' | ' | ' |
Goodwill and intangible assets | 325,016 | ' | 317,207 | ' | ' | ' |
Balances receivable on sale of investments | 60,122 | ' | 76,544 | ' | ' | ' |
Investments in subsidiaries | 0 | ' | 0 | ' | ' | ' |
Due from subsidiaries | 0 | ' | 0 | ' | ' | ' |
Other assets | 737,924 | ' | 649,781 | ' | ' | ' |
Total assets | 12,809,568 | ' | 11,945,830 | ' | ' | ' |
LIABILITIES: | ' | ' | ' | ' | ' | ' |
Reserve for losses and loss expenses | 6,052,263 | 5,935,678 | 5,766,529 | 5,780,781 | 5,696,865 | 5,645,549 |
Unearned premiums | 1,716,927 | ' | 1,396,256 | ' | ' | ' |
Reinsurance balances payable | 203,428 | ' | 173,023 | ' | ' | ' |
Balances due on purchases of investments | 166,026 | ' | 104,740 | ' | ' | ' |
Senior notes | 798,725 | ' | 798,499 | ' | ' | ' |
Due to subsidiaries | 0 | ' | 0 | ' | ' | ' |
Other liabilities | 198,600 | ' | 186,957 | ' | ' | ' |
Total liabilities | 9,135,969 | ' | 8,426,004 | ' | ' | ' |
Total shareholders’ equity | 3,673,599 | ' | 3,519,826 | 3,443,928 | ' | 3,326,335 |
Total liabilities and shareholders’ equity | 12,809,568 | ' | 11,945,830 | ' | ' | ' |
Percentage ownership of Subsidiary Issuer | 100.00% | ' | ' | ' | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' | ' | ' |
Investments | 0 | ' | 0 | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | 0 | ' | 0 |
Insurance balances receivable | 0 | ' | 0 | ' | ' | ' |
Funds held | 0 | ' | 0 | ' | ' | ' |
Reinsurance recoverable | 0 | ' | 0 | ' | ' | ' |
Net deferred acquisition costs | 0 | ' | 0 | ' | ' | ' |
Goodwill and intangible assets | 0 | ' | 0 | ' | ' | ' |
Balances receivable on sale of investments | 0 | ' | 0 | ' | ' | ' |
Investments in subsidiaries | -7,900,068 | ' | -7,431,620 | ' | ' | ' |
Due from subsidiaries | -34,412 | ' | -357,497 | ' | ' | ' |
Other assets | 0 | ' | 0 | ' | ' | ' |
Total assets | -7,934,480 | ' | -7,789,117 | ' | ' | ' |
LIABILITIES: | ' | ' | ' | ' | ' | ' |
Reserve for losses and loss expenses | 0 | ' | 0 | ' | ' | ' |
Unearned premiums | 0 | ' | 0 | ' | ' | ' |
Reinsurance balances payable | 0 | ' | 0 | ' | ' | ' |
Balances due on purchases of investments | 0 | ' | 0 | ' | ' | ' |
Senior notes | 0 | ' | 0 | ' | ' | ' |
Due to subsidiaries | -34,412 | ' | -357,497 | ' | ' | ' |
Other liabilities | 0 | ' | 0 | ' | ' | ' |
Total liabilities | -34,412 | ' | -357,497 | ' | ' | ' |
Total shareholders’ equity | -7,900,068 | ' | -7,431,620 | ' | ' | ' |
Total liabilities and shareholders’ equity | -7,934,480 | ' | -7,789,117 | ' | ' | ' |
Allied World Switzerland (Parent Guarantor) [Member] | ' | ' | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' | ' | ' |
Investments | 0 | ' | 0 | ' | ' | ' |
Cash and cash equivalents | 38,196 | ' | 10,790 | 56,060 | ' | 19,997 |
Insurance balances receivable | 0 | ' | 0 | ' | ' | ' |
Funds held | 0 | ' | 0 | ' | ' | ' |
Reinsurance recoverable | 0 | ' | 0 | ' | ' | ' |
Net deferred acquisition costs | 0 | ' | 0 | ' | ' | ' |
Goodwill and intangible assets | 0 | ' | 0 | ' | ' | ' |
Balances receivable on sale of investments | 0 | ' | 0 | ' | ' | ' |
Investments in subsidiaries | 3,644,932 | ' | 3,413,001 | ' | ' | ' |
Due from subsidiaries | 18,497 | ' | 111,172 | ' | ' | ' |
Other assets | 2,009 | ' | 1,757 | ' | ' | ' |
Total assets | 3,703,634 | ' | 3,536,720 | ' | ' | ' |
LIABILITIES: | ' | ' | ' | ' | ' | ' |
Reserve for losses and loss expenses | 0 | ' | 0 | ' | ' | ' |
Unearned premiums | 0 | ' | 0 | ' | ' | ' |
Reinsurance balances payable | 0 | ' | 0 | ' | ' | ' |
Balances due on purchases of investments | 0 | ' | 0 | ' | ' | ' |
Senior notes | 0 | ' | 0 | ' | ' | ' |
