Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document type | '10-Q | ' |
Document period end date | 30-Sep-13 | ' |
Amendment flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity registrant name | 'PARTNERRE LTD. | ' |
Entity central index key | '0000911421 | ' |
Entity current reporting status | 'Yes | ' |
Entity voluntary filers | 'No | ' |
Current fiscal year end date | '--12-31 | ' |
Entity filer category | 'Large Accelerated Filer | ' |
Entity well known seasoned issuer | 'Yes | ' |
Entity common stock shares outstanding | ' | 53,191,934 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Fixed maturities, trading securities, at fair value (amortized cost: 2013, $13,395,474; 2012, $13,653,615) | $13,680,838 | $14,395,315 |
Short-term investments, trading securities, at fair value (amortized cost: 2013, $36,791; 2012, $150,634) | 36,781 | 150,552 |
Equities, trading securities, at fair value (cost: 2013, $1,036,972; 2012, $1,000,326) | 1,122,084 | 1,094,002 |
Other invested assets | 268,097 | 333,361 |
Total investments | 15,107,800 | 15,973,230 |
Funds held - directly managed (cost: 2013, $800,634; 2012, $895,261) | 813,497 | 930,741 |
Cash and cash equivalents, at fair value, which approximates amortized cost | 1,551,062 | 1,121,705 |
Accrued investment income | 175,164 | 184,315 |
Reinsurance balances receivable | 2,564,015 | 1,991,991 |
Reinsurance recoverable on paid and unpaid losses | 339,169 | 348,086 |
Funds held by reinsured companies | 831,704 | 805,489 |
Deferred acquisition costs | 680,972 | 568,391 |
Deposit assets | 347,419 | 257,208 |
Net tax assets | 13,688 | 25,098 |
Goodwill | 456,380 | 456,380 |
Intangible assets | 193,134 | 214,270 |
Other assets | 64,203 | 103,528 |
Total assets | 23,138,207 | 22,980,432 |
Liabilities | ' | ' |
Unpaid losses and loss expenses | 10,564,542 | 10,709,371 |
Policy benefits for life and annuity contracts | 1,908,575 | 1,813,244 |
Unearned premiums | 1,997,853 | 1,534,625 |
Other reinsurance balances payable | 232,711 | 238,578 |
Deposit liabilities | 330,233 | 252,217 |
Net tax liabilities | 293,797 | 387,647 |
Accounts payable, accrued expenses and other | 365,331 | 290,265 |
Debt related to senior notes | 750,000 | 750,000 |
Debt related to capital efficient notes | 70,989 | 70,989 |
Total liabilities | 16,514,031 | 16,046,936 |
Shareholders' Equity | ' | ' |
Common shares (par value $1.00; issued: 2013, 86,425,676 shares; 2012, 85,459,905 shares) | 86,426 | 85,460 |
Preferred shares (par value $1.00; issued and outstanding: 2013, 34,150,000 shares; 2012, 35,750,000 shares; aggregate liquidation value: 2013, $853,750; 2012, $893,750) | 34,150 | 35,750 |
Additional paid-in capital | 3,880,412 | 3,861,844 |
Accumulated other comprehensive (loss) income | -6,027 | 10,597 |
Retained earnings | 5,183,219 | 4,952,002 |
Common shares held in treasury, at cost (2013, 33,197,911 shares; 2012, 26,550,530 shares) | -2,606,493 | -2,012,157 |
Total shareholders' equity attributable to PartnerRe Ltd. | 6,571,687 | 6,933,496 |
Noncontrolling interests | 52,489 | 0 |
Total shareholders' equity | 6,624,176 | 6,933,496 |
Total liabilities and shareholders' equity | $23,138,207 | $22,980,432 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Assets [Abstract] | ' | ' |
Fixed maturities, trading securities, amortized cost | $13,395,474 | $13,653,615 |
Short-term investments, trading securities, amortized cost | 36,791 | 150,634 |
Equities, trading securities, cost | 1,036,972 | 1,000,326 |
Funds held - directly managed, cost | 800,634 | 895,261 |
Shareholders' Equity [Abstract] | ' | ' |
Common shares, par value | $1 | $1 |
Common shares, shares issued | 86,425,676 | 85,459,905 |
Common shares held in treasury, shares | 33,197,911 | 26,550,530 |
Preferred shares, par value | $1 | $1 |
Preferred shares, shares issued | 34,150,000 | 35,750,000 |
Preferred shares, shares outstanding | 34,150,000 | 35,750,000 |
Aggregate liquidation value | $853,750 | $893,750 |
Condensed_Consolidated_Stateme
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, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Gross premiums written | $1,281,477 | $1,056,076 | $4,378,944 | $3,786,802 |
Net premiums written | 1,264,775 | 1,043,240 | 4,210,525 | 3,652,571 |
Decrease (increase) in unearned premiums | 156,694 | 193,851 | -433,740 | -334,772 |
Net premiums earned | 1,421,469 | 1,237,091 | 3,776,785 | 3,317,799 |
Net investment income | 121,811 | 135,266 | 370,017 | 435,669 |
Net realized and unrealized investment gains (losses) | 16,118 | 257,429 | -260,154 | 488,296 |
Other income | 5,399 | 2,744 | 13,205 | 8,143 |
Total revenues | 1,564,797 | 1,632,530 | 3,899,853 | 4,249,907 |
Expenses | ' | ' | ' | ' |
Losses and loss expenses and life policy benefits | 750,999 | 721,137 | 2,278,793 | 2,003,759 |
Acquisition costs | 282,948 | 247,058 | 758,890 | 691,388 |
Other operating expenses | 108,467 | 94,697 | 369,340 | 299,055 |
Interest expense | 12,233 | 12,224 | 36,694 | 36,668 |
Amortization of intangible assets | 7,045 | 8,893 | 21,136 | 26,679 |
Net foreign exchange losses (gains) | 1,279 | 2,015 | 9,822 | -3,165 |
Total expenses | 1,162,971 | 1,086,024 | 3,474,675 | 3,054,384 |
Income before taxes and interest in earnings of equity investments | 401,826 | 546,506 | 425,178 | 1,195,523 |
Income tax expense | 70,232 | 64,149 | 37,338 | 181,458 |
Interest in earnings of equity investments | 5,941 | 4,349 | 9,677 | 8,929 |
Net income | 337,535 | 486,706 | 397,517 | 1,022,994 |
Net income attributable to noncontrollong interests | -4,112 | 0 | -5,296 | 0 |
Net income attributable to PartnerRe Ltd. | 333,423 | 486,706 | 392,221 | 1,022,994 |
Preferred dividends | 14,184 | 15,405 | 43,678 | 46,216 |
Loss on redemption of preferred shares | 0 | 0 | 9,135 | 0 |
Net income attributable to PartnerRe Ltd. common shareholders | 319,239 | 471,301 | 339,408 | 976,778 |
Comprehensive income | ' | ' | ' | ' |
Net income attributable to PartnerRe Ltd. | 333,423 | 486,706 | 392,221 | 1,022,994 |
Change in currency translation adjustment | 14,432 | 32,992 | -16,912 | 31,042 |
Change in unfunded pension obligation, net of tax | 114 | -590 | 980 | -165 |
Change in unrealized losses on investments | -229 | -237 | -692 | -718 |
Total other comprehensive income (loss), net of tax | 14,317 | 32,165 | -16,624 | 30,159 |
Comprehensive income attributable to PartnerRe Ltd. | $347,740 | $518,871 | $375,597 | $1,053,153 |
Per share data attributable to PartnerRe common shareholders | ' | ' | ' | ' |
Basic net income | $5.95 | $7.62 | $6.04 | $15.34 |
Diluted net income | $5.84 | $7.53 | $5.93 | $15.19 |
Weighted average number of common shares outstanding | 53,671,245 | 61,837,328 | 56,176,260 | 63,679,114 |
Weighted average number of common shares and common share equivalents outstanding | 54,625,151 | 62,606,761 | 57,217,561 | 64,284,125 |
Dividends declared per common share | $0.64 | $0.62 | $1.92 | $1.86 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Shareholders' Equity (USD $) | Total | [CommonStockMember] | [PreferredStockMember] | [AdditionalPaidInCapitalMember] | [AccumulatedOtherComprehensiveIncomeMember] | [AccumulatedOtherComprehensiveIncomeMember] | [AccumulatedOtherComprehensiveIncomeMember] | [AccumulatedOtherComprehensiveIncomeMember] | [RetainedEarningsMember] | [TreasuryStockMember] | [NoncontrollingInterestMember] |
In Thousands | [CurrencyTranslationAdjustmentMember] | [UnfundedPensionObligationMember] | [UnrealizedGainsLossesOnInvestmentsMember] | ||||||||
Balance at beginning of period at Dec. 31, 2011 | ' | $84,767 | $35,750 | $3,803,796 | ($12,644) | $4,267 | ($23,076) | $6,165 | $4,035,103 | ($1,479,230) | ' |
Net income | 1,022,994 | ' | ' | ' | ' | ' | ' | ' | 1,022,994 | ' | ' |
Net income attributable to noncontrollong interests | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Dividends on common shares | ' | ' | ' | ' | ' | ' | ' | ' | -118,152 | ' | ' |
Dividends on preferred shares | -46,216 | ' | ' | ' | ' | ' | ' | ' | -46,216 | ' | ' |
Loss on redemption of preferred shares | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Issuance of common shares | ' | 437 | ' | 36,845 | ' | ' | ' | ' | ' | ' | ' |
Issuance of preferred shares | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred shares | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Change in currency translation adjustment | 31,042 | ' | ' | ' | ' | 31,042 | ' | ' | ' | ' | ' |
Change in unfunded pension obligation, net of tax | -165 | ' | ' | ' | ' | ' | -165 | ' | ' | ' | ' |
Change in unrealized losses on investments | -718 | ' | ' | ' | ' | ' | ' | -718 | ' | ' | ' |
Repurchase of common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | -314,607 | ' |
Noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Total shareholders' equity | 7,079,002 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at end of period at Sep. 30, 2012 | 7,079,002 | 85,204 | 35,750 | 3,840,641 | 17,515 | 35,309 | -23,241 | 5,447 | 4,893,729 | -1,793,837 | ' |
Balance at beginning of period at Jun. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 486,706 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to noncontrollong interests | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends on preferred shares | -15,405 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on redemption of preferred shares | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in currency translation adjustment | 32,992 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in unfunded pension obligation, net of tax | -590 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in unrealized losses on investments | -237 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Total shareholders' equity | 7,079,002 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at end of period at Sep. 30, 2012 | 7,079,002 | ' | ' | ' | 17,515 | ' | ' | ' | ' | ' | ' |
Balance at beginning of period at Dec. 31, 2012 | 6,933,496 | 85,460 | 35,750 | 3,861,844 | 10,597 | 32,755 | -27,370 | 5,212 | 4,952,002 | -2,012,157 | ' |
Net income | 397,517 | ' | ' | ' | ' | ' | ' | ' | 397,517 | ' | ' |
Net income attributable to noncontrollong interests | 5,296 | ' | ' | ' | ' | ' | ' | ' | -5,296 | ' | ' |
Dividends on common shares | ' | ' | ' | ' | ' | ' | ' | ' | -108,191 | ' | ' |
Dividends on preferred shares | -43,678 | ' | ' | ' | ' | ' | ' | ' | -43,678 | ' | ' |
Loss on redemption of preferred shares | -9,135 | ' | ' | ' | ' | ' | ' | ' | -9,135 | ' | ' |
Issuance of common shares | ' | 966 | ' | 56,568 | ' | ' | ' | ' | ' | ' | ' |
Issuance of preferred shares | ' | ' | 10,000 | 231,265 | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred shares | ' | ' | -11,600 | -269,265 | ' | ' | ' | ' | ' | ' | ' |
Change in currency translation adjustment | -16,912 | ' | ' | ' | ' | -16,912 | ' | ' | ' | ' | ' |
Change in unfunded pension obligation, net of tax | 980 | ' | ' | ' | ' | ' | 980 | ' | ' | ' | ' |
Change in unrealized losses on investments | -692 | ' | ' | ' | ' | ' | ' | -692 | ' | ' | ' |
Repurchase of common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | -594,336 | ' |
Noncontrolling interests | 52,489 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,489 |
Total shareholders' equity | 6,624,176 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at end of period at Sep. 30, 2013 | 6,571,687 | 86,426 | 34,150 | 3,880,412 | -6,027 | 15,843 | -26,390 | 4,520 | 5,183,219 | -2,606,493 | ' |
Balance at beginning of period at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 337,535 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to noncontrollong interests | 4,112 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends on preferred shares | -14,184 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on redemption of preferred shares | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in currency translation adjustment | 14,432 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in unfunded pension obligation, net of tax | 114 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in unrealized losses on investments | -229 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interests | 52,489 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,489 |
Total shareholders' equity | 6,624,176 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at end of period at Sep. 30, 2013 | $6,571,687 | ' | ' | ' | ($6,027) | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Shareholders' Equity (Parentheticals) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Shareholders Equity Parentheticals | ' | ' |
Change in unfunded pension obligation, tax impact | $7,752 | $6,605 |
Change in unrealized losses on investments, tax impact | $0 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net income | $397,517 | $1,022,994 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization of net premium on investments | 119,468 | 99,722 |
Amortization of intangible assets | 21,136 | 26,679 |
Net realized and unrealized investment losses (gains) | 260,154 | -488,296 |
Changes in: | ' | ' |
Reinsurance balances, net | -592,380 | -202,270 |
Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable | 65,593 | 59,536 |
Funds held by reinsured companies and funds held - directly managed | 76,159 | 110,096 |
Deferred acquisition costs | -111,562 | -51,722 |
Net tax assets and liabilities | -83,379 | 89,900 |
Unpaid losses and loss expenses including life policy benefits | -65,725 | -557,411 |
Unearned premiums | 433,740 | 334,772 |
Other net changes in operating assets and liabilities | 63,014 | 25,355 |
Net cash provided by operating activities | 583,735 | 469,355 |
Cash flows from investing activities | ' | ' |
Redemptions of fixed maturities | 1,002,991 | 705,423 |
Payments/ proceeds from trading securities [Line Items] | ' | ' |
Sales and redemptions of short-term investments | 290,011 | 61,903 |
Purchases of short-term investments | -176,339 | -176,068 |
Other, net | 98,813 | 33,891 |
Net cash provided by (used in) investing activities | 584,512 | -11,210 |
Cash flows from financing activities | ' | ' |
Dividends paid to shareholders | -151,869 | -164,368 |
Repurchase of common shares | -619,534 | -312,291 |
Issuance of common shares | 37,193 | 19,117 |
Net proceeds from issuance of preferred shares | 241,265 | 0 |
Repurchase of preferred shares | -290,000 | 0 |
Sale of shares to noncontrolling interests | 47,136 | 0 |
Net cash used in financing activities | -735,809 | -457,542 |
Effect of foreign exchange rate changes on cash | -3,081 | -6,498 |
Increase (decrease) in cash and cash equivalents | 429,357 | -5,895 |
Cash and cash equivalents - beginning of period | 1,121,705 | 1,342,257 |
Cash and cash equivalents - end of period | 1,551,062 | 1,336,362 |
Supplemental cash flow information: | ' | ' |
Taxes paid | 148,522 | 105,059 |
Interest paid | 24,630 | 24,630 |
[FixedMaturitiesMember] | ' | ' |
Payments/ proceeds from trading securities [Line Items] | ' | ' |
Sales of fixed maturities and equities | 5,831,364 | 5,016,192 |
Purchases of fixed maturities and equities | -6,501,873 | -5,649,511 |
[EquitySecuritiesMember] | ' | ' |
Payments/ proceeds from trading securities [Line Items] | ' | ' |
Sales of fixed maturities and equities | 595,848 | 574,612 |
Purchases of fixed maturities and equities | ($556,303) | ($577,652) |
Organization
Organization | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure - Organization [Abstract] | ' |
Organization | ' |
1. Organization | |
PartnerRe Ltd. (the Company) predominantly provides reinsurance and certain specialty insurance lines on a worldwide basis through its principal wholly-owned subsidiaries, including Partner Reinsurance Company Ltd., Partner Reinsurance Europe SE and Partner Reinsurance Company of the U.S. Risks reinsured include, but are not limited to, property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines, mortality, longevity, accident and health and alternative risk products. The Company's alternative risk products include weather and credit protection to financial, industrial and service companies on a worldwide basis. | |
Effective December 31, 2012, the Company completed the acquisition of Presidio Reinsurance Group, Inc. (Presidio), a California-based U.S. specialty accident and health reinsurance and insurance writer. The Condensed Consolidated Statements of Operations and Cash Flows include the results of Presidio from January 1, 2013. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure - Significant Accounting Policies [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies [Text Block] | ' |
2. Significant Accounting Policies | |
The Company's Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. The Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated. To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation. | |
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 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While Management believes that the amounts included in the Condensed Consolidated Financial Statements reflect its best estimates and assumptions, actual results could differ from those estimates. The Company's principal estimates include: | |
• Unpaid losses and loss expenses; | |
• Policy benefits for life and annuity contracts; | |
• Gross and net premiums written and net premiums earned; | |
• Recoverability of deferred acquisition costs; | |
• Recoverability of deferred tax assets; | |
• Valuation of goodwill and intangible assets; and | |
• Valuation of certain assets and derivative financial instruments that are measured using significant unobservable inputs. | |
In the opinion of Management, all adjustments (which include normal recurring adjustments) necessary for a fair presentation of results for the interim periods have been made. As the Company's reinsurance operations are exposed to low-frequency, high-severity risk events, some of which are seasonal, results for certain interim periods may include unusually low loss experience, while results for other interim periods may include significant catastrophic losses. Consequently, the Company's results for interim periods are not necessarily indicative of results for the full year. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. |
Fair_Value
Fair Value | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Disclosure - Fair Value [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||||||||||||||||||
3. Fair Value | ||||||||||||||||||||||||||||||||
(a) Fair Value of Financial Instrument Assets | ||||||||||||||||||||||||||||||||
The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about what market participants would use in pricing the asset or liability based on the best information available in the circumstances. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement. | ||||||||||||||||||||||||||||||||
The Company determines the appropriate level in the hierarchy for each financial instrument that it measures at fair value. In determining fair value, the Company uses various valuation approaches, including market, income and cost approaches. The hierarchy is broken down into three levels based on the observability of inputs as follows: | ||||||||||||||||||||||||||||||||
• Level 1 inputs—Unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. | ||||||||||||||||||||||||||||||||
The Company's financial instruments that it measures at fair value using Level 1 inputs generally include: equities and real estate investment trusts listed on a major exchange, exchange traded funds and exchange traded derivatives, including futures that are actively traded. | ||||||||||||||||||||||||||||||||
• Level 2 inputs—Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets and significant directly or indirectly observable inputs, other than quoted prices, used in industry accepted models. | ||||||||||||||||||||||||||||||||
The Company's financial instruments that it measures at fair value using Level 2 inputs generally include: U.S. government issued bonds; U.S. government sponsored enterprises bonds; U.S. state, territory and municipal entities bonds; Non-U.S. sovereign government, supranational and government related bonds consisting primarily of bonds issued by non-U.S. national governments and their agencies, non-U.S. regional governments and supranational organizations; investment grade and high yield corporate bonds; catastrophe bonds; mortality bonds; asset-backed securities; mortgage-backed securities; certain equities traded on foreign exchanges; certain fixed income mutual funds; foreign exchange forward contracts; over-the-counter derivatives such as foreign currency option contracts, credit default swaps, interest rate swaps and to-be-announced mortgage-backed securities (TBAs). | ||||||||||||||||||||||||||||||||
• Level 3 inputs—Unobservable inputs. | ||||||||||||||||||||||||||||||||
The Company's financial instruments that it measures at fair value using Level 3 inputs generally include: inactively traded fixed maturities including U.S. state, territory and municipal bonds; privately issued corporate securities; special purpose financing asset-backed bonds; unlisted equities; real estate and certain other mutual fund investments; inactively traded weather derivatives; notes and loan receivables, notes securitizations, annuities and residuals, private equities and longevity and other total return swaps. | ||||||||||||||||||||||||||||||||
The Company's policy is to recognize transfers between the hierarchy levels at the beginning of the period. | ||||||||||||||||||||||||||||||||
The Company's financial instruments measured at fair value include investments classified as trading securities, certain other invested assets and the segregated investment portfolio underlying the funds held – directly managed account. At September 30, 2013 and December 31, 2012, the Company's financial instruments measured at fair value were classified between Levels 1, 2 and 3 as follows (in thousands of U.S. dollars): | ||||||||||||||||||||||||||||||||
Quoted prices in | Significant | |||||||||||||||||||||||||||||||
active markets for | Significant other | unobservable | ||||||||||||||||||||||||||||||
identical assets | observable inputs | inputs | ||||||||||||||||||||||||||||||
30-Sep-13 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. government and government sponsored enterprises | $ | 0 | $ | 1,495,749 | $ | 0 | $ | 1,495,749 | ||||||||||||||||||||||||
U.S. states, territories and municipalities | 0 | 16,659 | 289,135 | 305,794 | ||||||||||||||||||||||||||||
Non-U.S. sovereign government, supranational | ||||||||||||||||||||||||||||||||
and government related | 0 | 2,343,751 | 0 | 2,343,751 | ||||||||||||||||||||||||||||
Corporate | 0 | 5,942,359 | 99,627 | 6,041,986 | ||||||||||||||||||||||||||||
Asset-backed securities | 0 | 704,174 | 453,753 | 1,157,927 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | 0 | 2,293,874 | 0 | 2,293,874 | ||||||||||||||||||||||||||||
Other mortgage-backed securities | 0 | 41,757 | 0 | 41,757 | ||||||||||||||||||||||||||||
Fixed maturities | $ | 0 | $ | 12,838,323 | $ | 842,515 | $ | 13,680,838 | ||||||||||||||||||||||||
Short-term investments | $ | 0 | $ | 36,781 | $ | 0 | $ | 36,781 | ||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Real estate investment trusts | $ | 168,985 | $ | 0 | $ | 0 | $ | 168,985 | ||||||||||||||||||||||||
Energy | 156,254 | 0 | 0 | 156,254 | ||||||||||||||||||||||||||||
Finance | 105,025 | 10,057 | 14,285 | 129,367 | ||||||||||||||||||||||||||||
Consumer noncyclical | 119,194 | 0 | 0 | 119,194 | ||||||||||||||||||||||||||||
Communications | 64,026 | 0 | 2,143 | 66,169 | ||||||||||||||||||||||||||||
Technology | 51,535 | 0 | 9,150 | 60,685 | ||||||||||||||||||||||||||||
Industrials | 45,181 | 0 | 0 | 45,181 | ||||||||||||||||||||||||||||
Consumer cyclical | 44,566 | 0 | 0 | 44,566 | ||||||||||||||||||||||||||||
Utilities | 38,481 | 0 | 0 | 38,481 | ||||||||||||||||||||||||||||
Insurance | 36,481 | 0 | 0 | 36,481 | ||||||||||||||||||||||||||||
Other | 20,559 | 0 | 0 | 20,559 | ||||||||||||||||||||||||||||
Mutual funds and exchange traded funds | 48,126 | 180,362 | 7,674 | 236,162 | ||||||||||||||||||||||||||||
Equities | $ | 898,413 | $ | 190,419 | $ | 33,252 | $ | 1,122,084 | ||||||||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 0 | $ | 4,188 | $ | 0 | $ | 4,188 | ||||||||||||||||||||||||
Credit default swaps (assumed risks) | 0 | 49 | 0 | 49 | ||||||||||||||||||||||||||||
Insurance-linked securities | 0 | 0 | 175 | 175 | ||||||||||||||||||||||||||||
Interest rate swaps | 0 | 150 | 0 | 150 | ||||||||||||||||||||||||||||
TBAs | 0 | 7,256 | 0 | 7,256 | ||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Notes and loan receivables and notes securitization | 0 | 0 | 47,781 | 47,781 | ||||||||||||||||||||||||||||
Annuities and residuals | 0 | 0 | 26,939 | 26,939 | ||||||||||||||||||||||||||||
Private equities | 0 | 0 | 21,878 | 21,878 | ||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | 0 | -5,470 | 0 | -5,470 | ||||||||||||||||||||||||||||
Foreign currency option contracts | 0 | -821 | 0 | -821 | ||||||||||||||||||||||||||||
Futures contracts | -61,909 | 0 | 0 | -61,909 | ||||||||||||||||||||||||||||
Credit default swaps (protection purchased) | 0 | -231 | 0 | -231 | ||||||||||||||||||||||||||||
Insurance-linked securities | 0 | 0 | -390 | -390 | ||||||||||||||||||||||||||||
Total return swaps | 0 | 0 | -732 | -732 | ||||||||||||||||||||||||||||
Interest rate swaps | 0 | -4,614 | 0 | -4,614 | ||||||||||||||||||||||||||||
Other invested assets | $ | -61,909 | $ | 507 | $ | 95,651 | $ | 34,249 | ||||||||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
U.S. government and government sponsored enterprises | $ | 0 | $ | 167,808 | $ | 0 | $ | 167,808 | ||||||||||||||||||||||||
U.S. states, territories and municipalities | 0 | 0 | 298 | 298 | ||||||||||||||||||||||||||||
Non-U.S. sovereign government, supranational | ||||||||||||||||||||||||||||||||
and government related | 0 | 192,823 | 0 | 192,823 | ||||||||||||||||||||||||||||
Corporate | 0 | 258,946 | 0 | 258,946 | ||||||||||||||||||||||||||||
Short-term investments | 0 | 2,389 | 0 | 2,389 | ||||||||||||||||||||||||||||
Other invested assets | 0 | 0 | 15,566 | 15,566 | ||||||||||||||||||||||||||||
Funds held – directly managed | $ | 0 | $ | 621,966 | $ | 15,864 | $ | 637,830 | ||||||||||||||||||||||||
Total | $ | 836,504 | $ | 13,687,996 | $ | 987,282 | $ | 15,511,782 | ||||||||||||||||||||||||
Quoted prices in | Significant | |||||||||||||||||||||||||||||||
active markets for | Significant other | unobservable | ||||||||||||||||||||||||||||||
identical assets | observable inputs | inputs | ||||||||||||||||||||||||||||||
31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. government and government sponsored enterprises | $ | 0 | $ | 1,130,924 | $ | 0 | $ | 1,130,924 | ||||||||||||||||||||||||
U.S. states, territories and municipalities | 0 | 10,151 | 233,235 | 243,386 | ||||||||||||||||||||||||||||
Non-U.S. sovereign government, supranational | ||||||||||||||||||||||||||||||||
and government related | 0 | 2,375,673 | 0 | 2,375,673 | ||||||||||||||||||||||||||||
Corporate | 0 | 6,554,934 | 100,904 | 6,655,838 | ||||||||||||||||||||||||||||
Asset-backed securities | 0 | 400,336 | 323,134 | 723,470 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | 0 | 3,199,924 | 0 | 3,199,924 | ||||||||||||||||||||||||||||
Other mortgage-backed securities | 0 | 66,100 | 0 | 66,100 | ||||||||||||||||||||||||||||
Fixed maturities | $ | 0 | $ | 13,738,042 | $ | 657,273 | $ | 14,395,315 | ||||||||||||||||||||||||
Short-term investments | $ | 0 | $ | 150,552 | $ | 0 | $ | 150,552 | ||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Consumer noncyclical | $ | 130,526 | $ | 0 | $ | 0 | $ | 130,526 | ||||||||||||||||||||||||
Energy | 118,213 | 0 | 0 | 118,213 | ||||||||||||||||||||||||||||
Finance | 79,456 | 7,472 | 13,477 | 100,405 | ||||||||||||||||||||||||||||
Technology | 71,927 | 0 | 6,987 | 78,914 | ||||||||||||||||||||||||||||
Real estate investment trusts | 66,846 | 0 | 0 | 66,846 | ||||||||||||||||||||||||||||
Communications | 65,722 | 0 | 0 | 65,722 | ||||||||||||||||||||||||||||
Consumer cyclical | 62,526 | 0 | 0 | 62,526 | ||||||||||||||||||||||||||||
Industrials | 59,242 | 0 | 0 | 59,242 | ||||||||||||||||||||||||||||
Insurance | 39,132 | 0 | 0 | 39,132 | ||||||||||||||||||||||||||||
Other | 60,913 | 0 | 0 | 60,913 | ||||||||||||||||||||||||||||
Mutual funds and exchange traded funds | 34,053 | 270,246 | 7,264 | 311,563 | ||||||||||||||||||||||||||||
Equities | $ | 788,556 | $ | 277,718 | $ | 27,728 | $ | 1,094,002 | ||||||||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 0 | $ | 7,889 | $ | 0 | $ | 7,889 | ||||||||||||||||||||||||
Foreign currency option contracts | 0 | 1,410 | 0 | 1,410 | ||||||||||||||||||||||||||||
Futures contracts | 1,956 | 0 | 0 | 1,956 | ||||||||||||||||||||||||||||
Credit default swaps (protection purchased) | 0 | 6 | 0 | 6 | ||||||||||||||||||||||||||||
Credit default swaps (assumed risks) | 0 | 512 | 0 | 512 | ||||||||||||||||||||||||||||
Total return swaps | 0 | 0 | 6,630 | 6,630 | ||||||||||||||||||||||||||||
TBAs | 0 | 115 | 0 | 115 | ||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Notes and loan receivables and notes securitization | 0 | 0 | 34,902 | 34,902 | ||||||||||||||||||||||||||||
Annuities and residuals | 0 | 0 | 46,882 | 46,882 | ||||||||||||||||||||||||||||
Private equities | 0 | 0 | 1,404 | 1,404 | ||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | 0 | -17,395 | 0 | -17,395 | ||||||||||||||||||||||||||||
Foreign currency option contracts | 0 | -186 | 0 | -186 | ||||||||||||||||||||||||||||
Futures contracts | -1,352 | 0 | 0 | -1,352 | ||||||||||||||||||||||||||||
Credit default swaps (protection purchased) | 0 | -807 | 0 | -807 | ||||||||||||||||||||||||||||
Insurance-linked securities | 0 | 0 | -2,173 | -2,173 | ||||||||||||||||||||||||||||
Total return swaps | 0 | 0 | -546 | -546 | ||||||||||||||||||||||||||||
Interest rate swaps | 0 | -7,880 | 0 | -7,880 | ||||||||||||||||||||||||||||
TBAs | 0 | -163 | 0 | -163 | ||||||||||||||||||||||||||||
Other invested assets | $ | 604 | $ | -16,499 | $ | 87,099 | $ | 71,204 | ||||||||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
U.S. government and government sponsored enterprises | $ | 0 | $ | 218,696 | $ | 0 | $ | 218,696 | ||||||||||||||||||||||||
U.S. states, territories and municipalities | 0 | 0 | 345 | 345 | ||||||||||||||||||||||||||||
Non-U.S. sovereign government, supranational | ||||||||||||||||||||||||||||||||
and government related | 0 | 233,987 | 0 | 233,987 | ||||||||||||||||||||||||||||
Corporate | 0 | 362,243 | 0 | 362,243 | ||||||||||||||||||||||||||||
Other invested assets | 0 | 0 | 17,976 | 17,976 | ||||||||||||||||||||||||||||
Funds held – directly managed | $ | 0 | $ | 814,926 | $ | 18,321 | $ | 833,247 | ||||||||||||||||||||||||
Total | $ | 789,160 | $ | 14,964,739 | $ | 790,421 | $ | 16,544,320 | ||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, the aggregate carrying amounts of items included in Other invested assets that the Company did not measure at fair value were $233.9 million and $262.2 million, respectively, which related to the Company's investments that are accounted for using the cost method of accounting, equity method of accounting or investment company accounting. | ||||||||||||||||||||||||||||||||
In addition to the investments underlying the funds held – directly managed account held at fair value of $637.8 million and $833.2 million at September 30, 2013 and December 31, 2012, respectively, the funds held – directly managed account also included cash and cash equivalents, carried at fair value, of $33.9 million and $53.7 million, respectively, and accrued investment income of $8.9 million and $10.2 million, respectively. At September 30, 2013 and December 31, 2012, the aggregate carrying amounts of items included in the funds held – directly managed account that the Company did not measure at fair value were $132.9 million and $33.6 million, respectively, which primarily related to other assets and liabilities held by Colisée Re related to the underlying business, which are carried at cost (see Note 5 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012). | ||||||||||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, substantially all of the accrued investment income in the Condensed Consolidated Balance Sheets related to the Company's investments and the investments underlying the funds held – directly managed account for which the fair value option was elected. | ||||||||||||||||||||||||||||||||
During the three months and nine months ended September 30, 2013 and the three months ended September 30, 2012, there were no transfers between Level 1 and Level 2. During the nine months ended September 30, 2012, certain equities traded on foreign exchanges with a fair value of $1.1 million were transferred from Level 2 to Level 1 given they were trading in an active market at September 30, 2012. | ||||||||||||||||||||||||||||||||
Disclosures about the fair value of financial instruments that the Company does not measure at fair value exclude insurance contracts and certain other financial instruments. At September 30, 2013 and December 31, 2012, the fair values of financial instrument assets recorded in the Condensed Consolidated Balance Sheets not described above, approximate their carrying values. | ||||||||||||||||||||||||||||||||
The following tables are reconciliations of the beginning and ending balances for all financial instruments measured at fair value using Level 3 inputs for the three months ended September 30, 2013 and 2012 (in thousands of U.S. dollars): | ||||||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||||||
Realized and | unrealized | |||||||||||||||||||||||||||||||
unrealized | investment | |||||||||||||||||||||||||||||||
investment | Net | gains (losses) | ||||||||||||||||||||||||||||||
Balance at | gains (losses) | Purchases | Settlements | transfers | Balance | relating to | ||||||||||||||||||||||||||
For the three months ended | beginning | included in | and | and | into/ (out of) | at end | assets held at | |||||||||||||||||||||||||
30-Sep-13 | of period | net income | issuances | sales (1) | Level 3 | of period | end of period | |||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 219,163 | $ | 8,431 | $ | 61,706 | $ | -165 | $ | 0 | $ | 289,135 | $ | 8,431 | ||||||||||||||||||
Corporate | 99,896 | -269 | 0 | 0 | 0 | 99,627 | -269 | |||||||||||||||||||||||||
Asset-backed securities | 426,288 | 4,800 | 86,442 | -63,777 | 0 | 453,753 | -3,043 | |||||||||||||||||||||||||
Fixed maturities | $ | 745,347 | $ | 12,962 | $ | 148,148 | $ | -63,942 | $ | 0 | $ | 842,515 | $ | 5,119 | ||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Finance | $ | 13,000 | $ | 1,285 | $ | 0 | $ | 0 | $ | 0 | $ | 14,285 | $ | 1,285 | ||||||||||||||||||
Communications | 2,040 | 103 | 0 | 0 | 0 | 2,143 | 103 | |||||||||||||||||||||||||
Technology | 8,012 | 1,138 | 0 | 0 | 0 | 9,150 | 1,138 | |||||||||||||||||||||||||
Mutual funds and exchange | ||||||||||||||||||||||||||||||||
traded funds | 7,549 | 125 | 0 | 0 | 0 | 7,674 | 125 | |||||||||||||||||||||||||
Equities | $ | 30,601 | $ | 2,651 | $ | 0 | $ | 0 | $ | 0 | $ | 33,252 | $ | 2,651 | ||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Derivatives, net | $ | 2,333 | $ | -1,885 | $ | 0 | $ | -1,395 | $ | 0 | $ | -947 | $ | -140 | ||||||||||||||||||
Notes and loan receivables and | ||||||||||||||||||||||||||||||||
notes securitization | 44,224 | 3,250 | 1,248 | -941 | 0 | 47,781 | 3,250 | |||||||||||||||||||||||||
Annuities and residuals | 30,555 | 413 | 0 | -4,029 | 0 | 26,939 | 166 | |||||||||||||||||||||||||
Private equities | 21,100 | -299 | 1,077 | 0 | 0 | 21,878 | -299 | |||||||||||||||||||||||||
Other invested assets | $ | 98,212 | $ | 1,479 | $ | 2,325 | $ | -6,365 | $ | 0 | $ | 95,651 | $ | 2,977 | ||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 337 | $ | -39 | $ | 0 | $ | 0 | $ | 0 | $ | 298 | $ | -39 | ||||||||||||||||||
Other invested assets | 15,207 | 1,045 | 0 | -686 | 0 | 15,566 | 1,045 | |||||||||||||||||||||||||
Funds held – directly managed | $ | 15,544 | $ | 1,006 | $ | 0 | $ | -686 | $ | 0 | $ | 15,864 | $ | 1,006 | ||||||||||||||||||
Total | $ | 889,704 | $ | 18,098 | $ | 150,473 | $ | -70,993 | $ | 0 | $ | 987,282 | $ | 11,753 | ||||||||||||||||||
Settlements and sales of asset-backed securities and derivatives include sales of $13.7 million and $1.4 million, respectively. | ||||||||||||||||||||||||||||||||
Realized and | Change in | |||||||||||||||||||||||||||||||
unrealized | unrealized | |||||||||||||||||||||||||||||||
investment | Net | investment gains | ||||||||||||||||||||||||||||||
Balance at | gains (losses) | Purchases | Settlements | transfers | Balance | (losses) relating | ||||||||||||||||||||||||||
For the three months ended | beginning | included in | and | and | (out of)/ into | at end of | to assets held | |||||||||||||||||||||||||
30-Sep-12 | of period | net income | issuances | sales | Level 3 | period | at end of period | |||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 117,235 | $ | 1,618 | $ | 90,050 | $ | -83 | $ | 0 | $ | 208,820 | $ | 1,618 | ||||||||||||||||||
Corporate | 111,070 | 681 | 56 | -3,250 | 0 | 108,557 | 582 | |||||||||||||||||||||||||
Asset-backed securities | 290,371 | 699 | 59,724 | -21,605 | 0 | 329,189 | 739 | |||||||||||||||||||||||||
Fixed maturities | $ | 518,676 | $ | 2,998 | $ | 149,830 | $ | -24,938 | $ | 0 | $ | 646,566 | $ | 2,939 | ||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Finance | $ | 19,422 | $ | 750 | $ | 0 | $ | 0 | $ | -6,800 | $ | 13,372 | $ | 750 | ||||||||||||||||||
Technology | 7,192 | -99 | 0 | 0 | 0 | 7,093 | -99 | |||||||||||||||||||||||||
Mutual funds and exchange | ||||||||||||||||||||||||||||||||
traded funds | 6,760 | 311 | 0 | 0 | 0 | 7,071 | 311 | |||||||||||||||||||||||||
Equities | $ | 33,374 | $ | 962 | $ | 0 | $ | 0 | $ | -6,800 | $ | 27,536 | $ | 962 | ||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Derivatives, net | $ | 1,207 | $ | 3,152 | $ | 0 | $ | 0 | $ | 0 | $ | 4,359 | $ | 4,168 | ||||||||||||||||||
Notes and loan receivables and | ||||||||||||||||||||||||||||||||
notes securitization | 44,304 | 3,473 | 1,209 | -19,958 | 0 | 29,028 | 1,654 | |||||||||||||||||||||||||
Annuities and residuals | 27,225 | 6,314 | 23,642 | -14,899 | 0 | 42,282 | 2,641 | |||||||||||||||||||||||||
Private equities | 1,000 | -141 | 450 | 0 | 0 | 1,309 | -141 | |||||||||||||||||||||||||
Other invested assets | $ | 73,736 | $ | 12,798 | $ | 25,301 | $ | -34,857 | $ | 0 | $ | 76,978 | $ | 8,322 | ||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 321 | $ | 8 | $ | 0 | $ | 0 | $ | 0 | $ | 329 | $ | 8 | ||||||||||||||||||
Other invested assets | 15,076 | 2,460 | 0 | 0 | 0 | 17,536 | 2,460 | |||||||||||||||||||||||||
Funds held – directly managed | $ | 15,397 | $ | 2,468 | $ | 0 | $ | 0 | $ | 0 | $ | 17,865 | $ | 2,468 | ||||||||||||||||||
Total | $ | 641,183 | $ | 19,226 | $ | 175,131 | $ | -59,795 | $ | -6,800 | $ | 768,945 | $ | 14,691 | ||||||||||||||||||
During the three months ended September 30, 2012, an equity traded on a foreign exchange with a fair value of $6.8 million was transferred from Level 3 into Level 2 given it was valued using observable inputs at September 30, 2012. | ||||||||||||||||||||||||||||||||
The following tables are reconciliations of the beginning and ending balances for all financial instruments measured at fair value using Level 3 inputs for the nine months ended September 30, 2013 and 2012 (in thousands of U.S. dollars): | ||||||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||||||
Realized and | unrealized | |||||||||||||||||||||||||||||||
unrealized | investment | |||||||||||||||||||||||||||||||
investment | Net | (losses) gains | ||||||||||||||||||||||||||||||
Balance at | (losses) gains | Purchases | Settlements | transfers | Balance | relating to | ||||||||||||||||||||||||||
For the nine months ended | beginning | included in | and | and | into/ (out of) | at end | assets held at | |||||||||||||||||||||||||
30-Sep-13 | of period | net income | issuances (1) | sales (2) | Level 3 | of period | end of period | |||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 233,235 | $ | -5,427 | $ | 61,706 | $ | -379 | $ | 0 | $ | 289,135 | $ | -5,427 | ||||||||||||||||||
Corporate | 100,904 | -1,277 | 0 | 0 | 0 | 99,627 | -1,277 | |||||||||||||||||||||||||
Asset-backed securities | 323,134 | 478 | 241,607 | -111,466 | 0 | 453,753 | -7,182 | |||||||||||||||||||||||||
Fixed maturities | $ | 657,273 | $ | -6,226 | $ | 303,313 | $ | -111,845 | $ | 0 | $ | 842,515 | $ | -13,886 | ||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Finance | $ | 13,477 | $ | 808 | $ | 0 | $ | 0 | $ | 0 | $ | 14,285 | $ | 808 | ||||||||||||||||||
Communications | 0 | 103 | 2,040 | 0 | 0 | 2,143 | 103 | |||||||||||||||||||||||||
Technology | 6,987 | 2,163 | 0 | 0 | 0 | 9,150 | 2,163 | |||||||||||||||||||||||||
Mutual funds and exchange | ||||||||||||||||||||||||||||||||
traded funds | 7,264 | 410 | 0 | 0 | 0 | 7,674 | 410 | |||||||||||||||||||||||||
Equities | $ | 27,728 | $ | 3,484 | $ | 2,040 | $ | 0 | $ | 0 | $ | 33,252 | $ | 3,484 | ||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Derivatives, net | $ | 3,911 | $ | -6,084 | $ | 121 | $ | 1,105 | $ | 0 | $ | -947 | $ | -349 | ||||||||||||||||||
Notes and loan receivables and | ||||||||||||||||||||||||||||||||
notes securitization | 34,902 | 1,867 | 14,598 | -3,586 | 0 | 47,781 | 1,867 | |||||||||||||||||||||||||
Annuities and residuals | 46,882 | 506 | 0 | -20,449 | 0 | 26,939 | 481 | |||||||||||||||||||||||||
Private equities | 1,404 | -3,811 | 24,285 | 0 | 0 | 21,878 | -3,811 | |||||||||||||||||||||||||
Other invested assets | $ | 87,099 | $ | -7,522 | $ | 39,004 | $ | -22,930 | $ | 0 | $ | 95,651 | $ | -1,812 | ||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 345 | $ | -47 | $ | 0 | $ | 0 | $ | 0 | $ | 298 | $ | -47 | ||||||||||||||||||
Other invested assets | 17,976 | -1,653 | 0 | -757 | 0 | 15,566 | -589 | |||||||||||||||||||||||||
Funds held – directly managed | $ | 18,321 | $ | -1,700 | $ | 0 | $ | -757 | $ | 0 | $ | 15,864 | $ | -636 | ||||||||||||||||||
Total | $ | 790,421 | $ | -11,964 | $ | 344,357 | $ | -135,532 | $ | 0 | $ | 987,282 | $ | -12,850 | ||||||||||||||||||
(1) Purchases and issuances of derivatives include issuances of $0.8 million. | ||||||||||||||||||||||||||||||||
(2) Settlements and sales of asset-backed securities, derivatives and annuities and residuals include sales of $13.7 million, $1.4 million and $6.3 million, respectively. | ||||||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||||||
Realized and | unrealized | |||||||||||||||||||||||||||||||
unrealized | investment | |||||||||||||||||||||||||||||||
investment | Net | gains (losses) | ||||||||||||||||||||||||||||||
Balance at | gains (losses) | Purchases | Settlements | transfers | Balance | relating to | ||||||||||||||||||||||||||
For the nine months ended | beginning | included in | and | and | (out of)/ into | at end | assets held at | |||||||||||||||||||||||||
30-Sep-12 | of period | net income | issuances (1) | sales | Level 3 | of period | end of period | |||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 111,415 | $ | 2,900 | $ | 94,750 | $ | -245 | $ | 0 | $ | 208,820 | $ | 2,900 | ||||||||||||||||||
Corporate | 111,700 | 111 | 120 | -3,374 | 0 | 108,557 | -2 | |||||||||||||||||||||||||
Asset-backed securities | 257,415 | 8,892 | 142,314 | -79,432 | 0 | 329,189 | 8,771 | |||||||||||||||||||||||||
Fixed maturities | $ | 480,530 | $ | 11,903 | $ | 237,184 | $ | -83,051 | $ | 0 | $ | 646,566 | $ | 11,669 | ||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Finance | $ | 9,670 | $ | 3,702 | $ | 6,800 | $ | 0 | $ | -6,800 | $ | 13,372 | $ | 3,702 | ||||||||||||||||||