Due to subsidiaries | 6,826 | ' | 12,945 | ' | ' | ' |
Other liabilities | 23,209 | ' | 3,949 | ' | ' | ' |
Total liabilities | 30,035 | ' | 16,894 | ' | ' | ' |
Total shareholders’ equity | 3,673,599 | ' | 3,519,826 | ' | ' | ' |
Total liabilities and shareholders’ equity | 3,703,634 | ' | 3,536,720 | ' | ' | ' |
Allied World Bermuda (Subsidiary Issuer) [Member] | ' | ' | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' | ' | ' |
Investments | 0 | ' | 0 | ' | ' | ' |
Cash and cash equivalents | 2,329 | ' | 2,775 | 8,388 | ' | 11,324 |
Insurance balances receivable | 0 | ' | 0 | ' | ' | ' |
Funds held | 0 | ' | 0 | ' | ' | ' |
Reinsurance recoverable | 0 | ' | 0 | ' | ' | ' |
Net deferred acquisition costs | 0 | ' | 0 | ' | ' | ' |
Goodwill and intangible assets | 0 | ' | 0 | ' | ' | ' |
Balances receivable on sale of investments | 0 | ' | 0 | ' | ' | ' |
Investments in subsidiaries | 4,255,136 | ' | 4,018,619 | ' | ' | ' |
Due from subsidiaries | 407 | ' | 122,846 | ' | ' | ' |
Other assets | 3,576 | ' | 4,671 | ' | ' | ' |
Total assets | 4,261,448 | ' | 4,148,911 | ' | ' | ' |
LIABILITIES: | ' | ' | ' | ' | ' | ' |
Reserve for losses and loss expenses | 0 | ' | 0 | ' | ' | ' |
Unearned premiums | 0 | ' | 0 | ' | ' | ' |
Reinsurance balances payable | 0 | ' | 0 | ' | ' | ' |
Balances due on purchases of investments | 0 | ' | 0 | ' | ' | ' |
Senior notes | 798,725 | ' | 798,499 | ' | ' | ' |
Due to subsidiaries | 8,682 | ' | 110,534 | ' | ' | ' |
Other liabilities | 12,513 | ' | 17,797 | ' | ' | ' |
Total liabilities | 819,920 | ' | 926,830 | ' | ' | ' |
Total shareholders’ equity | 3,441,528 | ' | 3,222,081 | ' | ' | ' |
Total liabilities and shareholders’ equity | 4,261,448 | ' | 4,148,911 | ' | ' | ' |
Other Allied World Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' | ' | ' |
Investments | 8,002,514 | ' | 7,712,036 | ' | ' | ' |
Cash and cash equivalents | 790,745 | ' | 518,371 | 888,599 | ' | 650,558 |
Insurance balances receivable | 926,183 | ' | 664,731 | ' | ' | ' |
Funds held | 405,703 | ' | 632,430 | ' | ' | ' |
Reinsurance recoverable | 1,349,009 | ' | 1,234,504 | ' | ' | ' |
Net deferred acquisition costs | 171,827 | ' | 126,661 | ' | ' | ' |
Goodwill and intangible assets | 325,016 | ' | 317,207 | ' | ' | ' |
Balances receivable on sale of investments | 60,122 | ' | 76,544 | ' | ' | ' |
Investments in subsidiaries | 0 | ' | 0 | ' | ' | ' |
Due from subsidiaries | 15,508 | ' | 123,479 | ' | ' | ' |
Other assets | 732,339 | ' | 643,353 | ' | ' | ' |
Total assets | 12,778,966 | ' | 12,049,316 | ' | ' | ' |
LIABILITIES: | ' | ' | ' | ' | ' | ' |
Reserve for losses and loss expenses | 6,052,263 | ' | 5,766,529 | ' | ' | ' |
Unearned premiums | 1,716,927 | ' | 1,396,256 | ' | ' | ' |
Reinsurance balances payable | 203,428 | ' | 173,023 | ' | ' | ' |
Balances due on purchases of investments | 166,026 | ' | 104,740 | ' | ' | ' |
Senior notes | 0 | ' | 0 | ' | ' | ' |
Due to subsidiaries | 18,904 | ' | 234,018 | ' | ' | ' |
Other liabilities | 162,878 | ' | 165,211 | ' | ' | ' |
Total liabilities | 8,320,426 | ' | 7,839,777 | ' | ' | ' |
Total shareholders’ equity | 4,458,540 | ' | 4,209,539 | ' | ' | ' |
Total liabilities and shareholders’ equity | $12,778,966 | ' | $12,049,316 | ' | ' | ' |
Condensed_Consolidated_Guarant3
Condensed Consolidated Guarantor Financial Statements (Schedule Of Condensed Consolidating Income Statement) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net premiums earned | $541,737 | $510,773 | $1,609,269 | $1,481,272 |
Net investment income | 43,412 | 39,271 | 127,824 | 110,294 |
Net realized investment gains (losses) | -35,136 | 27,487 | 104,286 | -8,074 |
Other income | 1,032 | 0 | 1,032 | 0 |
Net losses and loss expenses | -336,090 | -276,970 | -926,231 | -807,276 |
Acquisition costs | -72,403 | -65,114 | -214,404 | -186,416 |
General and administrative expenses | -88,294 | -88,553 | -264,822 | -251,818 |
Other expense | -6,575 | 0 | -6,575 | 0 |
Amortization of intangible assets | -633 | -633 | -1,900 | -1,900 |
Interest expense | -14,325 | -14,094 | -43,451 | -42,416 |
Foreign exchange gain (loss) | -278 | -4,353 | -978 | -7,361 |
Income tax (expense) benefit | -1,532 | -4,971 | -24,300 | -6,332 |
Equity in earnings of consolidated subsidiaries | 0 | 0 | 0 | 0 |
NET INCOME | 30,915 | 122,843 | 359,750 | 279,973 |
Other comprehensive income | 0 | 0 | 0 | 0 |
COMPREHENSIVE INCOME (LOSS) | 30,915 | 122,843 | 359,750 | 279,973 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net premiums earned | 0 | 0 | 0 | 0 |
Net investment income | 0 | 0 | 0 | 0 |
Net realized investment gains (losses) | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Net losses and loss expenses | 0 | 0 | 0 | 0 |
Acquisition costs | 0 | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 | 0 |
Other expense | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Foreign exchange gain (loss) | 0 | 0 | 0 | 0 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Equity in earnings of consolidated subsidiaries | -88,673 | -280,829 | -807,124 | -659,856 |
NET INCOME | -88,673 | -280,829 | -807,124 | -659,856 |
Other comprehensive income | 0 | 0 | 0 | 0 |
COMPREHENSIVE INCOME (LOSS) | -88,673 | -280,829 | -807,124 | -659,856 |
Allied World Switzerland (Parent Guarantor) [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net premiums earned | 0 | 0 | 0 | 0 |
Net investment income | 2 | 3 | 6 | 11 |
Net realized investment gains (losses) | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Net losses and loss expenses | 0 | 0 | 0 | 0 |
Acquisition costs | 0 | 0 | 0 | 0 |
General and administrative expenses | -8,285 | -7,323 | -28,012 | -26,875 |
Other expense | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Foreign exchange gain (loss) | 16 | -13 | 12 | 261 |
Income tax (expense) benefit | 0 | 0 | -86 | 0 |
Equity in earnings of consolidated subsidiaries | 39,182 | 130,176 | 387,830 | 306,576 |
NET INCOME | 30,915 | 122,843 | 359,750 | 279,973 |
Other comprehensive income | 0 | 0 | 0 | 0 |
COMPREHENSIVE INCOME (LOSS) | 30,915 | 122,843 | 359,750 | 279,973 |
Allied World Bermuda (Subsidiary Issuer) [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net premiums earned | 0 | 0 | 0 | 0 |
Net investment income | 0 | 0 | 0 | 4 |
Net realized investment gains (losses) | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Net losses and loss expenses | 0 | 0 | 0 | 0 |
Acquisition costs | 0 | 0 | 0 | 0 |
General and administrative expenses | -182 | -4,961 | -919 | -5,873 |
Other expense | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Interest expense | -13,855 | -13,838 | -41,556 | -41,503 |
Foreign exchange gain (loss) | 47 | -212 | 68 | -935 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Equity in earnings of consolidated subsidiaries | 49,491 | 150,653 | 419,294 | 353,280 |
NET INCOME | 35,501 | 131,642 | 376,887 | 304,973 |
Other comprehensive income | 0 | 0 | 0 | 0 |
COMPREHENSIVE INCOME (LOSS) | 35,501 | 131,642 | 376,887 | 304,973 |
Other Allied World Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net premiums earned | 541,737 | 510,773 | 1,609,269 | 1,481,272 |
Net investment income | 43,410 | 39,268 | 127,818 | 110,279 |