Technology | 0 | -99 | 7,192 | 0 | 0 | 7,093 | -99 | |||||||||||||||||||||||||
Mutual funds and exchange | ||||||||||||||||||||||||||||||||
traded funds | 6,495 | 576 | 0 | 0 | 0 | 7,071 | 576 | |||||||||||||||||||||||||
Equities | $ | 16,165 | $ | 4,179 | $ | 13,992 | $ | 0 | $ | -6,800 | $ | 27,536 | $ | 4,179 | ||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Derivatives, net | $ | 5,622 | $ | 4,157 | $ | -5,420 | $ | 0 | $ | 0 | $ | 4,359 | $ | 4,874 | ||||||||||||||||||
Notes and loan receivables | ||||||||||||||||||||||||||||||||
and notes securitization | 63,565 | 9,944 | 36,834 | -81,315 | 0 | 29,028 | 2,402 | |||||||||||||||||||||||||
Annuities and residuals | 27,840 | 8,661 | 25,065 | -19,284 | 0 | 42,282 | 3,543 | |||||||||||||||||||||||||
Private equities | 0 | -141 | 1,450 | 0 | 0 | 1,309 | -141 | |||||||||||||||||||||||||
Other invested assets | $ | 97,027 | $ | 22,621 | $ | 57,929 | $ | -100,599 | $ | 0 | $ | 76,978 | $ | 10,678 | ||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 334 | $ | -5 | $ | 0 | $ | 0 | $ | 0 | $ | 329 | $ | -5 | ||||||||||||||||||
Other invested assets | 15,433 | 2,103 | 0 | 0 | 0 | 17,536 | 2,103 | |||||||||||||||||||||||||
Funds held – directly managed | $ | 15,767 | $ | 2,098 | $ | 0 | $ | 0 | $ | 0 | $ | 17,865 | $ | 2,098 | ||||||||||||||||||
Total | $ | 609,489 | $ | 40,801 | $ | 309,105 | $ | -183,650 | $ | -6,800 | $ | 768,945 | $ | 28,624 | ||||||||||||||||||
(1) Purchases and issuances of derivatives includes issuances of $5.7 million. | ||||||||||||||||||||||||||||||||
During the nine months ended September 30, 2012, an equity traded on a foreign exchange with a fair value of $6.8 million was transferred from Level 3 into Level 2 given it was valued using observable inputs at September 30, 2012. | ||||||||||||||||||||||||||||||||
The following tables show the significant unobservable inputs used in the valuation of financial instruments measured at fair value using Level 3 inputs at September 30, 2013 and December 31, 2012 (in thousands of U.S. dollars): | ||||||||||||||||||||||||||||||||
Range | ||||||||||||||||||||||||||||||||
30-Sep-13 | Fair value | Valuation techniques | Unobservable inputs | (Weighted average) | ||||||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. states, territories and municipalities | $ | 289,135 | Discounted cash flow | Credit spreads | 2.8% - 10.1% (3.7%) | |||||||||||||||||||||||||||
Asset-backed securities – interest only | 25 | Discounted cash flow | Credit spreads | 6.0% - 11.2% (9.0%) | ||||||||||||||||||||||||||||
Prepayment speed | 20.0% (20.0%) | |||||||||||||||||||||||||||||||
Asset-backed securities – other | 453,728 | Discounted cash flow | Credit spreads | 4.0% - 12.2% (7.2%) | ||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Finance | 14,285 | Weighted market | Net income multiple | 14.6 (14.6) | ||||||||||||||||||||||||||||
comparables | Tangible book value multiple | 1.1 (1.1) | ||||||||||||||||||||||||||||||
Liquidity discount | 25.0% (25.0%) | |||||||||||||||||||||||||||||||
Comparable return | 10.0% (10.0%) | |||||||||||||||||||||||||||||||
Technology | 9,150 | Weighted market | Revenue multiple | 2.0 (2.0) | ||||||||||||||||||||||||||||
comparables | Adjusted earnings multiple | 12.9 (12.9) | ||||||||||||||||||||||||||||||
Liquidity discount | 25.0% (25.0%) | |||||||||||||||||||||||||||||||
Comparable return | 14.2% (14.2%) | |||||||||||||||||||||||||||||||
Communications | 2,143 | Weighted market | Adjusted earnings multiple | 10.2 (10.2) | ||||||||||||||||||||||||||||
comparables | Comparable return | 5% (5%) | ||||||||||||||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Total return swaps | -732 | Discounted cash flow | Credit spreads | 20.2% (20.2%) | ||||||||||||||||||||||||||||
Notes and loan receivables | 27,674 | Discounted cash flow | Credit spreads | 17.5% (17.5%) | ||||||||||||||||||||||||||||
Gross revenue/fair value | 1.2 - 1.6 (1.5) | |||||||||||||||||||||||||||||||
Notes securitization | 20,107 | Discounted cash flow | Credit spreads | 6.4% (6.4%) | ||||||||||||||||||||||||||||
Annuities and residuals | 26,939 | Discounted cash flow | Credit spreads | 4.6% - 9.0% (6.4%) | ||||||||||||||||||||||||||||
Prepayment speed | 0% - 15.0% (7.0%) | |||||||||||||||||||||||||||||||
Constant default rate | 0.3% - 35.0% (13.0%) | |||||||||||||||||||||||||||||||
Private equity | 15,259 | Liquidation analysis | Net assets, as reported | 100.0% (100.0%) | ||||||||||||||||||||||||||||
Recoverability of intangible assets | 0% (0%) | |||||||||||||||||||||||||||||||
Private equity fund | 6,619 | Lag reported market value | Net asset value, as reported | 100.0% (100.0%) | ||||||||||||||||||||||||||||
Market adjustments | 2.4% - 9.7% (4.6%) | |||||||||||||||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
Other invested assets | 15,566 | Lag reported market value | Net asset value, as reported | 100.0% (100.0%) | ||||||||||||||||||||||||||||
Market adjustments | -12.9% - 0% (-11.4%) | |||||||||||||||||||||||||||||||
Range | ||||||||||||||||||||||||||||||||
31-Dec-12 | Fair value | Valuation techniques | Unobservable inputs | (Weighted average) | ||||||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. states, territories and municipalities | $ | 233,235 | Discounted cash flow | Credit spreads | 2.8% - 4.5% (3.7%) | |||||||||||||||||||||||||||
Asset-backed securities – interest only | 12,625 | Discounted cash flow | Credit spreads | 6.8% - 11.7% (9.1%) | ||||||||||||||||||||||||||||
Prepayment speed | 20.0% (20.0%) | |||||||||||||||||||||||||||||||
Asset-backed securities – other | 310,509 | Discounted cash flow | Credit spreads | 4.0% - 12.2% (7.6%) | ||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Finance | 13,477 | Weighted market | ||||||||||||||||||||||||||||||
comparables | Comparable return | 0.8% (0.8%) | ||||||||||||||||||||||||||||||
Technology | 6,987 | Weighted market | ||||||||||||||||||||||||||||||
comparables | Comparable return | -1.5% (-1.5%) | ||||||||||||||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Total return swaps | 6,084 | Discounted cash flow | Credit spreads | 2.6% - 4.6% (3.2%) | ||||||||||||||||||||||||||||
Notes and loan receivables | 24,902 | Discounted cash flow | Credit spreads | 17.5% (17.5%) | ||||||||||||||||||||||||||||
Gross revenue/fair value | 1.7 - 2.1 (1.8) | |||||||||||||||||||||||||||||||
Notes securitization | 10,000 | Discounted cash flow | Credit spreads | 6.5% (6.5%) | ||||||||||||||||||||||||||||
Annuities and residuals | 46,882 | Discounted cash flow | Credit spreads | 4.7% - 9.9% (7.2%) | ||||||||||||||||||||||||||||
Prepayment speed | 0% - 15.0% (7.6%) | |||||||||||||||||||||||||||||||
Constant default rate | 2.3% - 35.0% (13.2%) | |||||||||||||||||||||||||||||||
Private equity fund | 1,404 | Lag reported market value | Net asset value, as reported | 100.0% (100.0%) | ||||||||||||||||||||||||||||
Market adjustments | 7.3% (7.3%) | |||||||||||||||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
Other invested assets | 17,976 | Lag reported market value | Net asset value, as reported | 100.0% (100.0%) | ||||||||||||||||||||||||||||
Market adjustments | -38.1% - 0% (-12.1%) | |||||||||||||||||||||||||||||||
The tables above do not include financial instruments that are measured using unobservable inputs (Level 3) where the unobservable inputs were obtained from external sources and used without adjustment. These financial instruments include mortality bonds (included within corporate fixed maturities), mutual fund investments (included within equities), and certain insurance-linked securities (included within other invested assets). | ||||||||||||||||||||||||||||||||
The Company has established a Valuation Committee which is responsible for determining the Company's invested asset valuation policy and related procedures, for reviewing significant changes in the fair value measurements of securities classified as Level 3 from period to period, and for reviewing in accordance with the invested asset valuation policy an independent internal peer analysis that is performed on the fair value measurements of all securities that are classified as Level 3. The Valuation Committee is comprised of members of the Company's senior management team and meets on a quarterly basis. The Company's invested asset valuation policy is monitored by the Company's Audit Committee of the Board of Directors (Board) and approved annually by the Company's Risk and Finance Committee of the Board. | ||||||||||||||||||||||||||||||||
Changes in the fair value of the Company's financial instruments subject to the fair value option during the three months and nine months ended September 30, 2013 and 2012 were as follows (in thousands of U.S. dollars): | ||||||||||||||||||||||||||||||||
For the three | For the three | For the nine | For the nine | |||||||||||||||||||||||||||||
months ended | months ended | months ended | months ended | |||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||||||||
Fixed maturities and short-term investments | $ | 10,259 | $ | 150,046 | $ | -457,168 | $ | 230,862 | ||||||||||||||||||||||||
Equities | -891 | 51,260 | -8,540 | 69,068 | ||||||||||||||||||||||||||||
Other invested assets | 3,021 | 1,574 | -4,047 | 19,734 | ||||||||||||||||||||||||||||
Funds held – directly managed | -907 | 9,425 | -22,322 | 18,216 | ||||||||||||||||||||||||||||
Total | $ | 11,482 | $ | 212,305 | $ | -492,077 | $ | 337,880 | ||||||||||||||||||||||||
All of the above changes in fair value are included in the Condensed Consolidated Statements of Operations under the caption Net realized and unrealized investment gains (losses). | ||||||||||||||||||||||||||||||||
The following methods and assumptions were used by the Company in estimating the fair value of each class of financial instrument recorded in the Condensed Consolidated Balance Sheets. There have been no material changes in the Company's valuation techniques during the periods presented. | ||||||||||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
• U.S. government and government sponsored enterprises—U.S. government and government sponsored enterprises securities consist primarily of bonds issued by the U.S. Treasury, corporate debt securities issued by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Home Loan Bank and the Private Export Funding Corporation. These securities are generally priced by independent pricing services. The independent pricing services may use actual transaction prices for securities that have been actively traded. For securities that have not been actively traded, each pricing source has its own proprietary method to determine the fair value, which may incorporate option adjusted spreads (OAS), interest rate data and market news. The Company generally classifies these securities in Level 2. | ||||||||||||||||||||||||||||||||
• U.S. states, territories and municipalities—U.S. states, territories and municipalities securities consist primarily of bonds issued by U.S. states, territories and municipalities. These securities are generally priced by independent pricing services using the techniques described for U.S. government and government sponsored enterprises above. The Company generally classifies these securities in Level 2. Certain of the bonds that are issued by municipal housing authorities are not actively traded and are priced based on internal models using unobservable inputs. Accordingly, the Company classifies these securities in Level 3. The significant unobservable input used in the fair value measurement of these U.S. states, territories and municipalities securities classified as Level 3 is credit spreads. A significant increase (decrease) in credit spreads in isolation could result in a significantly lower (higher) fair value measurement. | ||||||||||||||||||||||||||||||||
• Non-U.S. sovereign government, supranational and government related—Non-U.S. sovereign government, supranational and government related securities consist primarily of bonds issued by non-U.S. national governments and their agencies, non-U.S. regional governments and supranational organizations. These securities are generally priced by independent pricing services using the techniques described for U.S. government and government sponsored enterprises above. The Company generally classifies these securities in Level 2. | ||||||||||||||||||||||||||||||||
• Corporate—Corporate securities consist primarily of bonds issued by U.S. and foreign corporations covering a variety of industries and issuing countries. These securities are generally priced by independent pricing services and brokers. The pricing provider incorporates information including credit spreads, interest rate data and market news into the valuation of each security. The Company generally classifies these securities in Level 2. When a corporate security is inactively traded or the valuation model uses unobservable inputs, the Company classifies the security in Level 3. | ||||||||||||||||||||||||||||||||
• Asset-backed securities—Asset-backed securities primarily consist of bonds issued by U.S. and foreign corporations that are backed by student loans, automobile loans, credit card receivables, equipment leases, and special purpose financing. With the exception of special purpose financing, these asset-backed securities are generally priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. The Company generally classifies these securities in Level 2. Special purpose financing securities are generally inactively traded and are priced based on valuation models using unobservable inputs. The Company generally classifies these securities in Level 3. The significant unobservable inputs used in the fair value measurement of these asset-backed securities classified as Level 3 are prepayment speeds and credit spreads. Significant increases (decreases) in these prepayment speeds and credit spreads in isolation could result in a significantly lower (higher) fair value measurement. | ||||||||||||||||||||||||||||||||
• Residential mortgage-backed securities—Residential mortgage-backed securities primarily consist of bonds issued by the Government National Mortgage Association, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, as well as private, non-agency issuers. With the exception of private, non-agency issuers, these residential mortgage-backed securities are generally priced by independent pricing services and brokers. When current market trades are not available, the pricing provider or the Company will employ proprietary models with observable inputs including other trade information, prepayment speeds, yield curves and credit spreads. The Company generally classifies these securities in Level 2. | ||||||||||||||||||||||||||||||||
• Other mortgage-backed securities—Other mortgage-backed securities primarily consist of commercial mortgage-backed securities. These securities are generally priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. The Company generally classifies these securities in Level 2. | ||||||||||||||||||||||||||||||||
In general, the methods employed by the independent pricing services to determine the fair value of the securities that have not been actively traded involve the use of “matrix pricing” in which the independent pricing source applies the credit spread for a comparable security that has traded recently to the current yield curve to determine a reasonable fair value. 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. When fair values are unavailable from these independent pricing sources, quotes are obtained directly from broker-dealers who are active in the corresponding markets. Most of the Company's fixed maturities are priced from the pricing services or dealer quotes. The Company will typically not make adjustments to prices received from pricing services or dealer quotes; however, in instances where the quoted external price for a security uses significant unobservable inputs, the Company will classify that security as Level 3. The methods used to develop and substantiate the unobservable inputs used are based on the Company's valuation policy and are dependent upon the facts and circumstances surrounding the individual investments which are generally transaction specific. The Company's inactively traded fixed maturities are classified as Level 3. For all fixed maturity investments, the bid price is used for estimating fair value. | ||||||||||||||||||||||||||||||||
To validate prices, the Company compares the fair value estimates to its knowledge of the current market and will investigate prices that it considers not to be representative of fair value. The Company also reviews an internally generated fixed maturity price validation report which converts prices received for fixed maturity investments from the independent pricing sources and from broker-dealers quotes and plots OAS and duration on a sector and rating basis. The OAS is calculated using established algorithms developed by an independent risk analytics platform vendor. The OAS on the fixed maturity price validation report are compared for securities in a similar sector and having a similar rating, and outliers are identified and investigated for price reasonableness. In addition, the Company completes quantitative analyses to compare the performance of each fixed maturity investment portfolio to the performance of an appropriate benchmark, with significant differences identified and investigated. | ||||||||||||||||||||||||||||||||
Short term investments | ||||||||||||||||||||||||||||||||
Short term investments are valued in a manner similar to the Company's fixed maturity investments and are generally classified in Level 2. | ||||||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Equity securities include U.S. and foreign common and preferred stocks, mutual funds and exchange traded funds. Equities and exchange traded funds are generally classified in Level 1 as the Company uses prices received from independent pricing sources based on quoted prices in active markets. Equities classified as Level 2 are generally mutual funds invested in fixed income securities, where the net asset value of the fund is provided on a daily basis, and common stocks traded in inactive markets. Equities classified as Level 3 are generally mutual funds invested in securities other than the common stock of publicly traded companies, where the net asset value is not provided on a daily basis, and inactively traded common stocks. The significant unobservable inputs used in the fair value measurement of inactively traded common stocks classified as Level 3 include market return information, weighted using management's judgment, from comparable selected publicly traded companies in the same industry, in a similar region and of a similar size, including net income multiples, tangible book value multiples, revenue multiples and adjusted earnings multiples. Significant increases (decreases) in any of these inputs could result in a significantly higher (lower) fair value measurement. Significant unobservable inputs used in measuring the fair value measurement of inactively traded common stocks also include a liquidity discount. A significant increase (decrease) in the liquidity discount could result in a significantly lower (higher) fair value measurement. | ||||||||||||||||||||||||||||||||
To validate prices, the Company completes quantitative analyses to compare the performance of each equity investment portfolio to the performance of an appropriate benchmark, with significant differences identified and investigated. | ||||||||||||||||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
The Company's exchange traded derivatives, such as futures are generally classified as Level 1 as their fair values are quoted prices in active markets. The Company's foreign exchange forward contracts, foreign currency option contracts, credit default swaps, interest rate swaps and TBAs are generally classified as Level 2 within the fair value hierarchy and are priced by independent pricing services. | ||||||||||||||||||||||||||||||||
Included in the Company's Level 3 classification, in general, are certain inactively traded weather derivatives; notes and loan receivables, notes securitizations, annuities and residuals, private equities and longevity and other total return swaps. For Level 3 instruments, the Company will generally (i) receive a price based on a manager's or trustee's valuation for the asset; (ii) perform a liquidation analysis using investee company financial statements, that are generally audited on an annual basis, adjusted if necessary for the recoverability of intangible assets; (iii) develop an internal discounted cash flow model to measure fair value; or (iv) use market return information, adjusted if necessary and weighted using management's judgment, from comparable selected publicly traded equity funds, in a similar region and of a similar size. Where the Company receives prices from the manager or trustee, these prices are based on the manager's or trustee's estimate of fair value for the assets and are generally audited on an annual basis. Where the Company develops its own discounted cash flow models, the inputs will be specific to the asset in question, based on appropriate historical information, adjusted as necessary, and using appropriate discount rates. The significant unobservable inputs used in the fair value measurement of other invested assets classified as Level 3 include credit spreads, prepayment speeds, constant default rates and gross revenue to fair value ratios. Significant increases (decreases) in any of these inputs in isolation could result in a significantly lower (higher) fair value measurement. Significant unobservable inputs used in the fair value measurement of other invested assets classified as Level 3 also include an assessment of the recoverability of intangible assets and market return information, weighted using management's judgment, from comparable selected publicly traded companies in the same industry, in a similar region and of a similar size. Significant increase (decrease) in these inputs in isolation could result in a significantly higher (lower) fair value measurement. As part of the Company's modeling to determine the fair value of an investment, the Company considers counterparty credit risk as an input to the model, however, the majority of the Company's counterparties are investment grade rated institutions and the failure of any one counterparty would not have a significant impact on the Company's consolidated financial statements. | ||||||||||||||||||||||||||||||||
To validate prices, the Company will compare them to benchmarks, where appropriate, or to the business results generally within that asset class and specifically to those particular assets. | ||||||||||||||||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
The segregated investment portfolio underlying the funds held – directly managed account is comprised of fixed maturities and other invested assets which are fair valued on a basis consistent with the methods described above. Substantially all fixed maturities and short-term investments within the funds held – directly managed account are classified as Level 2 within the fair value hierarchy. | ||||||||||||||||||||||||||||||||
The other invested assets within the segregated investment portfolio underlying the funds held – directly managed account, which are classified as Level 3 investments, are primarily real estate mutual fund investments carried at fair value. For the real estate mutual fund investments, the Company receives a price based on the real estate fund manager's valuation for the asset and further adjusts the price, if necessary, based on appropriate current information on the real estate market. Significant increases (decreases) to the adjustment to the real estate fund manager's valuation could result in a significantly lower (higher) fair value measurement. | ||||||||||||||||||||||||||||||||
To validate prices within the segregated investment portfolio underlying the funds held – directly managed account, the Company utilizes the methods described above. | ||||||||||||||||||||||||||||||||
(b) Fair Value of Financial Instrument Liabilities | ||||||||||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, the fair values of financial instrument liabilities recorded in the Condensed Consolidated Balance Sheets approximate their carrying values, with the exception of the debt related to senior notes (Senior Notes) and the debt related to capital efficient notes (CENts). | ||||||||||||||||||||||||||||||||
The following methods and assumptions were used by the Company in estimating the fair value of each class of financial instrument liability recorded in the Condensed Consolidated Balance Sheets for which the Company does not measure that instrument at fair value: | ||||||||||||||||||||||||||||||||
• the fair value of the Senior Notes was calculated based on discounted cash flow models using observable market yields and contractual cash flows based on the aggregate principal amount outstanding of $250 million from PartnerRe Finance A LLC and $500 million from PartnerRe Finance B LLC at September 30, 2013 and December 31, 2012; and | ||||||||||||||||||||||||||||||||
• the fair value of the CENts was calculated based on discounted cash flow models using observable market yields and contractual cash flows based on the aggregate principal amount outstanding of $63 million from PartnerRe Finance II Inc. at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||
The carrying values and fair values of the Senior Notes and CENts at September 30, 2013 and December 31, 2012 were as follows (in thousands of U.S. dollars): | ||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||
Debt related to senior notes (1) | $ | 750,000 | $ | 852,507 | $ | 750,000 | $ | 859,367 | ||||||||||||||||||||||||
Debt related to capital efficient notes (2) | 63,384 | 61,853 | 63,384 | 66,990 | ||||||||||||||||||||||||||||
(1) PartnerRe Finance A LLC and PartnerRe Finance B LLC, the issuers of the Senior Notes, do not meet consolidation requirements under U.S. GAAP. Accordingly, the Company shows the related intercompany debt of $750 million in its Condensed Consolidated Balance Sheets at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||
(2) PartnerRe Finance II Inc., the issuer of the CENts, does not meet consolidation requirements under U.S. GAAP. Accordingly, the Company shows the related intercompany debt of $71 million in its Condensed Consolidated Balance Sheets at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||
At September 30, 2013, the Company's debt related to the Senior Notes and CENts was classified as Level 2 in the fair value hierarchy. | ||||||||||||||||||||||||||||||||
Disclosures about the fair value of financial instrument liabilities exclude insurance contracts and certain other financial instruments. |
Derivatives
Derivatives | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Disclosure - Derivatives [Abstract] | ' | |||||||||||||||||||||
Derivatives | ' | |||||||||||||||||||||
4. Derivatives | ||||||||||||||||||||||
The Company's derivative instruments are recorded in the Condensed Consolidated Balance Sheets at fair value, with changes in fair value mainly recognized in either net foreign exchange gains and losses or net realized and unrealized investment gains and losses in the Condensed Consolidated Statements of Operations or accumulated other comprehensive income or loss in the Condensed Consolidated Balance Sheets, depending on the nature of the derivative instrument. The Company's objectives for holding or issuing these derivatives are as follows: | ||||||||||||||||||||||
Foreign Exchange Forward Contracts | ||||||||||||||||||||||
The Company utilizes foreign exchange forward contracts as part of its overall currency risk management and investment strategies. From time to time, the Company also utilizes foreign exchange forward contracts to hedge a portion of its net investment exposure resulting from the translation of its foreign subsidiaries and branches whose functional currency is other than the U.S. dollar. | ||||||||||||||||||||||
Foreign Currency Option Contracts and Futures Contracts | ||||||||||||||||||||||
The Company utilizes foreign currency option contracts to mitigate foreign currency risk. The Company uses exchange traded treasury note futures contracts to manage portfolio duration and commodity and equity futures to hedge certain investments. The Company also uses commodities futures to replicate the investment return on certain benchmarked commodities. | ||||||||||||||||||||||
Credit Default Swaps | ||||||||||||||||||||||
The Company purchases protection through credit default swaps to mitigate the risk associated with its underwriting operations, most notably in the credit/surety line, and to manage market exposures. | ||||||||||||||||||||||
The Company also assumes credit risk through credit default swaps to replicate investment positions. The original term of these credit default swaps is generally five years or less and there are no recourse provisions associated with these swaps. While the Company would be required to perform under exposure assumed through credit default swaps in the event of a default on the underlying issuer, no issuer was in default at September 30, 2013. The counterparties on the Company's assumed credit default swaps are all investment grade rated financial institutions. | ||||||||||||||||||||||
Insurance-Linked Securities | ||||||||||||||||||||||
The Company enters into various weather derivatives and longevity total return swaps for which the underlying risks reference parametric weather risks for the weather derivatives and longevity risk for the longevity total return swaps. | ||||||||||||||||||||||
Total Return and Interest Rate Swaps and Interest Rate Derivatives | ||||||||||||||||||||||
The Company enters into total return swaps referencing various project, investments and principal finance obligations. The Company enters into interest rate swaps to mitigate the interest rate risk on certain of the total return swaps and certain fixed maturity investments. The Company also uses other interest rate derivatives to mitigate exposure to interest rate volatility. | ||||||||||||||||||||||
To-Be-Announced Mortgage-Backed Securities | ||||||||||||||||||||||
The Company utilizes TBAs as part of its overall investment strategy and to enhance investment performance. | ||||||||||||||||||||||
The net fair values and the related net notional values of derivatives included in the Company's Condensed Consolidated Balance Sheets at September 30, 2013 and December 31, 2012 were as follows (in thousands of U.S. dollars): | ||||||||||||||||||||||
Asset | Liability | Net derivatives | ||||||||||||||||||||
derivatives | derivatives | Net notional | ||||||||||||||||||||
30-Sep-13 | at fair value | at fair value | exposure | Fair value | ||||||||||||||||||
Foreign exchange forward contracts | $ | 4,188 | $ | -5,470 | $ | 2,069,416 | $ | -1,282 | ||||||||||||||
Foreign currency option contracts | 0 | -821 | 93,438 | -821 | ||||||||||||||||||
Futures contracts | 0 | -61,909 | 4,527,222 | -61,909 | ||||||||||||||||||
Credit default swaps (protection purchased) | 0 | -231 | 34,000 | -231 | ||||||||||||||||||
Credit default swaps (assumed risks) | 49 | 0 | 5,000 | 49 | ||||||||||||||||||
Insurance-linked securities (1) | 175 | -390 | 140,744 | -215 | ||||||||||||||||||
Total return swaps | 0 | -732 | 7,657 | -732 | ||||||||||||||||||
Interest rate swaps (2) | 150 | -4,614 | 60,080 | -4,464 | ||||||||||||||||||
TBAs | 7,256 | 0 | 192,040 | 7,256 | ||||||||||||||||||
Total derivatives | $ | 11,818 | $ | -74,167 | $ | -62,349 | ||||||||||||||||
Asset | Liability | Net derivatives | ||||||||||||||||||||
derivatives | derivatives | Net notional | ||||||||||||||||||||
31-Dec-12 | at fair value | at fair value | exposure | Fair value | ||||||||||||||||||
Foreign exchange forward contracts | $ | 7,889 | $ | -17,395 | $ | 2,170,914 | $ | -9,506 | ||||||||||||||
Foreign currency option contracts | 1,410 | -186 | 133,377 | 1,224 | ||||||||||||||||||
Futures contracts | 1,956 | -1,352 | 3,981,107 | 604 | ||||||||||||||||||
Credit default swaps (protection purchased) | 6 | -807 | 55,000 | -801 | ||||||||||||||||||
Credit default swaps (assumed risks) | 512 | 0 | 17,500 | 512 | ||||||||||||||||||
Insurance-linked securities (1) | 0 | -2,173 | 135,964 | -2,173 | ||||||||||||||||||
Total return swaps | 6,630 | -546 | 68,730 | 6,084 | ||||||||||||||||||
Interest rate swaps (2) | 0 | -7,880 | 0 | -7,880 | ||||||||||||||||||
TBAs | 115 | -163 | 155,760 | -48 | ||||||||||||||||||
Total derivatives | $ | 18,518 | $ | -30,502 | $ | -11,984 | ||||||||||||||||
_______________ | ||||||||||||||||||||||
(1) At September 30, 2013 and December 31, 2012, insurance-linked securities include a longevity swap for which the notional amount is not reflective of the overall potential exposure of the swap. As such, the Company has included the probable maximum loss under the swap within the net notional exposure as an approximation of the notional amount. | ||||||||||||||||||||||
(2) The Company enters into interest rate swaps to mitigate notional exposures on certain total return swaps and certain fixed maturities. Accordingly, the notional value of interest rate swaps on certain total return swaps is not presented separately in the table. | ||||||||||||||||||||||
The fair value of all derivatives at September 30, 2013 and December 31, 2012 is recorded in Other invested assets in the Company's Condensed Consolidated Balance Sheets. At September 30, 2013 and December 31, 2012, none of the Company's derivatives were designated as hedges. | ||||||||||||||||||||||
The gains and losses in the Condensed Consolidated Statements of Operations for derivatives not designated as hedges for the three months and nine months ended September 30, 2013 and 2012 were as follows (in thousands of U.S. dollars): | ||||||||||||||||||||||
For the three | For the three | For the nine | For the nine | |||||||||||||||||||
months ended | months ended | months ended | months ended | |||||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||||||||||||
Foreign exchange forward contracts | $ | 17 | $ | 21,976 | $ | -36,457 | $ | 41,686 | ||||||||||||||
Foreign currency option contracts | -799 | 1,061 | -4,639 | 2,559 | ||||||||||||||||||
Total included in net foreign exchange gains and losses | $ | -782 | $ | 23,037 | $ | -41,096 | $ | 44,245 | ||||||||||||||
Futures contracts | $ | -30,233 | $ | -14,979 | $ | 55,143 | $ | -34,758 | ||||||||||||||
Credit default swaps (protection purchased) | -6 | -250 | -126 | -861 | ||||||||||||||||||
Credit default swaps (assumed risks) | 7 | 398 | 122 | 1,709 | ||||||||||||||||||
Insurance-linked securities | -110 | 3,934 | -660 | 5,160 | ||||||||||||||||||
Total return swaps | -1,762 | -773 | -5,421 | -1,242 | ||||||||||||||||||
Interest rate swaps | 240 | -200 | 3,416 | -402 | ||||||||||||||||||
TBAs | 3,858 | 2,568 | -5,839 | 7,446 | ||||||||||||||||||
Total included in net realized and unrealized | ||||||||||||||||||||||
investment gains and losses | $ | -28,006 | $ | -9,302 | $ | 46,635 | $ | -22,948 | ||||||||||||||
Total derivatives | $ | -28,788 | $ | 13,735 | $ | 5,539 | $ | 21,297 | ||||||||||||||
Offsetting of Derivatives | ||||||||||||||||||||||
The gross and net fair values of derivatives that are subject to offsetting in the Condensed Consolidated Balance Sheets at September 30, 2013 and December 31, 2012 were as follows (in thousands of U.S. dollars): | ||||||||||||||||||||||
Gross | Net amounts of | Gross amounts not offset | ||||||||||||||||||||
Gross | amounts | assets/ liabilities | in the balance sheet | |||||||||||||||||||
amounts | offset in the | presented in the | Financial | Cash collateral | ||||||||||||||||||
30-Sep-13 | recognized (1) | balance sheet | balance sheet | instruments | received/pledged | Net amount | ||||||||||||||||
Total derivative assets | $ | 11,818 | $ | 0 | $ | 11,818 | $ | 1,739 | $ | 0 | $ | 13,557 | ||||||||||
Total derivative liabilities | $ | -74,167 | $ | 0 | $ | -74,167 | $ | -1,739 | $ | 4,260 | $ | -71,646 | ||||||||||
31-Dec-12 | ||||||||||||||||||||||
Total derivative assets | $ | 18,518 | $ | 0 | $ | 18,518 | $ | -12,051 | $ | 0 | $ | 6,467 | ||||||||||
Total derivative liabilities | $ | -30,502 | $ | 0 | $ | -30,502 | $ | 12,051 | $ | 0 | $ | -18,451 | ||||||||||
_______________ | ||||||||||||||||||||||
(1) Amounts include all derivative instruments, irrespective of whether there is a legally enforceable master netting arrangement in place. | ||||||||||||||||||||||
Generally, credit default swaps, total return swaps and interest rate swaps are subject to a master netting or similar agreements as they are entered into using International Swaps and Derivatives Association agreements which provide for the ability to settle the derivative asset and liability with each counterparty on a net basis. Futures contracts and foreign exchange forward contracts are traded on a regulated exchange which permits netting. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Disclosure - Shareholders Equity [Abstract] | ' | ||||
Shareholders' Equity Disclosure [Text Block] | ' | ||||
5. Shareholders' Equity | |||||
Series F Non-Cumulative Redeemable Preferred Shares | |||||
On February 14, 2013, the Company issued Series F non-cumulative redeemable preferred shares (Series F preferred shares) as follows (in millions of U.S. dollars or shares, except percentage amounts): | |||||
Series F | |||||
Date of issuance | Feb-13 | ||||
Number of preferred shares issued | 10 | ||||
Annual dividend rate | 5.875 | % | |||
Total consideration | $ | 242.3 | |||
Underwriting discounts and commissions | $ | 7.7 | |||
Aggregate liquidation value | $ | 250 | |||
The net proceeds received were used, together with available cash, to redeem the Series C Cumulative Redeemable Preferred Shares (Series C preferred shares). On or after March 1, 2018, the Company may redeem the Series F preferred shares in whole at any time, or in part from time to time, at $25.00 per share, plus an amount equal to the portion of the quarterly dividend attributable to the then-current dividend period to, but excluding, the redemption date. The Company may also redeem the Series F preferred shares at any time upon the occurrence of a certain “capital disqualification event” or certain changes in tax law. Dividends on the Series F preferred shares are non-cumulative and are payable quarterly. | |||||
In the event of liquidation of the Company, the Series F preferred shares rank on parity with each of the other series of preferred shares and would rank senior to the common shares, and holders thereof would receive a distribution of $25.00 per share, or the aggregate liquidation value, plus declared but unpaid dividends, if any. | |||||
Series C Cumulative Redeemable Preferred Shares | |||||
On March 18, 2013, the Company redeemed the Series C preferred shares for the aggregate liquidation value of $290 million plus accrued dividends. In connection with the redemption, the Company recognized a loss of $9.1 million related to the original issuance costs of the Series C preferred shares and calculated as a difference between the redemption price and the consideration received after underwriting discounts and commissions. The loss was recognized in determining the net income attributable to PartnerRe Ltd. common shareholders. |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Disclosure - Net Income Per Share [Abstract] | ' | ||||||||||||||||||||||
Net Income Per Share | ' | ||||||||||||||||||||||
6. Net Income per Share | |||||||||||||||||||||||
The reconciliation of basic and diluted net income per share for the three months and nine months ended September 30, 2013 and 2012 is as follows (in thousands of U.S. dollars, except per share amounts): | |||||||||||||||||||||||
For the three | For the three | For the nine | For the nine | ||||||||||||||||||||
months ended | months ended | months ended | months ended | ||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to PartnerRe Ltd. | $ | 333,423 | $ | 486,706 | $ | 392,221 | $ | 1,022,994 | |||||||||||||||
Less: preferred dividends | -14,184 | -15,405 | -43,678 | -46,216 | |||||||||||||||||||
Less: loss on redemption of preferred shares | 0 | 0 | -9,135 | 0 | |||||||||||||||||||
Net income attributable to PartnerRe Ltd. common shareholders | $ | 319,239 | $ | 471,301 | $ | 339,408 | $ | 976,778 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted number of common shares outstanding - basic | 53,671,245 | 61,837,328 | 56,176,260 | 63,679,114 | |||||||||||||||||||
Share options and other (1) | 953,906 | 769,433 | 1,041,301 | 605,011 | |||||||||||||||||||
Weighted average number of common shares and common | |||||||||||||||||||||||
share equivalents outstanding - diluted | 54,625,151 | 62,606,761 | 57,217,561 | 64,284,125 | |||||||||||||||||||
Basic net income per share | $ | 5.95 | $ | 7.62 | $ | 6.04 | $ | 15.34 | |||||||||||||||
Diluted net income per share(1) | $ | 5.84 | $ | 7.53 | $ | 5.93 | $ | 15.19 | |||||||||||||||
_______________ | |||||||||||||||||||||||
(1) At September 30, 2013 and 2012, share based awards to purchase 140.5 thousand and 1,233.3 thousand common shares, respectively, were excluded from the calculation of diluted weighted average number of common shares and common share equivalents outstanding because their exercise prices were greater than the average market price of the common shares. |
Noncontrolling_interests
Noncontrolling interests | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Noncontrolling Interest [Abstract] | ' | |||||
Noncontrolling Interest Disclosure [TextBlock] | ' | |||||
7. Noncontrolling Interests | ||||||
During March 2013, the Company formed Lorenz Re Ltd. (Lorenz Re), a Bermuda domiciled special purpose insurer to provide additional capacity to the Company for a diversified portfolio of catastrophe reinsurance treaties over a multi-year period on a fully collateralized reinsurance basis. The original business was written by the Company and was ceded to Lorenz Re effective April 1, 2013. | ||||||
In conjunction with the formation of Lorenz Re, the Company and third party investors each contributed 50% of Lorenz Re's non-voting redeemable preferred share capital of approximately $75 million. On May 1, 2013, the Company sold $10.5 million of its original investment in Lorenz Re to third party investors. The Company did not record any gain or loss on the sale of this investment. Lorenz Re's preferred shares are expected to be redeemed following the commutation of the portfolio back to the Company on or before June 1, 2016. | ||||||
Lorenz Re is considered to be a variable interest entity. The Company has concluded that it is the primary beneficiary as it has the power to direct and has more than an insignificant economic interest in the activities of Lorenz Re. Lorenz Re is consolidated by the Company and all inter-company balances and transactions are eliminated. Net income and shareholders' equity attributable to Lorenz Re's third party investors are recorded in the Condensed Consolidated Financial Statements as noncontrolling interests. | ||||||
At September 30, 2013, the total assets of Lorenz Re were $100.9 million, primarily consisting of cash and investments, and the total liabilities were $18.9 million, primarily consisting of unearned premiums and unpaid losses and loss expenses. The assets of Lorenz Re can only be used to settle the liabilities of Lorenz Re and there is no recourse to the Company for any liabilities of Lorenz Re. | ||||||