Net realized investment gains (losses) | -35,136 | 27,487 | 104,286 | -8,074 |
Other income | 1,032 | 0 | 1,032 | 0 |
Net losses and loss expenses | -336,090 | -276,970 | -926,231 | -807,276 |
Acquisition costs | -72,403 | -65,114 | -214,404 | -186,416 |
General and administrative expenses | -79,827 | -76,269 | -235,891 | -219,070 |
Other expense | -6,575 | 0 | -6,575 | 0 |
Amortization of intangible assets | -633 | -633 | -1,900 | -1,900 |
Interest expense | -470 | -256 | -1,895 | -913 |
Foreign exchange gain (loss) | -341 | -4,128 | -1,058 | -6,687 |
Income tax (expense) benefit | -1,532 | -4,971 | -24,214 | -6,332 |
Equity in earnings of consolidated subsidiaries | 0 | 0 | 0 | 0 |
NET INCOME | 53,172 | 149,187 | 430,237 | 354,883 |
Other comprehensive income | 0 | 0 | 0 | 0 |
COMPREHENSIVE INCOME (LOSS) | $53,172 | $149,187 | $430,237 | $354,883 |
Condensed_Consolidated_Guarant4
Condensed Consolidated Guarantor Financial Statements (Schedule Of Condensed Consolidating Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $667,107 | $332,050 |
CASH FLOWS (USED IN) PROVIDED BY INVESTING ACTIVITIES: | ' | ' |
Purchases of trading securities | -5,608,594 | -4,955,817 |
Purchases of other invested assets | -242,227 | -211,501 |
Sales of trading securities | 5,500,176 | 5,137,280 |
Sales of other invested assets | 243,123 | 189,155 |
Other | -46,620 | -78,203 |
Net cash (used in) provided by investing activities | -154,142 | 80,914 |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ' | ' |
Dividends paid - par value reduction | 0 | -12,981 |
Dividends paid | -55,064 | -17,117 |
Intercompany dividends paid | 0 | 0 |
Proceeds from the exercise of stock options | 7,640 | 8,465 |
Share repurchases | -166,207 | -120,163 |
Net cash used in financing activities | -213,631 | -141,796 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 299,334 | 271,168 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 531,936 | 681,879 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 831,270 | 953,047 |
Consolidation, Eliminations [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | -575,000 | -503,500 |
CASH FLOWS (USED IN) PROVIDED BY INVESTING ACTIVITIES: | ' | ' |
Purchases of trading securities | 0 | 0 |
Purchases of other invested assets | 0 | 0 |
Sales of trading securities | 0 | 0 |
Sales of other invested assets | 0 | 0 |
Other | 0 | 0 |
Net cash (used in) provided by investing activities | 0 | 0 |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ' | ' |
Dividends paid - par value reduction | ' | 0 |
Dividends paid | 0 | 0 |
Intercompany dividends paid | 575,000 | 503,500 |
Proceeds from the exercise of stock options | 0 | 0 |
Share repurchases | 0 | 0 |
Net cash used in financing activities | 575,000 | 503,500 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 0 | 0 |
Allied World Switzerland (Parent Guarantor) [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 241,037 | 177,859 |
CASH FLOWS (USED IN) PROVIDED BY INVESTING ACTIVITIES: | ' | ' |
Purchases of trading securities | 0 | 0 |
Purchases of other invested assets | 0 | 0 |
Sales of trading securities | 0 | 0 |
Sales of other invested assets | 0 | 0 |
Other | 0 | 0 |
Net cash (used in) provided by investing activities | 0 | 0 |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ' | ' |
Dividends paid - par value reduction | ' | -12,981 |
Dividends paid | -55,064 | -17,117 |
Intercompany dividends paid | 0 | 0 |
Proceeds from the exercise of stock options | 7,640 | 8,465 |
Share repurchases | -166,207 | -120,163 |