The reconciliation of the beginning and ending balance of the noncontrolling interests in Lorenz Re for the nine months ended September 30, 2013 is as follows (in thousands of U.S. dollars): | ||||||
Total | ||||||
2013 | ||||||
Balance at January 1 | $ | 0 | ||||
Net income attributable to noncontrolling interests | 5,296 | |||||
Sale of shares to noncontrolling interests | 47,193 | |||||
Balance at September 30 | $ | 52,489 |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure- Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
8. Commitments and Contingencies | |
(a) Concentration of Credit Risk | |
Financing receivables | |
Included in the Company's Other invested assets are certain notes receivable which meet the definition of financing receivables and are accounted for using the cost method of accounting. These notes receivable are collateralized by commercial or residential property. The Company utilizes a third party consultant to determine the initial investment criteria and to monitor the subsequent performance of the notes receivable. The process undertaken prior to the investment in these notes receivable includes an examination of the underlying collateral. The Company reviews its receivable positions on at least a quarterly basis using actual redemption experience. At September 30, 2013 and December 31, 2012, based on the latest available information, the Company recorded an allowance for credit losses related to these notes receivable of $2.7 million and $3.0 million, respectively. | |
The Company monitors the performance of the notes receivable based on the type of underlying collateral and by assigning a “performing” or a “non-performing” indicator of credit quality to each individual receivable. At September 30, 2013, the Company's notes receivable of $33.3 million were all performing and were collateralized by residential property and commercial property of $25.5 million and $7.8 million, respectively. At December 31, 2012, the Company's notes receivable of $46.7 million were all performing and were collateralized by residential property and commercial property of $31.3 million and $15.4 million, respectively. | |
The Company purchased $1.9 million and $29.0 million of financing receivables during the three months and nine months ended September 30, 2013, respectively. The Company purchased $0.2 million and $37.6 million of financing receivables during the three months and nine months ended September 30, 2012, respectively. There were no sales of financing receivables during the three months and nine months ended September 30, 2013 and 2012, however, the outstanding balances were reduced by settlements of the underlying debt. | |
(b) Employment Agreements | |
In April 2013, the Company announced the restructuring of its business support operations into a single integrated worldwide support platform and changes to the structure of its Global Non-life Operations. The restructuring includes involuntary and voluntary employee termination plans in certain jurisdictions (collectively, termination plans) and certain real estate related costs. Employees affected by the termination plans have varying leaving dates, largely through to mid-2014. The Company expects to incur a charge, totaling between $60 million and $70 million to be incurred primarily in 2013 with the remainder expected to be incurred in 2014. | |
During the three months and nine months ended September 30, 2013, the Company recorded pre-tax charges of $2.4 million and $45.7 million, respectively, related to the expected costs of the restructuring, which were primarily related to the termination plans, within other operating expenses. The continuing salary and other employment benefit costs related to the affected employees will be expensed as the employee remains with the Company and provides service. | |
In connection with the restructuring, and included within the total expected costs of between $60 million and $70 million announced by the Company in April 2013, the Company expects to incur a charge of approximately $10 million related to certain real estate costs in the fourth quarter of 2013, with further real estate related charges totaling between $5 million and $10 million expected to be incurred in 2014. | |
(c) Legal Proceedings | |
There has been no significant change in legal proceedings at September 30, 2013 compared to December 31, 2012. See Note 17(e) to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. | |
(d) Taxation | |
As part of the 2014 Budget proposals, the French government has proposed tax legislation changes. These proposals would temporarily increase the corporation income tax rate from 36% to 38% and could limit the deductibility of interest payments to non-French affiliates. These changes may be effective retroactively to January 1, 2013. These proposals have not been enacted into the French tax code and, therefore, may be modified during the French legislative process. It is expected that the 2014 Budget proposals, including any tax proposals, will be finalized and enacted into law in December 2013. The Company is in the process of monitoring and evaluating the impact of these developments on its operations. The Company may incur a charge in the fourth quarter of 2013 relating to these tax proposals, which may be material, when these proposed tax changes are finalized and enacted into the French tax code. The Company is not currently able to determine a reasonable estimate of the amount of the charge given the uncertainty that exists related to these proposals. |
Credit_Agreements
Credit Agreements | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure - Credit Agreements [Abstract] | ' |
Schedule Of Line Of Credit Facilities [Text Block] | ' |
9. Credit Agreements | |
In the normal course of its operations, the Company enters into agreements with financial institutions to obtain unsecured and secured credit facilities. These facilities are used primarily for the issuance of letters of credit, although a portion of these facilities may also be used for liquidity purposes. | |
On April 18, 2013, the Company modified its existing three-year syndicated unsecured credit facility to reduce the available facility from $500 million to $50 million and reduce its access to a revolving line of credit from $375 million to $50 million. This facility expired on July 15, 2013 and was not renewed. | |
See Note 18 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 for further information related to the credit facilities available to the Company. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||
Disclosure - Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||||||||
10. Segment Information | |||||||||||||||||||||||||||||||||||
The Company monitors the performance of its operations in three segments, Non-life, Life and Health and Corporate and Other as described in Note 20 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. The Non-life segment is further divided into four sub-segments: North America, Global (Non-U.S.) P&C, Global Specialty and Catastrophe. Following the acquisition of Presidio on December 31, 2012, Presidio's results are included in the Life and Health segment. Effective January 1, 2013, the Life segment is referred to as Life and Health to reflect the inclusion of Presidio's results following its acquisition and the Global (Non-U.S.) Specialty sub-segment is referred to as Global Specialty. | |||||||||||||||||||||||||||||||||||
Since the Company does not manage its assets by segment, net investment income is not allocated to the Non-life segment. However, because of the interest-sensitive nature of some of the Company's Life and Health products, net investment income is considered in Management's assessment of the profitability of the Life and Health segment. The following items are not considered in evaluating the results of the Non-life and Life and Health segments: net realized and unrealized investment gains and losses, interest expense, amortization of intangible assets, net foreign exchange gains and losses, income tax expense or benefit and interest in earnings and losses of equity investments. Segment results are shown before consideration of intercompany transactions. | |||||||||||||||||||||||||||||||||||
Management measures results for the Non-life segment on the basis of the loss ratio, acquisition ratio, technical ratio, other operating expense ratio and combined ratio (all defined below). Management measures results for the Non-life sub-segments on the basis of the loss ratio, acquisition ratio and technical ratio. Management measures results for the Life and Health segment on the basis of the allocated underwriting result, which includes revenues from net premiums earned, other income or loss and allocated net investment income for Life and Health, and expenses from life policy benefits, acquisition costs and other operating expenses. | |||||||||||||||||||||||||||||||||||
The following tables provide a summary of the segment results for the three months and nine months ended September 30, 2013 and 2012 (in millions of U.S. dollars, except ratios): | |||||||||||||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||
Global | Total | Life | |||||||||||||||||||||||||||||||||
North | (Non-U.S.) | Global | Non-life | and Health | Corporate | ||||||||||||||||||||||||||||||
America | P&C | Specialty | Catastrophe | segment | segment | and Other | Total | ||||||||||||||||||||||||||||
Gross premiums written | $ | 409 | $ | 157 | $ | 396 | $ | 79 | $ | 1,041 | $ | 235 | $ | 5 | $ | 1,281 | |||||||||||||||||||
Net premiums written | $ | 408 | $ | 157 | $ | 389 | $ | 72 | $ | 1,026 | $ | 234 | $ | 5 | $ | 1,265 | |||||||||||||||||||
Decrease (increase) in unearned premiums | 17 | 38 | -7 | 99 | 147 | 9 | 0 | 156 | |||||||||||||||||||||||||||
Net premiums earned | $ | 425 | $ | 195 | $ | 382 | $ | 171 | $ | 1,173 | $ | 243 | $ | 5 | $ | 1,421 | |||||||||||||||||||
Losses and loss expenses and | |||||||||||||||||||||||||||||||||||
life policy benefits | -197 | -90 | -228 | -42 | -557 | -195 | 1 | -751 | |||||||||||||||||||||||||||
Acquisition costs | -101 | -50 | -92 | -16 | -259 | -24 | 0 | -283 | |||||||||||||||||||||||||||
Technical result | $ | 127 | $ | 55 | $ | 62 | $ | 113 | $ | 357 | $ | 24 | $ | 6 | $ | 387 | |||||||||||||||||||
Other income | 2 | 3 | 0 | 5 | |||||||||||||||||||||||||||||||
Other operating expenses | -62 | -17 | -29 | -108 | |||||||||||||||||||||||||||||||
Underwriting result | $ | 297 | $ | 10 | n/a | $ | 284 | ||||||||||||||||||||||||||||
Net investment income | 15 | 107 | 122 | ||||||||||||||||||||||||||||||||
Allocated underwriting result | (1) | $ | 25 | n/a | n/a | ||||||||||||||||||||||||||||||
Net realized and unrealized investment gains | 16 | 16 | |||||||||||||||||||||||||||||||||
Interest expense | -12 | -12 | |||||||||||||||||||||||||||||||||
Amortization of intangible assets | -7 | -7 | |||||||||||||||||||||||||||||||||
Net foreign exchange losses | -1 | -1 | |||||||||||||||||||||||||||||||||
Income tax expense | -70 | -70 | |||||||||||||||||||||||||||||||||
Interest in earnings of equity investments | 6 | 6 | |||||||||||||||||||||||||||||||||
Net income | n/a | $ | 338 | ||||||||||||||||||||||||||||||||
Loss ratio (2) | 46.3 | % | 46 | % | 59.8 | % | 24.5 | % | 47.5 | % | |||||||||||||||||||||||||
Acquisition ratio (3) | 23.9 | 25.7 | 24 | 9 | 22.1 | ||||||||||||||||||||||||||||||
Technical ratio (4) | 70.2 | % | 71.7 | % | 83.8 | % | 33.5 | % | 69.6 | % | |||||||||||||||||||||||||
Other operating expense ratio (5) | 5.3 | ||||||||||||||||||||||||||||||||||
Combined ratio (6) | 74.9 | % | |||||||||||||||||||||||||||||||||
_______________ | |||||||||||||||||||||||||||||||||||
(1) Allocated underwriting result is defined as net premiums earned, other income or loss and allocated net investment income less life policy benefits, acquisition costs and other operating expenses. | |||||||||||||||||||||||||||||||||||
(2) Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. | |||||||||||||||||||||||||||||||||||
(3) Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. | |||||||||||||||||||||||||||||||||||
(4) Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. | |||||||||||||||||||||||||||||||||||
(5) Other operating expense ratio is obtained by dividing other operating expenses by net premiums earned. | |||||||||||||||||||||||||||||||||||
(6) Combined ratio is defined as the sum of the technical ratio and the other operating expense ratio. | |||||||||||||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||
Global | Total | Life | |||||||||||||||||||||||||||||||||
North | (Non-U.S.) | Global | Non-life | and Health | Corporate | ||||||||||||||||||||||||||||||
America | P&C | Specialty | Catastrophe | segment | segment | and Other | Total | ||||||||||||||||||||||||||||
Gross premiums written | $ | 311 | $ | 123 | $ | 360 | $ | 75 | $ | 869 | $ | 187 | $ | 0 | $ | 1,056 | |||||||||||||||||||
Net premiums written | $ | 311 | $ | 122 | $ | 354 | $ | 69 | $ | 856 | $ | 187 | $ | 0 | $ | 1,043 | |||||||||||||||||||
Decrease in unearned premiums | 24 | 50 | 9 | 99 | 182 | 8 | 4 | 194 | |||||||||||||||||||||||||||
Net premiums earned | $ | 335 | $ | 172 | $ | 363 | $ | 168 | $ | 1,038 | $ | 195 | $ | 4 | $ | 1,237 | |||||||||||||||||||
Losses and loss expenses and | |||||||||||||||||||||||||||||||||||
life policy benefits | -251 | -110 | -161 | -39 | -561 | -157 | -3 | -721 | |||||||||||||||||||||||||||
Acquisition costs | -83 | -42 | -79 | -15 | -219 | -27 | -1 | -247 | |||||||||||||||||||||||||||
Technical result | $ | 1 | $ | 20 | $ | 123 | $ | 114 | $ | 258 | $ | 11 | $ | 0 | $ | 269 | |||||||||||||||||||
Other income | 1 | 1 | 1 | 3 | |||||||||||||||||||||||||||||||
Other operating expenses | -58 | -12 | -25 | -95 | |||||||||||||||||||||||||||||||
Underwriting result | $ | 201 | $ | 0 | n/a | $ | 177 | ||||||||||||||||||||||||||||
Net investment income | 15 | 120 | 135 | ||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 15 | n/a | n/a | |||||||||||||||||||||||||||||||
Net realized and unrealized investment gains | 257 | 257 | |||||||||||||||||||||||||||||||||
Interest expense | -12 | -12 | |||||||||||||||||||||||||||||||||
Amortization of intangible assets | -9 | -9 | |||||||||||||||||||||||||||||||||
Net foreign exchange losses | -2 | -2 | |||||||||||||||||||||||||||||||||
Income tax expense | -64 | -64 | |||||||||||||||||||||||||||||||||
Interest in earnings of equity investments | 5 | 5 | |||||||||||||||||||||||||||||||||
Net income | n/a | $ | 487 | ||||||||||||||||||||||||||||||||
Loss ratio | 74.9 | % | 63.9 | % | 44.4 | % | 23.3 | % | 54.1 | % | |||||||||||||||||||||||||
Acquisition ratio | 24.8 | 24.9 | 21.7 | 8.8 | 21.1 | ||||||||||||||||||||||||||||||
Technical ratio | 99.7 | % | 88.8 | % | 66.1 | % | 32.1 | % | 75.2 | % | |||||||||||||||||||||||||
Other operating expense ratio | 5.5 | ||||||||||||||||||||||||||||||||||
Combined ratio | 80.7 | % | |||||||||||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||
Global | Total | Life | |||||||||||||||||||||||||||||||||
North | (Non-U.S.) | Global | Non-life | and Health | Corporate | ||||||||||||||||||||||||||||||
America | P&C | Specialty | Catastrophe | segment | segment | and Other | Total | ||||||||||||||||||||||||||||
Gross premiums written | $ | 1,228 | $ | 690 | $ | 1,253 | $ | 478 | $ | 3,649 | $ | 722 | $ | 8 | $ | 4,379 | |||||||||||||||||||
Net premiums written | $ | 1,215 | $ | 682 | $ | 1,159 | $ | 433 | $ | 3,489 | $ | 715 | $ | 7 | $ | 4,211 | |||||||||||||||||||
Increase in unearned premiums | -99 | -152 | -68 | -97 | -416 | -17 | -1 | -434 | |||||||||||||||||||||||||||
Net premiums earned | $ | 1,116 | $ | 530 | $ | 1,091 | $ | 336 | $ | 3,073 | $ | 698 | $ | 6 | $ | 3,777 | |||||||||||||||||||
Losses and loss expenses and | |||||||||||||||||||||||||||||||||||
life policy benefits | -682 | -263 | -697 | -81 | -1,723 | -558 | 2 | -2,279 | |||||||||||||||||||||||||||
Acquisition costs | -253 | -134 | -257 | -33 | -677 | -82 | 0 | -759 | |||||||||||||||||||||||||||
Technical result | $ | 181 | $ | 133 | $ | 137 | $ | 222 | $ | 673 | $ | 58 | $ | 8 | $ | 739 | |||||||||||||||||||
Other income | 3 | 9 | 1 | 13 | |||||||||||||||||||||||||||||||
Other operating expenses | -189 | -52 | -128 | -369 | |||||||||||||||||||||||||||||||
Underwriting result | $ | 487 | $ | 15 | n/a | $ | 383 | ||||||||||||||||||||||||||||
Net investment income | 45 | 325 | 370 | ||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 60 | n/a | n/a | |||||||||||||||||||||||||||||||
Net realized and unrealized investment losses | -260 | -260 | |||||||||||||||||||||||||||||||||
Interest expense | -37 | -37 | |||||||||||||||||||||||||||||||||
Amortization of intangible assets | -21 | -21 | |||||||||||||||||||||||||||||||||
Net foreign exchange losses | -10 | -10 | |||||||||||||||||||||||||||||||||
Income tax expense | -37 | -37 | |||||||||||||||||||||||||||||||||
Interest in earnings of equity investments | 10 | 10 | |||||||||||||||||||||||||||||||||
Net income | n/a | $ | 398 | ||||||||||||||||||||||||||||||||
Loss ratio | 61.1 | % | 49.7 | % | 63.9 | % | 24.2 | % | 56.1 | % | |||||||||||||||||||||||||
Acquisition ratio | 22.7 | 25.2 | 23.6 | 9.7 | 22 | ||||||||||||||||||||||||||||||
Technical ratio | 83.8 | % | 74.9 | % | 87.5 | % | 33.9 | % | 78.1 | % | |||||||||||||||||||||||||
Other operating expense ratio | 6.1 | ||||||||||||||||||||||||||||||||||
Combined ratio | 84.2 | % | |||||||||||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||
Global | Total | Life | |||||||||||||||||||||||||||||||||
North | (Non-U.S.) | Global | Non-life | and Health | Corporate | ||||||||||||||||||||||||||||||
America | P&C | Specialty | Catastrophe | segment | segment | and Other | Total | ||||||||||||||||||||||||||||
Gross premiums written | $ | 924 | $ | 600 | $ | 1,178 | $ | 475 | $ | 3,177 | $ | 604 | $ | 6 | $ | 3,787 | |||||||||||||||||||
Net premiums written | $ | 922 | $ | 596 | $ | 1,098 | $ | 429 | $ | 3,045 | $ | 601 | $ | 6 | $ | 3,652 | |||||||||||||||||||
Increase in unearned premiums | -59 | -100 | -64 | -98 | -321 | -12 | -1 | -334 | |||||||||||||||||||||||||||
Net premiums earned | $ | 863 | $ | 496 | $ | 1,034 | $ | 331 | $ | 2,724 | $ | 589 | $ | 5 | $ | 3,318 | |||||||||||||||||||
Losses and loss expenses and | |||||||||||||||||||||||||||||||||||
life policy benefits | -568 | -327 | -569 | -58 | -1,522 | -479 | -3 | -2,004 | |||||||||||||||||||||||||||
Acquisition costs | -218 | -120 | -241 | -30 | -609 | -82 | 0 | -691 | |||||||||||||||||||||||||||
Technical result | $ | 77 | $ | 49 | $ | 224 | $ | 243 | $ | 593 | $ | 28 | $ | 2 | $ | 623 | |||||||||||||||||||
Other income | 2 | 3 | 3 | 8 | |||||||||||||||||||||||||||||||
Other operating expenses | -187 | -38 | -74 | -299 | |||||||||||||||||||||||||||||||
Underwriting result | $ | 408 | $ | -7 | n/a | $ | 332 | ||||||||||||||||||||||||||||
Net investment income | 49 | 387 | 436 | ||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 42 | n/a | n/a | |||||||||||||||||||||||||||||||
Net realized and unrealized investment gains | 488 | 488 | |||||||||||||||||||||||||||||||||
Interest expense | -37 | -37 | |||||||||||||||||||||||||||||||||
Amortization of intangible assets | -27 | -27 | |||||||||||||||||||||||||||||||||
Net foreign exchange gains | 3 | 3 | |||||||||||||||||||||||||||||||||
Income tax expense | -181 | -181 | |||||||||||||||||||||||||||||||||
Interest in earnings of equity investments | 9 | 9 | |||||||||||||||||||||||||||||||||
Net income | n/a | $ | 1,023 | ||||||||||||||||||||||||||||||||
Loss ratio | 65.9 | % | 65.9 | % | 55.1 | % | 17.4 | % | 55.9 | % | |||||||||||||||||||||||||
Acquisition ratio | 25.2 | 24.3 | 23.3 | 9.1 | 22.3 | ||||||||||||||||||||||||||||||
Technical ratio | 91.1 | % | 90.2 | % | 78.4 | % | 26.5 | % | 78.2 | % | |||||||||||||||||||||||||
Other operating expense ratio | 6.9 | ||||||||||||||||||||||||||||||||||
Combined ratio | 85.1 | % |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure - Subsequent Events [Abstract] | ' |
Subsequent Event [Text Block] | ' |
10. Subsequent Events | |
At September 30, 2013, the Company had an equity investment in Essent Group Ltd. (Essent), a non-public U.S. mortgage guaranty insurance company, which was recorded at cost of $36 million. Essent became a publicly traded company on October 30, 2013 and, as a result, from this date the Company will record its investment in Essent at fair value, which was approximately $105 million based on the closing market price on October 31, 2013. The Company will report this unrealized gain and any subsequent changes in the fair value of this investment in net realized and unrealized investment gains and losses in the Consolidated Statements of Operations. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure - Significant Accounting Policies [Abstract] | ' |
Basis of accounting | ' |
The Company's Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. The Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated. To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation. | |
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 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While Management believes that the amounts included in the Condensed Consolidated Financial Statements reflect its best estimates and assumptions, actual results could differ from those estimates. The Company's principal estimates include: | |
• Unpaid losses and loss expenses; | |
• Policy benefits for life and annuity contracts; | |
• Gross and net premiums written and net premiums earned; | |
• Recoverability of deferred acquisition costs; | |
• Recoverability of deferred tax assets; | |
• Valuation of goodwill and intangible assets; and | |
• Valuation of certain assets and derivative financial instruments that are measured using significant unobservable inputs. |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Disclosure - Fair Value [Abstract] | ' | |||||||||||||||||||||||||||||||
Financial instruments measured at fair value and categorized between Levels 1, 2 and 3 | ' | |||||||||||||||||||||||||||||||
Quoted prices in | Significant | |||||||||||||||||||||||||||||||
active markets for | Significant other | unobservable | ||||||||||||||||||||||||||||||
identical assets | observable inputs | inputs | ||||||||||||||||||||||||||||||
30-Sep-13 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. government and government sponsored enterprises | $ | 0 | $ | 1,495,749 | $ | 0 | $ | 1,495,749 | ||||||||||||||||||||||||
U.S. states, territories and municipalities | 0 | 16,659 | 289,135 | 305,794 | ||||||||||||||||||||||||||||
Non-U.S. sovereign government, supranational | ||||||||||||||||||||||||||||||||
and government related | 0 | 2,343,751 | 0 | 2,343,751 | ||||||||||||||||||||||||||||
Corporate | 0 | 5,942,359 | 99,627 | 6,041,986 | ||||||||||||||||||||||||||||
Asset-backed securities | 0 | 704,174 | 453,753 | 1,157,927 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | 0 | 2,293,874 | 0 | 2,293,874 | ||||||||||||||||||||||||||||
Other mortgage-backed securities | 0 | 41,757 | 0 | 41,757 | ||||||||||||||||||||||||||||
Fixed maturities | $ | 0 | $ | 12,838,323 | $ | 842,515 | $ | 13,680,838 | ||||||||||||||||||||||||
Short-term investments | $ | 0 | $ | 36,781 | $ | 0 | $ | 36,781 | ||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Real estate investment trusts | $ | 168,985 | $ | 0 | $ | 0 | $ | 168,985 | ||||||||||||||||||||||||
Energy | 156,254 | 0 | 0 | 156,254 | ||||||||||||||||||||||||||||
Finance | 105,025 | 10,057 | 14,285 | 129,367 | ||||||||||||||||||||||||||||
Consumer noncyclical | 119,194 | 0 | 0 | 119,194 | ||||||||||||||||||||||||||||
Communications | 64,026 | 0 | 2,143 | 66,169 | ||||||||||||||||||||||||||||
Technology | 51,535 | 0 | 9,150 | 60,685 | ||||||||||||||||||||||||||||
Industrials | 45,181 | 0 | 0 | 45,181 | ||||||||||||||||||||||||||||
Consumer cyclical | 44,566 | 0 | 0 | 44,566 | ||||||||||||||||||||||||||||
Utilities | 38,481 | 0 | 0 | 38,481 | ||||||||||||||||||||||||||||
Insurance | 36,481 | 0 | 0 | 36,481 | ||||||||||||||||||||||||||||
Other | 20,559 | 0 | 0 | 20,559 | ||||||||||||||||||||||||||||
Mutual funds and exchange traded funds | 48,126 | 180,362 | 7,674 | 236,162 | ||||||||||||||||||||||||||||
Equities | $ | 898,413 | $ | 190,419 | $ | 33,252 | $ | 1,122,084 | ||||||||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 0 | $ | 4,188 | $ | 0 | $ | 4,188 | ||||||||||||||||||||||||
Credit default swaps (assumed risks) | 0 | 49 | 0 | 49 | ||||||||||||||||||||||||||||
Insurance-linked securities | 0 | 0 | 175 | 175 | ||||||||||||||||||||||||||||
Interest rate swaps | 0 | 150 | 0 | 150 | ||||||||||||||||||||||||||||
TBAs | 0 | 7,256 | 0 | 7,256 | ||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Notes and loan receivables and notes securitization | 0 | 0 | 47,781 | 47,781 | ||||||||||||||||||||||||||||
Annuities and residuals | 0 | 0 | 26,939 | 26,939 | ||||||||||||||||||||||||||||
Private equities | 0 | 0 | 21,878 | 21,878 | ||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | 0 | -5,470 | 0 | -5,470 | ||||||||||||||||||||||||||||
Foreign currency option contracts | 0 | -821 | 0 | -821 | ||||||||||||||||||||||||||||
Futures contracts | -61,909 | 0 | 0 | -61,909 | ||||||||||||||||||||||||||||
Credit default swaps (protection purchased) | 0 | -231 | 0 | -231 | ||||||||||||||||||||||||||||
Insurance-linked securities | 0 | 0 | -390 | -390 | ||||||||||||||||||||||||||||
Total return swaps | 0 | 0 | -732 | -732 | ||||||||||||||||||||||||||||
Interest rate swaps | 0 | -4,614 | 0 | -4,614 | ||||||||||||||||||||||||||||
Other invested assets | $ | -61,909 | $ | 507 | $ | 95,651 | $ | 34,249 | ||||||||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
U.S. government and government sponsored enterprises | $ | 0 | $ | 167,808 | $ | 0 | $ | 167,808 | ||||||||||||||||||||||||
U.S. states, territories and municipalities | 0 | 0 | 298 | 298 | ||||||||||||||||||||||||||||
Non-U.S. sovereign government, supranational | ||||||||||||||||||||||||||||||||
and government related | 0 | 192,823 | 0 | 192,823 | ||||||||||||||||||||||||||||
Corporate | 0 | 258,946 | 0 | 258,946 | ||||||||||||||||||||||||||||
Short-term investments | 0 | 2,389 | 0 | 2,389 | ||||||||||||||||||||||||||||
Other invested assets | 0 | 0 | 15,566 | 15,566 | ||||||||||||||||||||||||||||
Funds held – directly managed | $ | 0 | $ | 621,966 | $ | 15,864 | $ | 637,830 | ||||||||||||||||||||||||
Total | $ | 836,504 | $ | 13,687,996 | $ | 987,282 | $ | 15,511,782 | ||||||||||||||||||||||||
Quoted prices in | Significant | |||||||||||||||||||||||||||||||
active markets for | Significant other | unobservable | ||||||||||||||||||||||||||||||
identical assets | observable inputs | inputs | ||||||||||||||||||||||||||||||
31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. government and government sponsored enterprises | $ | 0 | $ | 1,130,924 | $ | 0 | $ | 1,130,924 | ||||||||||||||||||||||||
U.S. states, territories and municipalities | 0 | 10,151 | 233,235 | 243,386 | ||||||||||||||||||||||||||||
Non-U.S. sovereign government, supranational | ||||||||||||||||||||||||||||||||
and government related | 0 | 2,375,673 | 0 | 2,375,673 | ||||||||||||||||||||||||||||
Corporate | 0 | 6,554,934 | 100,904 | 6,655,838 | ||||||||||||||||||||||||||||
Asset-backed securities | 0 | 400,336 | 323,134 | 723,470 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | 0 | 3,199,924 | 0 | 3,199,924 | ||||||||||||||||||||||||||||
Other mortgage-backed securities | 0 | 66,100 | 0 | 66,100 | ||||||||||||||||||||||||||||
Fixed maturities | $ | 0 | $ | 13,738,042 | $ | 657,273 | $ | 14,395,315 | ||||||||||||||||||||||||
Short-term investments | $ | 0 | $ | 150,552 | $ | 0 | $ | 150,552 | ||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Consumer noncyclical | $ | 130,526 | $ | 0 | $ | 0 | $ | 130,526 | ||||||||||||||||||||||||
Energy | 118,213 | 0 | 0 | 118,213 | ||||||||||||||||||||||||||||
Finance | 79,456 | 7,472 | 13,477 | 100,405 | ||||||||||||||||||||||||||||
Technology | 71,927 | 0 | 6,987 | 78,914 | ||||||||||||||||||||||||||||
Real estate investment trusts | 66,846 | 0 | 0 | 66,846 | ||||||||||||||||||||||||||||
Communications | 65,722 | 0 | 0 | 65,722 | ||||||||||||||||||||||||||||
Consumer cyclical | 62,526 | 0 | 0 | 62,526 | ||||||||||||||||||||||||||||
Industrials | 59,242 | 0 | 0 | 59,242 | ||||||||||||||||||||||||||||
Insurance | 39,132 | 0 | 0 | 39,132 | ||||||||||||||||||||||||||||
Other | 60,913 | 0 | 0 | 60,913 | ||||||||||||||||||||||||||||
Mutual funds and exchange traded funds | 34,053 | 270,246 | 7,264 | 311,563 | ||||||||||||||||||||||||||||
Equities | $ | 788,556 | $ | 277,718 | $ | 27,728 | $ | 1,094,002 | ||||||||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | $ | 0 | $ | 7,889 | $ | 0 | $ | 7,889 | ||||||||||||||||||||||||
Foreign currency option contracts | 0 | 1,410 | 0 | 1,410 | ||||||||||||||||||||||||||||
Futures contracts | 1,956 | 0 | 0 | 1,956 | ||||||||||||||||||||||||||||
Credit default swaps (protection purchased) | 0 | 6 | 0 | 6 | ||||||||||||||||||||||||||||
Credit default swaps (assumed risks) | 0 | 512 | 0 | 512 | ||||||||||||||||||||||||||||
Total return swaps | 0 | 0 | 6,630 | 6,630 | ||||||||||||||||||||||||||||
TBAs | 0 | 115 | 0 | 115 | ||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Notes and loan receivables and notes securitization | 0 | 0 | 34,902 | 34,902 | ||||||||||||||||||||||||||||
Annuities and residuals | 0 | 0 | 46,882 | 46,882 | ||||||||||||||||||||||||||||
Private equities | 0 | 0 | 1,404 | 1,404 | ||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | 0 | -17,395 | 0 | -17,395 | ||||||||||||||||||||||||||||
Foreign currency option contracts | 0 | -186 | 0 | -186 | ||||||||||||||||||||||||||||
Futures contracts | -1,352 | 0 | 0 | -1,352 | ||||||||||||||||||||||||||||
Credit default swaps (protection purchased) | 0 | -807 | 0 | -807 | ||||||||||||||||||||||||||||
Insurance-linked securities | 0 | 0 | -2,173 | -2,173 | ||||||||||||||||||||||||||||
Total return swaps | 0 | 0 | -546 | -546 | ||||||||||||||||||||||||||||
Interest rate swaps | 0 | -7,880 | 0 | -7,880 | ||||||||||||||||||||||||||||
TBAs | 0 | -163 | 0 | -163 | ||||||||||||||||||||||||||||
Other invested assets | $ | 604 | $ | -16,499 | $ | 87,099 | $ | 71,204 | ||||||||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
U.S. government and government sponsored enterprises | $ | 0 | $ | 218,696 | $ | 0 | $ | 218,696 | ||||||||||||||||||||||||
U.S. states, territories and municipalities | 0 | 0 | 345 | 345 | ||||||||||||||||||||||||||||
Non-U.S. sovereign government, supranational | ||||||||||||||||||||||||||||||||
and government related | 0 | 233,987 | 0 | 233,987 | ||||||||||||||||||||||||||||
Corporate | 0 | 362,243 | 0 | 362,243 | ||||||||||||||||||||||||||||
Other invested assets | 0 | 0 | 17,976 | 17,976 | ||||||||||||||||||||||||||||
Funds held – directly managed | $ | 0 | $ | 814,926 | $ | 18,321 | $ | 833,247 | ||||||||||||||||||||||||
Total | $ | 789,160 | $ | 14,964,739 | $ | 790,421 | $ | 16,544,320 | ||||||||||||||||||||||||
Reconciliation of beginning and ending balances for all financial instruments measured at fair value using Level 3 inputs | ' | |||||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||||||
Realized and | unrealized | |||||||||||||||||||||||||||||||
unrealized | investment | |||||||||||||||||||||||||||||||
investment | Net | gains (losses) | ||||||||||||||||||||||||||||||
Balance at | gains (losses) | Purchases | Settlements | transfers | Balance | relating to | ||||||||||||||||||||||||||
For the three months ended | beginning | included in | and | and | into/ (out of) | at end | assets held at | |||||||||||||||||||||||||
30-Sep-13 | of period | net income | issuances | sales (1) | Level 3 | of period | end of period | |||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 219,163 | $ | 8,431 | $ | 61,706 | $ | -165 | $ | 0 | $ | 289,135 | $ | 8,431 | ||||||||||||||||||
Corporate | 99,896 | -269 | 0 | 0 | 0 | 99,627 | -269 | |||||||||||||||||||||||||
Asset-backed securities | 426,288 | 4,800 | 86,442 | -63,777 | 0 | 453,753 | -3,043 | |||||||||||||||||||||||||
Fixed maturities | $ | 745,347 | $ | 12,962 | $ | 148,148 | $ | -63,942 | $ | 0 | $ | 842,515 | $ | 5,119 | ||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Finance | $ | 13,000 | $ | 1,285 | $ | 0 | $ | 0 | $ | 0 | $ | 14,285 | $ | 1,285 | ||||||||||||||||||
Communications | 2,040 | 103 | 0 | 0 | 0 | 2,143 | 103 | |||||||||||||||||||||||||
Technology | 8,012 | 1,138 | 0 | 0 | 0 | 9,150 | 1,138 | |||||||||||||||||||||||||
Mutual funds and exchange | ||||||||||||||||||||||||||||||||
traded funds | 7,549 | 125 | 0 | 0 | 0 | 7,674 | 125 | |||||||||||||||||||||||||
Equities | $ | 30,601 | $ | 2,651 | $ | 0 | $ | 0 | $ | 0 | $ | 33,252 | $ | 2,651 | ||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Derivatives, net | $ | 2,333 | $ | -1,885 | $ | 0 | $ | -1,395 | $ | 0 | $ | -947 | $ | -140 | ||||||||||||||||||
Notes and loan receivables and | ||||||||||||||||||||||||||||||||
notes securitization | 44,224 | 3,250 | 1,248 | -941 | 0 | 47,781 | 3,250 | |||||||||||||||||||||||||
Annuities and residuals | 30,555 | 413 | 0 | -4,029 | 0 | 26,939 | 166 | |||||||||||||||||||||||||
Private equities | 21,100 | -299 | 1,077 | 0 | 0 | 21,878 | -299 | |||||||||||||||||||||||||
Other invested assets | $ | 98,212 | $ | 1,479 | $ | 2,325 | $ | -6,365 | $ | 0 | $ | 95,651 | $ | 2,977 | ||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 337 | $ | -39 | $ | 0 | $ | 0 | $ | 0 | $ | 298 | $ | -39 | ||||||||||||||||||
Other invested assets | 15,207 | 1,045 | 0 | -686 | 0 | 15,566 | 1,045 | |||||||||||||||||||||||||
Funds held – directly managed | $ | 15,544 | $ | 1,006 | $ | 0 | $ | -686 | $ | 0 | $ | 15,864 | $ | 1,006 | ||||||||||||||||||
Total | $ | 889,704 | $ | 18,098 | $ | 150,473 | $ | -70,993 | $ | 0 | $ | 987,282 | $ | 11,753 | ||||||||||||||||||
Settlements and sales of asset-backed securities and derivatives include sales of $13.7 million and $1.4 million, respectively. | ||||||||||||||||||||||||||||||||
Realized and | Change in | |||||||||||||||||||||||||||||||
unrealized | unrealized | |||||||||||||||||||||||||||||||
investment | Net | investment gains | ||||||||||||||||||||||||||||||
Balance at | gains (losses) | Purchases | Settlements | transfers | Balance | (losses) relating | ||||||||||||||||||||||||||
For the three months ended | beginning | included in | and | and | (out of)/ into | at end of | to assets held | |||||||||||||||||||||||||
30-Sep-12 | of period | net income | issuances | sales | Level 3 | period | at end of period | |||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 117,235 | $ | 1,618 | $ | 90,050 | $ | -83 | $ | 0 | $ | 208,820 | $ | 1,618 | ||||||||||||||||||
Corporate | 111,070 | 681 | 56 | -3,250 | 0 | 108,557 | 582 | |||||||||||||||||||||||||
Asset-backed securities | 290,371 | 699 | 59,724 | -21,605 | 0 | 329,189 | 739 | |||||||||||||||||||||||||
Fixed maturities | $ | 518,676 | $ | 2,998 | $ | 149,830 | $ | -24,938 | $ | 0 | $ | 646,566 | $ | 2,939 | ||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Finance | $ | 19,422 | $ | 750 | $ | 0 | $ | 0 | $ | -6,800 | $ | 13,372 | $ | 750 | ||||||||||||||||||
Technology | 7,192 | -99 | 0 | 0 | 0 | 7,093 | -99 | |||||||||||||||||||||||||
Mutual funds and exchange | ||||||||||||||||||||||||||||||||
traded funds | 6,760 | 311 | 0 | 0 | 0 | 7,071 | 311 | |||||||||||||||||||||||||
Equities | $ | 33,374 | $ | 962 | $ | 0 | $ | 0 | $ | -6,800 | $ | 27,536 | $ | 962 | ||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Derivatives, net | $ | 1,207 | $ | 3,152 | $ | 0 | $ | 0 | $ | 0 | $ | 4,359 | $ | 4,168 | ||||||||||||||||||
Notes and loan receivables and | ||||||||||||||||||||||||||||||||
notes securitization | 44,304 | 3,473 | 1,209 | -19,958 | 0 | 29,028 | 1,654 | |||||||||||||||||||||||||
Annuities and residuals | 27,225 | 6,314 | 23,642 | -14,899 | 0 | 42,282 | 2,641 | |||||||||||||||||||||||||
Private equities | 1,000 | -141 | 450 | 0 | 0 | 1,309 | -141 | |||||||||||||||||||||||||
Other invested assets | $ | 73,736 | $ | 12,798 | $ | 25,301 | $ | -34,857 | $ | 0 | $ | 76,978 | $ | 8,322 | ||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 321 | $ | 8 | $ | 0 | $ | 0 | $ | 0 | $ | 329 | $ | 8 | ||||||||||||||||||
Other invested assets | 15,076 | 2,460 | 0 | 0 | 0 | 17,536 | 2,460 | |||||||||||||||||||||||||
Funds held – directly managed | $ | 15,397 | $ | 2,468 | $ | 0 | $ | 0 | $ | 0 | $ | 17,865 | $ | 2,468 | ||||||||||||||||||
Total | $ | 641,183 | $ | 19,226 | $ | 175,131 | $ | -59,795 | $ | -6,800 | $ | 768,945 | $ | 14,691 | ||||||||||||||||||
Change in | ||||||||||||||||||||||||||||||||
Realized and | unrealized | |||||||||||||||||||||||||||||||
unrealized | investment | |||||||||||||||||||||||||||||||
investment | Net | (losses) gains | ||||||||||||||||||||||||||||||
Balance at | (losses) gains | Purchases | Settlements | transfers | Balance | relating to | ||||||||||||||||||||||||||
For the nine months ended | beginning | included in | and | and | into/ (out of) | at end | assets held at | |||||||||||||||||||||||||
30-Sep-13 | of period | net income | issuances (1) | sales (2) | Level 3 | of period | end of period | |||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 233,235 | $ | -5,427 | $ | 61,706 | $ | -379 | $ | 0 | $ | 289,135 | $ | -5,427 | ||||||||||||||||||
Corporate | 100,904 | -1,277 | 0 | 0 | 0 | 99,627 | -1,277 | |||||||||||||||||||||||||
Asset-backed securities | 323,134 | 478 | 241,607 | -111,466 | 0 | 453,753 | -7,182 | |||||||||||||||||||||||||
Fixed maturities | $ | 657,273 | $ | -6,226 | $ | 303,313 | $ | -111,845 | $ | 0 | $ | 842,515 | $ | -13,886 | ||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Finance | $ | 13,477 | $ | 808 | $ | 0 | $ | 0 | $ | 0 | $ | 14,285 | $ | 808 | ||||||||||||||||||
Communications | 0 | 103 | 2,040 | 0 | 0 | 2,143 | 103 | |||||||||||||||||||||||||
Technology | 6,987 | 2,163 | 0 | 0 | 0 | 9,150 | 2,163 | |||||||||||||||||||||||||
Mutual funds and exchange | ||||||||||||||||||||||||||||||||
traded funds | 7,264 | 410 | 0 | 0 | 0 | 7,674 | 410 | |||||||||||||||||||||||||
Equities | $ | 27,728 | $ | 3,484 | $ | 2,040 | $ | 0 | $ | 0 | $ | 33,252 | $ | 3,484 | ||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Derivatives, net | $ | 3,911 | $ | -6,084 | $ | 121 | $ | 1,105 | $ | 0 | $ | -947 | $ | -349 | ||||||||||||||||||
Notes and loan receivables and | ||||||||||||||||||||||||||||||||
notes securitization | 34,902 | 1,867 | 14,598 | -3,586 | 0 | 47,781 | 1,867 | |||||||||||||||||||||||||
Annuities and residuals | 46,882 | 506 | 0 | -20,449 | 0 | 26,939 | 481 | |||||||||||||||||||||||||
Private equities | 1,404 | -3,811 | 24,285 | 0 | 0 | 21,878 | -3,811 | |||||||||||||||||||||||||
Other invested assets | $ | 87,099 | $ | -7,522 | $ | 39,004 | $ | -22,930 | $ | 0 | $ | 95,651 | $ | -1,812 | ||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 345 | $ | -47 | $ | 0 | $ | 0 | $ | 0 | $ | 298 | $ | -47 | ||||||||||||||||||
Other invested assets | 17,976 | -1,653 | 0 | -757 | 0 | 15,566 | -589 | |||||||||||||||||||||||||
Funds held – directly managed | $ | 18,321 | $ | -1,700 | $ | 0 | $ | -757 | $ | 0 | $ | 15,864 | $ | -636 | ||||||||||||||||||
Total | $ | 790,421 | $ | -11,964 | $ | 344,357 | $ | -135,532 | $ | 0 | $ | 987,282 | $ | -12,850 | ||||||||||||||||||
(1) Purchases and issuances of derivatives include issuances of $0.8 million. | ||||||||||||||||||||||||||||||||
(2) Settlements and sales of asset-backed securities, derivatives and annuities and residuals include sales of $13.7 million, $1.4 million and $6.3 million, respectively. | ||||||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||||||
Realized and | unrealized | |||||||||||||||||||||||||||||||
unrealized | investment | |||||||||||||||||||||||||||||||
investment | Net | gains (losses) | ||||||||||||||||||||||||||||||
Balance at | gains (losses) | Purchases | Settlements | transfers | Balance | relating to | ||||||||||||||||||||||||||
For the nine months ended | beginning | included in | and | and | (out of)/ into | at end | assets held at | |||||||||||||||||||||||||
30-Sep-12 | of period | net income | issuances (1) | sales | Level 3 | of period | end of period | |||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 111,415 | $ | 2,900 | $ | 94,750 | $ | -245 | $ | 0 | $ | 208,820 | $ | 2,900 | ||||||||||||||||||
Corporate | 111,700 | 111 | 120 | -3,374 | 0 | 108,557 | -2 | |||||||||||||||||||||||||
Asset-backed securities | 257,415 | 8,892 | 142,314 | -79,432 | 0 | 329,189 | 8,771 | |||||||||||||||||||||||||
Fixed maturities | $ | 480,530 | $ | 11,903 | $ | 237,184 | $ | -83,051 | $ | 0 | $ | 646,566 | $ | 11,669 | ||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Finance | $ | 9,670 | $ | 3,702 | $ | 6,800 | $ | 0 | $ | -6,800 | $ | 13,372 | $ | 3,702 | ||||||||||||||||||
Technology | 0 | -99 | 7,192 | 0 | 0 | 7,093 | -99 | |||||||||||||||||||||||||
Mutual funds and exchange | ||||||||||||||||||||||||||||||||
traded funds | 6,495 | 576 | 0 | 0 | 0 | 7,071 | 576 | |||||||||||||||||||||||||
Equities | $ | 16,165 | $ | 4,179 | $ | 13,992 | $ | 0 | $ | -6,800 | $ | 27,536 | $ | 4,179 | ||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Derivatives, net | $ | 5,622 | $ | 4,157 | $ | -5,420 | $ | 0 | $ | 0 | $ | 4,359 | $ | 4,874 | ||||||||||||||||||
Notes and loan receivables | ||||||||||||||||||||||||||||||||
and notes securitization | 63,565 | 9,944 | 36,834 | -81,315 | 0 | 29,028 | 2,402 | |||||||||||||||||||||||||
Annuities and residuals | 27,840 | 8,661 | 25,065 | -19,284 | 0 | 42,282 | 3,543 | |||||||||||||||||||||||||
Private equities | 0 | -141 | 1,450 | 0 | 0 | 1,309 | -141 | |||||||||||||||||||||||||
Other invested assets | $ | 97,027 | $ | 22,621 | $ | 57,929 | $ | -100,599 | $ | 0 | $ | 76,978 | $ | 10,678 | ||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
U.S. states, territories | ||||||||||||||||||||||||||||||||
and municipalities | $ | 334 | $ | -5 | $ | 0 | $ | 0 | $ | 0 | $ | 329 | $ | -5 | ||||||||||||||||||
Other invested assets | 15,433 | 2,103 | 0 | 0 | 0 | 17,536 | 2,103 | |||||||||||||||||||||||||
Funds held – directly managed | $ | 15,767 | $ | 2,098 | $ | 0 | $ | 0 | $ | 0 | $ | 17,865 | $ | 2,098 | ||||||||||||||||||
Total | $ | 609,489 | $ | 40,801 | $ | 309,105 | $ | -183,650 | $ | -6,800 | $ | 768,945 | $ | 28,624 | ||||||||||||||||||
(1) Purchases and issuances of derivatives includes issuances of $5.7 million. | ||||||||||||||||||||||||||||||||
Fair Value Inputs Assets Quantitative Information [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Range | ||||||||||||||||||||||||||||||||
30-Sep-13 | Fair value | Valuation techniques | Unobservable inputs | (Weighted average) | ||||||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. states, territories and municipalities | $ | 289,135 | Discounted cash flow | Credit spreads | 2.8% - 10.1% (3.7%) | |||||||||||||||||||||||||||
Asset-backed securities – interest only | 25 | Discounted cash flow | Credit spreads | 6.0% - 11.2% (9.0%) | ||||||||||||||||||||||||||||
Prepayment speed | 20.0% (20.0%) | |||||||||||||||||||||||||||||||
Asset-backed securities – other | 453,728 | Discounted cash flow | Credit spreads | 4.0% - 12.2% (7.2%) | ||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Finance | 14,285 | Weighted market | Net income multiple | 14.6 (14.6) | ||||||||||||||||||||||||||||
comparables | Tangible book value multiple | 1.1 (1.1) | ||||||||||||||||||||||||||||||
Liquidity discount | 25.0% (25.0%) | |||||||||||||||||||||||||||||||
Comparable return | 10.0% (10.0%) | |||||||||||||||||||||||||||||||