Net cash used in financing activities | -213,631 | -141,796 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 27,406 | 36,063 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 10,790 | 19,997 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 38,196 | 56,060 |
Allied World Bermuda (Subsidiary Issuer) [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 263,554 | 226,564 |
CASH FLOWS (USED IN) PROVIDED BY INVESTING ACTIVITIES: | ' | ' |
Purchases of trading securities | 0 | 0 |
Purchases of other invested assets | 0 | 0 |
Sales of trading securities | 0 | 0 |
Sales of other invested assets | 0 | 0 |
Other | 0 | 0 |
Net cash (used in) provided by investing activities | 0 | 0 |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ' | ' |
Dividends paid - par value reduction | ' | 0 |
Dividends paid | 0 | 0 |
Intercompany dividends paid | -264,000 | -229,500 |
Proceeds from the exercise of stock options | 0 | 0 |
Share repurchases | 0 | 0 |
Net cash used in financing activities | -264,000 | -229,500 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | -446 | -2,936 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,775 | 11,324 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 2,329 | 8,388 |
Other Allied World Subsidiaries [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 737,516 | 431,127 |
CASH FLOWS (USED IN) PROVIDED BY INVESTING ACTIVITIES: | ' | ' |
Purchases of trading securities | -5,608,594 | -4,955,817 |
Purchases of other invested assets | -242,227 | -211,501 |
Sales of trading securities | 5,500,176 | 5,137,280 |
Sales of other invested assets | 243,123 | 189,155 |
Other | -46,620 | -78,203 |
Net cash (used in) provided by investing activities | -154,142 | 80,914 |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ' | ' |
Dividends paid - par value reduction | ' | 0 |
Dividends paid | 0 | 0 |
Intercompany dividends paid | -311,000 | -274,000 |
Proceeds from the exercise of stock options | 0 | 0 |
Share repurchases | 0 | 0 |
Net cash used in financing activities | -311,000 | -274,000 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 272,374 | 238,041 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 518,371 | 650,558 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $790,745 | $888,599 |
Condensed_Consolidated_Guarant5
Condensed Consolidated Guarantor Financial Statements (Notes to Consolidated Guarantor Financial Statements) (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments in subsidiaries | $0 | ' | $0 | ' |
Total shareholders’ equity | 3,673,599 | 3,443,928 | 3,519,826 | 3,326,335 |
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 264,000 | 229,500 | ' | ' |
Allied World Bermuda (Subsidiary Issuer) [Member] | ' | ' | ' | ' |
Investments in subsidiaries | 4,255,136 | ' | 4,018,619 | ' |
Total shareholders’ equity | 3,441,528 | ' | 3,222,081 | ' |
Adjustment to correct for miscalculation | Restatement Adjustment | Allied World Bermuda (Subsidiary Issuer) [Member] | ' | ' | ' | ' |
Investments in subsidiaries | ' | ' | 776,000 | ' |
Total shareholders’ equity | ' | ' | $0 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Oct. 22, 2014 | Jul. 02, 2014 | Apr. 03, 2014 | Jan. 02, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 02, 2014 |
Subsequent event | Common shares | Common shares | Common shares | Common shares | Common shares | Common shares | ||||||
Subsequent event | ||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid per common share | $0.23 | $0.17 | $0.56 | $0.29 | ' | ' | $0.23 | $0.17 | $0.17 | $0.17 | $0.17 | $0.23 |
Investment commitment | $479,635 | ' | $479,635 | ' | $467,524 | $225,000 | ' | ' | ' | ' | ' | ' |