Technology | 9,150 | Weighted market | Revenue multiple | 2.0 (2.0) | ||||||||||||||||||||||||||||
comparables | Adjusted earnings multiple | 12.9 (12.9) | ||||||||||||||||||||||||||||||
Liquidity discount | 25.0% (25.0%) | |||||||||||||||||||||||||||||||
Comparable return | 14.2% (14.2%) | |||||||||||||||||||||||||||||||
Communications | 2,143 | Weighted market | Adjusted earnings multiple | 10.2 (10.2) | ||||||||||||||||||||||||||||
comparables | Comparable return | 5% (5%) | ||||||||||||||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Total return swaps | -732 | Discounted cash flow | Credit spreads | 20.2% (20.2%) | ||||||||||||||||||||||||||||
Notes and loan receivables | 27,674 | Discounted cash flow | Credit spreads | 17.5% (17.5%) | ||||||||||||||||||||||||||||
Gross revenue/fair value | 1.2 - 1.6 (1.5) | |||||||||||||||||||||||||||||||
Notes securitization | 20,107 | Discounted cash flow | Credit spreads | 6.4% (6.4%) | ||||||||||||||||||||||||||||
Annuities and residuals | 26,939 | Discounted cash flow | Credit spreads | 4.6% - 9.0% (6.4%) | ||||||||||||||||||||||||||||
Prepayment speed | 0% - 15.0% (7.0%) | |||||||||||||||||||||||||||||||
Constant default rate | 0.3% - 35.0% (13.0%) | |||||||||||||||||||||||||||||||
Private equity | 15,259 | Liquidation analysis | Net assets, as reported | 100.0% (100.0%) | ||||||||||||||||||||||||||||
Recoverability of intangible assets | 0% (0%) | |||||||||||||||||||||||||||||||
Private equity fund | 6,619 | Lag reported market value | Net asset value, as reported | 100.0% (100.0%) | ||||||||||||||||||||||||||||
Market adjustments | 2.4% - 9.7% (4.6%) | |||||||||||||||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
Other invested assets | 15,566 | Lag reported market value | Net asset value, as reported | 100.0% (100.0%) | ||||||||||||||||||||||||||||
Market adjustments | -12.9% - 0% (-11.4%) | |||||||||||||||||||||||||||||||
Range | ||||||||||||||||||||||||||||||||
31-Dec-12 | Fair value | Valuation techniques | Unobservable inputs | (Weighted average) | ||||||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||||||||
U.S. states, territories and municipalities | $ | 233,235 | Discounted cash flow | Credit spreads | 2.8% - 4.5% (3.7%) | |||||||||||||||||||||||||||
Asset-backed securities – interest only | 12,625 | Discounted cash flow | Credit spreads | 6.8% - 11.7% (9.1%) | ||||||||||||||||||||||||||||
Prepayment speed | 20.0% (20.0%) | |||||||||||||||||||||||||||||||
Asset-backed securities – other | 310,509 | Discounted cash flow | Credit spreads | 4.0% - 12.2% (7.6%) | ||||||||||||||||||||||||||||
Equities | ||||||||||||||||||||||||||||||||
Finance | 13,477 | Weighted market | ||||||||||||||||||||||||||||||
comparables | Comparable return | 0.8% (0.8%) | ||||||||||||||||||||||||||||||
Technology | 6,987 | Weighted market | ||||||||||||||||||||||||||||||
comparables | Comparable return | -1.5% (-1.5%) | ||||||||||||||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Total return swaps | 6,084 | Discounted cash flow | Credit spreads | 2.6% - 4.6% (3.2%) | ||||||||||||||||||||||||||||
Notes and loan receivables | 24,902 | Discounted cash flow | Credit spreads | 17.5% (17.5%) | ||||||||||||||||||||||||||||
Gross revenue/fair value | 1.7 - 2.1 (1.8) | |||||||||||||||||||||||||||||||
Notes securitization | 10,000 | Discounted cash flow | Credit spreads | 6.5% (6.5%) | ||||||||||||||||||||||||||||
Annuities and residuals | 46,882 | Discounted cash flow | Credit spreads | 4.7% - 9.9% (7.2%) | ||||||||||||||||||||||||||||
Prepayment speed | 0% - 15.0% (7.6%) | |||||||||||||||||||||||||||||||
Constant default rate | 2.3% - 35.0% (13.2%) | |||||||||||||||||||||||||||||||
Private equity fund | 1,404 | Lag reported market value | Net asset value, as reported | 100.0% (100.0%) | ||||||||||||||||||||||||||||
Market adjustments | 7.3% (7.3%) | |||||||||||||||||||||||||||||||
Funds held – directly managed | ||||||||||||||||||||||||||||||||
Other invested assets | 17,976 | Lag reported market value | Net asset value, as reported | 100.0% (100.0%) | ||||||||||||||||||||||||||||
Market adjustments | -38.1% - 0% (-12.1%) | |||||||||||||||||||||||||||||||
Change in fair value of financial instruments subject to fair value option | ' | |||||||||||||||||||||||||||||||
For the three | For the three | For the nine | For the nine | |||||||||||||||||||||||||||||
months ended | months ended | months ended | months ended | |||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||||||||
Fixed maturities and short-term investments | $ | 10,259 | $ | 150,046 | $ | -457,168 | $ | 230,862 | ||||||||||||||||||||||||
Equities | -891 | 51,260 | -8,540 | 69,068 | ||||||||||||||||||||||||||||
Other invested assets | 3,021 | 1,574 | -4,047 | 19,734 | ||||||||||||||||||||||||||||
Funds held – directly managed | -907 | 9,425 | -22,322 | 18,216 | ||||||||||||||||||||||||||||
Total | $ | 11,482 | $ | 212,305 | $ | -492,077 | $ | 337,880 | ||||||||||||||||||||||||
Carrying values and fair values of financial instrument liabilities | ' | |||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||
Debt related to senior notes (1) | $ | 750,000 | $ | 852,507 | $ | 750,000 | $ | 859,367 | ||||||||||||||||||||||||
Debt related to capital efficient notes (2) | 63,384 | 61,853 | 63,384 | 66,990 | ||||||||||||||||||||||||||||
(1) PartnerRe Finance A LLC and PartnerRe Finance B LLC, the issuers of the Senior Notes, do not meet consolidation requirements under U.S. GAAP. Accordingly, the Company shows the related intercompany debt of $750 million in its Condensed Consolidated Balance Sheets at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||
(2) PartnerRe Finance II Inc., the issuer of the CENts, does not meet consolidation requirements under U.S. GAAP. Accordingly, the Company shows the related intercompany debt of $71 million in its Condensed Consolidated Balance Sheets at September 30, 2013 and December 31, 2012. |
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Disclosure - Derivatives [Abstract] | ' | |||||||||||||||||||||
Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value Text Block | ' | |||||||||||||||||||||
Asset | Liability | Net derivatives | ||||||||||||||||||||
derivatives | derivatives | Net notional | ||||||||||||||||||||
30-Sep-13 | at fair value | at fair value | exposure | Fair value | ||||||||||||||||||
Foreign exchange forward contracts | $ | 4,188 | $ | -5,470 | $ | 2,069,416 | $ | -1,282 | ||||||||||||||
Foreign currency option contracts | 0 | -821 | 93,438 | -821 | ||||||||||||||||||
Futures contracts | 0 | -61,909 | 4,527,222 | -61,909 | ||||||||||||||||||
Credit default swaps (protection purchased) | 0 | -231 | 34,000 | -231 | ||||||||||||||||||
Credit default swaps (assumed risks) | 49 | 0 | 5,000 | 49 | ||||||||||||||||||
Insurance-linked securities (1) | 175 | -390 | 140,744 | -215 | ||||||||||||||||||
Total return swaps | 0 | -732 | 7,657 | -732 | ||||||||||||||||||
Interest rate swaps (2) | 150 | -4,614 | 60,080 | -4,464 | ||||||||||||||||||
TBAs | 7,256 | 0 | 192,040 | 7,256 | ||||||||||||||||||
Total derivatives | $ | 11,818 | $ | -74,167 | $ | -62,349 | ||||||||||||||||
Asset | Liability | Net derivatives | ||||||||||||||||||||
derivatives | derivatives | Net notional | ||||||||||||||||||||
31-Dec-12 | at fair value | at fair value | exposure | Fair value | ||||||||||||||||||
Foreign exchange forward contracts | $ | 7,889 | $ | -17,395 | $ | 2,170,914 | $ | -9,506 | ||||||||||||||
Foreign currency option contracts | 1,410 | -186 | 133,377 | 1,224 | ||||||||||||||||||
Futures contracts | 1,956 | -1,352 | 3,981,107 | 604 | ||||||||||||||||||
Credit default swaps (protection purchased) | 6 | -807 | 55,000 | -801 | ||||||||||||||||||
Credit default swaps (assumed risks) | 512 | 0 | 17,500 | 512 | ||||||||||||||||||
Insurance-linked securities (1) | 0 | -2,173 | 135,964 | -2,173 | ||||||||||||||||||
Total return swaps | 6,630 | -546 | 68,730 | 6,084 | ||||||||||||||||||
Interest rate swaps (2) | 0 | -7,880 | 0 | -7,880 | ||||||||||||||||||
TBAs | 115 | -163 | 155,760 | -48 | ||||||||||||||||||
Total derivatives | $ | 18,518 | $ | -30,502 | $ | -11,984 | ||||||||||||||||
_______________ | ||||||||||||||||||||||
(1) At September 30, 2013 and December 31, 2012, insurance-linked securities include a longevity swap for which the notional amount is not reflective of the overall potential exposure of the swap. As such, the Company has included the probable maximum loss under the swap within the net notional exposure as an approximation of the notional amount. | ||||||||||||||||||||||
(2) The Company enters into interest rate swaps to mitigate notional exposures on certain total return swaps and certain fixed maturities. Accordingly, the notional value of interest rate swaps on certain total return swaps is not presented separately in the table. | ||||||||||||||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | |||||||||||||||||||||
For the three | For the three | For the nine | For the nine | |||||||||||||||||||
months ended | months ended | months ended | months ended | |||||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||||||||||||
Foreign exchange forward contracts | $ | 17 | $ | 21,976 | $ | -36,457 | $ | 41,686 | ||||||||||||||
Foreign currency option contracts | -799 | 1,061 | -4,639 | 2,559 | ||||||||||||||||||
Total included in net foreign exchange gains and losses | $ | -782 | $ | 23,037 | $ | -41,096 | $ | 44,245 | ||||||||||||||
Futures contracts | $ | -30,233 | $ | -14,979 | $ | 55,143 | $ | -34,758 | ||||||||||||||
Credit default swaps (protection purchased) | -6 | -250 | -126 | -861 | ||||||||||||||||||
Credit default swaps (assumed risks) | 7 | 398 | 122 | 1,709 | ||||||||||||||||||
Insurance-linked securities | -110 | 3,934 | -660 | 5,160 | ||||||||||||||||||
Total return swaps | -1,762 | -773 | -5,421 | -1,242 | ||||||||||||||||||
Interest rate swaps | 240 | -200 | 3,416 | -402 | ||||||||||||||||||
TBAs | 3,858 | 2,568 | -5,839 | 7,446 | ||||||||||||||||||
Total included in net realized and unrealized | ||||||||||||||||||||||
investment gains and losses | $ | -28,006 | $ | -9,302 | $ | 46,635 | $ | -22,948 | ||||||||||||||
Total derivatives | $ | -28,788 | $ | 13,735 | $ | 5,539 | $ | 21,297 | ||||||||||||||
Offsetting Disclosures | ' | |||||||||||||||||||||
Gross | Net amounts of | Gross amounts not offset | ||||||||||||||||||||
Gross | amounts | assets/ liabilities | in the balance sheet | |||||||||||||||||||
amounts | offset in the | presented in the | Financial | Cash collateral | ||||||||||||||||||
30-Sep-13 | recognized (1) | balance sheet | balance sheet | instruments | received/pledged | Net amount | ||||||||||||||||
Total derivative assets | $ | 11,818 | $ | 0 | $ | 11,818 | $ | 1,739 | $ | 0 | $ | 13,557 | ||||||||||
Total derivative liabilities | $ | -74,167 | $ | 0 | $ | -74,167 | $ | -1,739 | $ | 4,260 | $ | -71,646 | ||||||||||
31-Dec-12 | ||||||||||||||||||||||
Total derivative assets | $ | 18,518 | $ | 0 | $ | 18,518 | $ | -12,051 | $ | 0 | $ | 6,467 | ||||||||||
Total derivative liabilities | $ | -30,502 | $ | 0 | $ | -30,502 | $ | 12,051 | $ | 0 | $ | -18,451 | ||||||||||
_______________ | ||||||||||||||||||||||
(1) Amounts include all derivative instruments, irrespective of whether there is a legally enforceable master netting arrangement in place. |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Disclosure - Shareholders Equity [Abstract] | ' | ||||
Preferred Stock [Table Text Block] | ' | ||||
Series F | |||||
Date of issuance | Feb-13 | ||||
Number of preferred shares issued | 10 | ||||
Annual dividend rate | 5.875 | % | |||
Total consideration | $ | 242.3 | |||
Underwriting discounts and commissions | $ | 7.7 | |||
Aggregate liquidation value | $ | 250 |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Disclosure - Net Income Per Share [Abstract] | ' | ||||||||||||||||||||||
Net Income Per Share Table [Text Block] | ' | ||||||||||||||||||||||
For the three | For the three | For the nine | For the nine | ||||||||||||||||||||
months ended | months ended | months ended | months ended | ||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to PartnerRe Ltd. | $ | 333,423 | $ | 486,706 | $ | 392,221 | $ | 1,022,994 | |||||||||||||||
Less: preferred dividends | -14,184 | -15,405 | -43,678 | -46,216 | |||||||||||||||||||
Less: loss on redemption of preferred shares | 0 | 0 | -9,135 | 0 | |||||||||||||||||||
Net income attributable to PartnerRe Ltd. common shareholders | $ | 319,239 | $ | 471,301 | $ | 339,408 | $ | 976,778 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted number of common shares outstanding - basic | 53,671,245 | 61,837,328 | 56,176,260 | 63,679,114 | |||||||||||||||||||
Share options and other (1) | 953,906 | 769,433 | 1,041,301 | 605,011 | |||||||||||||||||||
Weighted average number of common shares and common | |||||||||||||||||||||||
share equivalents outstanding - diluted | 54,625,151 | 62,606,761 | 57,217,561 | 64,284,125 | |||||||||||||||||||
Basic net income per share | $ | 5.95 | $ | 7.62 | $ | 6.04 | $ | 15.34 | |||||||||||||||
Diluted net income per share(1) | $ | 5.84 | $ | 7.53 | $ | 5.93 | $ | 15.19 | |||||||||||||||
_______________ | |||||||||||||||||||||||
(1) At September 30, 2013 and 2012, share based awards to purchase 140.5 thousand and 1,233.3 thousand common shares, respectively, were excluded from the calculation of diluted weighted average number of common shares and common share equivalents outstanding because their exercise prices were greater than the average market price of the common shares. |
Noncontrolling_interests_Table
Noncontrolling interests (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Redeemable Noncontrolling Interest Equity Carrying Amount [Abstract] | ' | |||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | |||||
Total | ||||||
2013 | ||||||
Balance at January 1 | $ | 0 | ||||
Net income attributable to noncontrolling interests | 5,296 | |||||
Sale of shares to noncontrolling interests | 47,193 | |||||
Balance at September 30 | $ | 52,489 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Segment reporting table | ' | ||||||||||||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||
Global | Total | Life | |||||||||||||||||||||||||||||||||
North | (Non-U.S.) | Global | Non-life | and Health | Corporate | ||||||||||||||||||||||||||||||
America | P&C | Specialty | Catastrophe | segment | segment | and Other | Total | ||||||||||||||||||||||||||||
Gross premiums written | $ | 409 | $ | 157 | $ | 396 | $ | 79 | $ | 1,041 | $ | 235 | $ | 5 | $ | 1,281 | |||||||||||||||||||
Net premiums written | $ | 408 | $ | 157 | $ | 389 | $ | 72 | $ | 1,026 | $ | 234 | $ | 5 | $ | 1,265 | |||||||||||||||||||
Decrease (increase) in unearned premiums | 17 | 38 | -7 | 99 | 147 | 9 | 0 | 156 | |||||||||||||||||||||||||||
Net premiums earned | $ | 425 | $ | 195 | $ | 382 | $ | 171 | $ | 1,173 | $ | 243 | $ | 5 | $ | 1,421 | |||||||||||||||||||
Losses and loss expenses and | |||||||||||||||||||||||||||||||||||
life policy benefits | -197 | -90 | -228 | -42 | -557 | -195 | 1 | -751 | |||||||||||||||||||||||||||
Acquisition costs | -101 | -50 | -92 | -16 | -259 | -24 | 0 | -283 | |||||||||||||||||||||||||||
Technical result | $ | 127 | $ | 55 | $ | 62 | $ | 113 | $ | 357 | $ | 24 | $ | 6 | $ | 387 | |||||||||||||||||||
Other income | 2 | 3 | 0 | 5 | |||||||||||||||||||||||||||||||
Other operating expenses | -62 | -17 | -29 | -108 | |||||||||||||||||||||||||||||||
Underwriting result | $ | 297 | $ | 10 | n/a | $ | 284 | ||||||||||||||||||||||||||||
Net investment income | 15 | 107 | 122 | ||||||||||||||||||||||||||||||||
Allocated underwriting result | (1) | $ | 25 | n/a | n/a | ||||||||||||||||||||||||||||||
Net realized and unrealized investment gains | 16 | 16 | |||||||||||||||||||||||||||||||||
Interest expense | -12 | -12 | |||||||||||||||||||||||||||||||||
Amortization of intangible assets | -7 | -7 | |||||||||||||||||||||||||||||||||
Net foreign exchange losses | -1 | -1 | |||||||||||||||||||||||||||||||||
Income tax expense | -70 | -70 | |||||||||||||||||||||||||||||||||
Interest in earnings of equity investments | 6 | 6 | |||||||||||||||||||||||||||||||||
Net income | n/a | $ | 338 | ||||||||||||||||||||||||||||||||
Loss ratio (2) | 46.3 | % | 46 | % | 59.8 | % | 24.5 | % | 47.5 | % | |||||||||||||||||||||||||
Acquisition ratio (3) | 23.9 | 25.7 | 24 | 9 | 22.1 | ||||||||||||||||||||||||||||||
Technical ratio (4) | 70.2 | % | 71.7 | % | 83.8 | % | 33.5 | % | 69.6 | % | |||||||||||||||||||||||||
Other operating expense ratio (5) | 5.3 | ||||||||||||||||||||||||||||||||||
Combined ratio (6) | 74.9 | % | |||||||||||||||||||||||||||||||||
_______________ | |||||||||||||||||||||||||||||||||||
(1) Allocated underwriting result is defined as net premiums earned, other income or loss and allocated net investment income less life policy benefits, acquisition costs and other operating expenses. | |||||||||||||||||||||||||||||||||||
(2) Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. | |||||||||||||||||||||||||||||||||||
(3) Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. | |||||||||||||||||||||||||||||||||||
(4) Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. | |||||||||||||||||||||||||||||||||||
(5) Other operating expense ratio is obtained by dividing other operating expenses by net premiums earned. | |||||||||||||||||||||||||||||||||||
(6) Combined ratio is defined as the sum of the technical ratio and the other operating expense ratio. | |||||||||||||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||
Global | Total | Life | |||||||||||||||||||||||||||||||||
North | (Non-U.S.) | Global | Non-life | and Health | Corporate | ||||||||||||||||||||||||||||||
America | P&C | Specialty | Catastrophe | segment | segment | and Other | Total | ||||||||||||||||||||||||||||
Gross premiums written | $ | 311 | $ | 123 | $ | 360 | $ | 75 | $ | 869 | $ | 187 | $ | 0 | $ | 1,056 | |||||||||||||||||||
Net premiums written | $ | 311 | $ | 122 | $ | 354 | $ | 69 | $ | 856 | $ | 187 | $ | 0 | $ | 1,043 | |||||||||||||||||||
Decrease in unearned premiums | 24 | 50 | 9 | 99 | 182 | 8 | 4 | 194 | |||||||||||||||||||||||||||
Net premiums earned | $ | 335 | $ | 172 | $ | 363 | $ | 168 | $ | 1,038 | $ | 195 | $ | 4 | $ | 1,237 | |||||||||||||||||||
Losses and loss expenses and | |||||||||||||||||||||||||||||||||||
life policy benefits | -251 | -110 | -161 | -39 | -561 | -157 | -3 | -721 | |||||||||||||||||||||||||||
Acquisition costs | -83 | -42 | -79 | -15 | -219 | -27 | -1 | -247 | |||||||||||||||||||||||||||
Technical result | $ | 1 | $ | 20 | $ | 123 | $ | 114 | $ | 258 | $ | 11 | $ | 0 | $ | 269 | |||||||||||||||||||
Other income | 1 | 1 | 1 | 3 | |||||||||||||||||||||||||||||||
Other operating expenses | -58 | -12 | -25 | -95 | |||||||||||||||||||||||||||||||
Underwriting result | $ | 201 | $ | 0 | n/a | $ | 177 | ||||||||||||||||||||||||||||
Net investment income | 15 | 120 | 135 | ||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 15 | n/a | n/a | |||||||||||||||||||||||||||||||
Net realized and unrealized investment gains | 257 | 257 | |||||||||||||||||||||||||||||||||
Interest expense | -12 | -12 | |||||||||||||||||||||||||||||||||
Amortization of intangible assets | -9 | -9 | |||||||||||||||||||||||||||||||||
Net foreign exchange losses | -2 | -2 | |||||||||||||||||||||||||||||||||
Income tax expense | -64 | -64 | |||||||||||||||||||||||||||||||||
Interest in earnings of equity investments | 5 | 5 | |||||||||||||||||||||||||||||||||
Net income | n/a | $ | 487 | ||||||||||||||||||||||||||||||||
Loss ratio | 74.9 | % | 63.9 | % | 44.4 | % | 23.3 | % | 54.1 | % | |||||||||||||||||||||||||
Acquisition ratio | 24.8 | 24.9 | 21.7 | 8.8 | 21.1 | ||||||||||||||||||||||||||||||
Technical ratio | 99.7 | % | 88.8 | % | 66.1 | % | 32.1 | % | 75.2 | % | |||||||||||||||||||||||||
Other operating expense ratio | 5.5 | ||||||||||||||||||||||||||||||||||
Combined ratio | 80.7 | % | |||||||||||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||
Global | Total | Life | |||||||||||||||||||||||||||||||||
North | (Non-U.S.) | Global | Non-life | and Health | Corporate | ||||||||||||||||||||||||||||||
America | P&C | Specialty | Catastrophe | segment | segment | and Other | Total | ||||||||||||||||||||||||||||
Gross premiums written | $ | 1,228 | $ | 690 | $ | 1,253 | $ | 478 | $ | 3,649 | $ | 722 | $ | 8 | $ | 4,379 | |||||||||||||||||||
Net premiums written | $ | 1,215 | $ | 682 | $ | 1,159 | $ | 433 | $ | 3,489 | $ | 715 | $ | 7 | $ | 4,211 | |||||||||||||||||||
Increase in unearned premiums | -99 | -152 | -68 | -97 | -416 | -17 | -1 | -434 | |||||||||||||||||||||||||||
Net premiums earned | $ | 1,116 | $ | 530 | $ | 1,091 | $ | 336 | $ | 3,073 | $ | 698 | $ | 6 | $ | 3,777 | |||||||||||||||||||
Losses and loss expenses and | |||||||||||||||||||||||||||||||||||
life policy benefits | -682 | -263 | -697 | -81 | -1,723 | -558 | 2 | -2,279 | |||||||||||||||||||||||||||
Acquisition costs | -253 | -134 | -257 | -33 | -677 | -82 | 0 | -759 | |||||||||||||||||||||||||||
Technical result | $ | 181 | $ | 133 | $ | 137 | $ | 222 | $ | 673 | $ | 58 | $ | 8 | $ | 739 | |||||||||||||||||||
Other income | 3 | 9 | 1 | 13 | |||||||||||||||||||||||||||||||
Other operating expenses | -189 | -52 | -128 | -369 | |||||||||||||||||||||||||||||||
Underwriting result | $ | 487 | $ | 15 | n/a | $ | 383 | ||||||||||||||||||||||||||||
Net investment income | 45 | 325 | 370 | ||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 60 | n/a | n/a | |||||||||||||||||||||||||||||||
Net realized and unrealized investment losses | -260 | -260 | |||||||||||||||||||||||||||||||||
Interest expense | -37 | -37 | |||||||||||||||||||||||||||||||||
Amortization of intangible assets | -21 | -21 | |||||||||||||||||||||||||||||||||
Net foreign exchange losses | -10 | -10 | |||||||||||||||||||||||||||||||||
Income tax expense | -37 | -37 | |||||||||||||||||||||||||||||||||
Interest in earnings of equity investments | 10 | 10 | |||||||||||||||||||||||||||||||||
Net income | n/a | $ | 398 | ||||||||||||||||||||||||||||||||
Loss ratio | 61.1 | % | 49.7 | % | 63.9 | % | 24.2 | % | 56.1 | % | |||||||||||||||||||||||||
Acquisition ratio | 22.7 | 25.2 | 23.6 | 9.7 | 22 | ||||||||||||||||||||||||||||||
Technical ratio | 83.8 | % | 74.9 | % | 87.5 | % | 33.9 | % | 78.1 | % | |||||||||||||||||||||||||
Other operating expense ratio | 6.1 | ||||||||||||||||||||||||||||||||||
Combined ratio | 84.2 | % | |||||||||||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||
Global | Total | Life | |||||||||||||||||||||||||||||||||
North | (Non-U.S.) | Global | Non-life | and Health | Corporate | ||||||||||||||||||||||||||||||
America | P&C | Specialty | Catastrophe | segment | segment | and Other | Total | ||||||||||||||||||||||||||||
Gross premiums written | $ | 924 | $ | 600 | $ | 1,178 | $ | 475 | $ | 3,177 | $ | 604 | $ | 6 | $ | 3,787 | |||||||||||||||||||
Net premiums written | $ | 922 | $ | 596 | $ | 1,098 | $ | 429 | $ | 3,045 | $ | 601 | $ | 6 | $ | 3,652 | |||||||||||||||||||
Increase in unearned premiums | -59 | -100 | -64 | -98 | -321 | -12 | -1 | -334 | |||||||||||||||||||||||||||
Net premiums earned | $ | 863 | $ | 496 | $ | 1,034 | $ | 331 | $ | 2,724 | $ | 589 | $ | 5 | $ | 3,318 | |||||||||||||||||||
Losses and loss expenses and | |||||||||||||||||||||||||||||||||||
life policy benefits | -568 | -327 | -569 | -58 | -1,522 | -479 | -3 | -2,004 | |||||||||||||||||||||||||||
Acquisition costs | -218 | -120 | -241 | -30 | -609 | -82 | 0 | -691 | |||||||||||||||||||||||||||
Technical result | $ | 77 | $ | 49 | $ | 224 | $ | 243 | $ | 593 | $ | 28 | $ | 2 | $ | 623 | |||||||||||||||||||
Other income | 2 | 3 | 3 | 8 | |||||||||||||||||||||||||||||||
Other operating expenses | -187 | -38 | -74 | -299 | |||||||||||||||||||||||||||||||
Underwriting result | $ | 408 | $ | -7 | n/a | $ | 332 | ||||||||||||||||||||||||||||
Net investment income | 49 | 387 | 436 | ||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 42 | n/a | n/a | |||||||||||||||||||||||||||||||
Net realized and unrealized investment gains | 488 | 488 | |||||||||||||||||||||||||||||||||
Interest expense | -37 | -37 | |||||||||||||||||||||||||||||||||
Amortization of intangible assets | -27 | -27 | |||||||||||||||||||||||||||||||||
Net foreign exchange gains | 3 | 3 | |||||||||||||||||||||||||||||||||
Income tax expense | -181 | -181 | |||||||||||||||||||||||||||||||||
Interest in earnings of equity investments | 9 | 9 | |||||||||||||||||||||||||||||||||
Net income | n/a | $ | 1,023 | ||||||||||||||||||||||||||||||||
Loss ratio | 65.9 | % | 65.9 | % | 55.1 | % | 17.4 | % | 55.9 | % | |||||||||||||||||||||||||
Acquisition ratio | 25.2 | 24.3 | 23.3 | 9.1 | 22.3 | ||||||||||||||||||||||||||||||
Technical ratio | 91.1 | % | 90.2 | % | 78.4 | % | 26.5 | % | 78.2 | % | |||||||||||||||||||||||||
Other operating expense ratio | 6.9 | ||||||||||||||||||||||||||||||||||
Combined ratio | 85.1 | % |
Fair_Value_Details
Fair Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | $13,680,838 | $14,395,315 |
Short-term investments, trading securities, at fair value | 36,781 | 150,552 |
Equities, trading securities | 1,122,084 | 1,094,002 |
Other invested assets | 34,249 | 71,204 |
Funds held - directly managed | 637,830 | 833,247 |
Total | 15,511,782 | 16,544,320 |
[ShortTermInvestmentsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Funds held - directly managed | 2,389 | ' |
[DerivativeFinancialInstrumentsAssetsMember] | [ForeignExchangeForwardMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 4,188 | 7,889 |
[DerivativeFinancialInstrumentsAssetsMember] | [ForeignExchangeOptionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 1,410 |
[DerivativeFinancialInstrumentsAssetsMember] | [FutureMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 1,956 |
[DerivativeFinancialInstrumentsAssetsMember] | [CreditDefaultSwapBuyingProtectionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 6 |
[DerivativeFinancialInstrumentsAssetsMember] | [CreditDefaultSwapSellingProtectionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 49 | 512 |
[DerivativeFinancialInstrumentsAssetsMember] | [InsuranceLinkedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 175 | ' |
[DerivativeFinancialInstrumentsAssetsMember] | [TotalReturnSwapMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 6,630 |
[DerivativeFinancialInstrumentsAssetsMember] | [InterestRateSwapMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 150 | ' |
[DerivativeFinancialInstrumentsAssetsMember] | [ToBeAnnouncedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 7,256 | 115 |
[DerivativeFinancialInstrumentsLiabilitiesMember] | [ForeignExchangeForwardMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | -5,470 | -17,395 |
[DerivativeFinancialInstrumentsLiabilitiesMember] | [ForeignExchangeOptionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | -821 | -186 |
[DerivativeFinancialInstrumentsLiabilitiesMember] | [FutureMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | -61,909 | -1,352 |
[DerivativeFinancialInstrumentsLiabilitiesMember] | [CreditDefaultSwapBuyingProtectionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | -231 | -807 |
[DerivativeFinancialInstrumentsLiabilitiesMember] | [InsuranceLinkedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | -390 | -2,173 |
[DerivativeFinancialInstrumentsLiabilitiesMember] | [TotalReturnSwapMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | -732 | -546 |
[DerivativeFinancialInstrumentsLiabilitiesMember] | [InterestRateSwapMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | -4,614 | -7,880 |
[DerivativeFinancialInstrumentsLiabilitiesMember] | [ToBeAnnouncedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | -163 |
[OtherInvestedAssetsNotesAndLoanReceivablesAndNotesSecuritizationMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 47,781 | 34,902 |
[OtherInvestedAssetsAnnuitiesAndResidualsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 26,939 | 46,882 |
[PrivateEquitiesTotalMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 21,878 | 1,404 |
[OtherInvestedAssetsFundsHeldDirectlyManagedMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Funds held - directly managed | 15,566 | 17,976 |
[RealEstateInvestmentMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 168,985 | 66,846 |
[EnergyMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 156,254 | 118,213 |
[FinanceMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 129,367 | 100,405 |
[ConsumerNoncyclicalMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 119,194 | 130,526 |
[CommunicationsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 66,169 | 65,722 |
[TechnologyMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 60,685 | 78,914 |
[IndustrialsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 45,181 | 59,242 |
[ConsumerCyclicalMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 44,566 | 62,526 |
[PublicUtilityEquitiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 38,481 | ' |
[InsuranceMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 36,481 | 39,132 |
[OtherEquitiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 20,559 | 60,913 |
[MutualFundsAndExchangeTradedFundsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 236,162 | 311,563 |
[USTreasuryAndGovernmentMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 1,495,749 | 1,130,924 |
Funds held - directly managed | 167,808 | 218,696 |
[USStatesAndPoliticalSubdivisionsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 305,794 | 243,386 |
Funds held - directly managed | 298 | 345 |
[NonUsSovereignGovernmentSupranationalAndGovernmentRelatedMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 2,343,751 | 2,375,673 |
Funds held - directly managed | 192,823 | 233,987 |
[CorporateDebtSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 6,041,986 | 6,655,838 |
Funds held - directly managed | 258,946 | 362,243 |
[AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 1,157,927 | 723,470 |
[ResidentialMortgageBackedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 2,293,874 | 3,199,924 |
[CommercialMortgageBackedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 41,757 | 66,100 |
[FairValueInputsLevel1Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 0 | 0 |
Short-term investments, trading securities, at fair value | 0 | 0 |
Equities, trading securities | 898,413 | 788,556 |
Other invested assets | -61,909 | 604 |
Funds held - directly managed | 0 | 0 |
Total | 836,504 | 789,160 |
[FairValueInputsLevel1Member] | [ShortTermInvestmentsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Funds held - directly managed | 0 | ' |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsAssetsMember] | [ForeignExchangeForwardMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsAssetsMember] | [ForeignExchangeOptionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 0 |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsAssetsMember] | [FutureMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 1,956 |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsAssetsMember] | [CreditDefaultSwapBuyingProtectionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 0 |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsAssetsMember] | [CreditDefaultSwapSellingProtectionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsAssetsMember] | [InsuranceLinkedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | ' |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsAssetsMember] | [TotalReturnSwapMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 0 |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsAssetsMember] | [InterestRateSwapMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | ' |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsAssetsMember] | [ToBeAnnouncedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [ForeignExchangeForwardMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [ForeignExchangeOptionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [FutureMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | -61,909 | -1,352 |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [CreditDefaultSwapBuyingProtectionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [InsuranceLinkedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [InterestRateSwapMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel1Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [ToBeAnnouncedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 0 |
[FairValueInputsLevel1Member] | [OtherInvestedAssetsNotesAndLoanReceivablesAndNotesSecuritizationMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel1Member] | [OtherInvestedAssetsAnnuitiesAndResidualsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel1Member] | [PrivateEquitiesTotalMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel1Member] | [OtherInvestedAssetsFundsHeldDirectlyManagedMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Funds held - directly managed | 0 | 0 |
[FairValueInputsLevel1Member] | [RealEstateInvestmentMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 168,985 | 66,846 |
[FairValueInputsLevel1Member] | [EnergyMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 156,254 | 118,213 |
[FairValueInputsLevel1Member] | [FinanceMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 105,025 | 79,456 |
[FairValueInputsLevel1Member] | [ConsumerNoncyclicalMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 119,194 | 130,526 |
[FairValueInputsLevel1Member] | [CommunicationsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 64,026 | 65,722 |
[FairValueInputsLevel1Member] | [TechnologyMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 51,535 | 71,927 |
[FairValueInputsLevel1Member] | [IndustrialsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 45,181 | 59,242 |
[FairValueInputsLevel1Member] | [ConsumerCyclicalMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 44,566 | 62,526 |
[FairValueInputsLevel1Member] | [PublicUtilityEquitiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 38,481 | ' |
[FairValueInputsLevel1Member] | [InsuranceMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 36,481 | 39,132 |
[FairValueInputsLevel1Member] | [OtherEquitiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 20,559 | 60,913 |
[FairValueInputsLevel1Member] | [MutualFundsAndExchangeTradedFundsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 48,126 | 34,053 |
[FairValueInputsLevel1Member] | [USTreasuryAndGovernmentMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 0 | 0 |
Funds held - directly managed | 0 | 0 |
[FairValueInputsLevel1Member] | [USStatesAndPoliticalSubdivisionsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 0 | 0 |
Funds held - directly managed | 0 | 0 |
[FairValueInputsLevel1Member] | [NonUsSovereignGovernmentSupranationalAndGovernmentRelatedMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 0 | 0 |
Funds held - directly managed | 0 | 0 |
[FairValueInputsLevel1Member] | [CorporateDebtSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 0 | 0 |
Funds held - directly managed | 0 | 0 |
[FairValueInputsLevel1Member] | [AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 0 | 0 |
[FairValueInputsLevel1Member] | [ResidentialMortgageBackedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 0 | 0 |
[FairValueInputsLevel1Member] | [CommercialMortgageBackedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 0 | 0 |
[FairValueInputsLevel2Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 12,838,323 | 13,738,042 |
Short-term investments, trading securities, at fair value | 36,781 | 150,552 |
Equities, trading securities | 190,419 | 277,718 |
Other invested assets | 507 | -16,499 |
Funds held - directly managed | 621,966 | 814,926 |
Total | 13,687,996 | 14,964,739 |
[FairValueInputsLevel2Member] | [ShortTermInvestmentsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Funds held - directly managed | 2,389 | ' |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 4,188 | 7,889 |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsAssetsMember] | [ForeignExchangeOptionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 1,410 |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsAssetsMember] | [FutureMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 0 |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsAssetsMember] | [CreditDefaultSwapBuyingProtectionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 6 |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsAssetsMember] | [CreditDefaultSwapSellingProtectionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 49 | 512 |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsAssetsMember] | [InsuranceLinkedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | ' |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsAssetsMember] | [TotalReturnSwapMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 0 |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsAssetsMember] | [InterestRateSwapMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 150 | ' |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsAssetsMember] | [ToBeAnnouncedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 7,256 | 115 |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [ForeignExchangeForwardMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | -5,470 | -17,395 |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [ForeignExchangeOptionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | -821 | -186 |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [FutureMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [CreditDefaultSwapBuyingProtectionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | -231 | -807 |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [InsuranceLinkedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [TotalReturnSwapMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [InterestRateSwapMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | -4,614 | -7,880 |
[FairValueInputsLevel2Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [ToBeAnnouncedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | -163 |
[FairValueInputsLevel2Member] | [OtherInvestedAssetsNotesAndLoanReceivablesAndNotesSecuritizationMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel2Member] | [OtherInvestedAssetsAnnuitiesAndResidualsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel2Member] | [PrivateEquitiesTotalMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel2Member] | [OtherInvestedAssetsFundsHeldDirectlyManagedMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Funds held - directly managed | 0 | 0 |
[FairValueInputsLevel2Member] | [RealEstateInvestmentMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel2Member] | [EnergyMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel2Member] | [FinanceMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 10,057 | 7,472 |
[FairValueInputsLevel2Member] | [ConsumerNoncyclicalMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel2Member] | [CommunicationsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel2Member] | [TechnologyMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel2Member] | [IndustrialsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel2Member] | [ConsumerCyclicalMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel2Member] | [PublicUtilityEquitiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | ' |
[FairValueInputsLevel2Member] | [InsuranceMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel2Member] | [OtherEquitiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel2Member] | [MutualFundsAndExchangeTradedFundsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 180,362 | 270,246 |
[FairValueInputsLevel2Member] | [USTreasuryAndGovernmentMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 1,495,749 | 1,130,924 |
Funds held - directly managed | 167,808 | 218,696 |
[FairValueInputsLevel2Member] | [USStatesAndPoliticalSubdivisionsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 16,659 | 10,151 |
Funds held - directly managed | 0 | 0 |
[FairValueInputsLevel2Member] | [NonUsSovereignGovernmentSupranationalAndGovernmentRelatedMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 2,343,751 | 2,375,673 |
Funds held - directly managed | 192,823 | 233,987 |
[FairValueInputsLevel2Member] | [CorporateDebtSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 5,942,359 | 6,554,934 |
Funds held - directly managed | 258,946 | 362,243 |
[FairValueInputsLevel2Member] | [AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 704,174 | 400,336 |
[FairValueInputsLevel2Member] | [ResidentialMortgageBackedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 2,293,874 | 3,199,924 |
[FairValueInputsLevel2Member] | [CommercialMortgageBackedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 41,757 | 66,100 |
[FairValueInputsLevel3Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 842,515 | 657,273 |
Short-term investments, trading securities, at fair value | 0 | 0 |
Equities, trading securities | 33,252 | 27,728 |
Other invested assets | 95,651 | 87,099 |
Funds held - directly managed | 15,864 | 18,321 |
Total | 987,282 | 790,421 |
[FairValueInputsLevel3Member] | [ShortTermInvestmentsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Funds held - directly managed | 0 | ' |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsAssetsMember] | [ForeignExchangeForwardMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsAssetsMember] | [ForeignExchangeOptionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 0 |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsAssetsMember] | [FutureMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 0 |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsAssetsMember] | [CreditDefaultSwapBuyingProtectionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 0 |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsAssetsMember] | [CreditDefaultSwapSellingProtectionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsAssetsMember] | [InsuranceLinkedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 175 | ' |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsAssetsMember] | [TotalReturnSwapMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 6,630 |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsAssetsMember] | [InterestRateSwapMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | ' |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsAssetsMember] | [ToBeAnnouncedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [ForeignExchangeForwardMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [ForeignExchangeOptionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [FutureMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [CreditDefaultSwapBuyingProtectionMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [InsuranceLinkedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | -390 | -2,173 |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [TotalReturnSwapMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | -732 | -546 |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [InterestRateSwapMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 0 | 0 |
[FairValueInputsLevel3Member] | [DerivativeFinancialInstrumentsLiabilitiesMember] | [ToBeAnnouncedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | ' | 0 |
[FairValueInputsLevel3Member] | [OtherInvestedAssetsNotesAndLoanReceivablesAndNotesSecuritizationMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 47,781 | 34,902 |
[FairValueInputsLevel3Member] | [OtherInvestedAssetsAnnuitiesAndResidualsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 26,939 | 46,882 |
[FairValueInputsLevel3Member] | [PrivateEquitiesTotalMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other invested assets | 21,878 | 1,404 |
[FairValueInputsLevel3Member] | [OtherInvestedAssetsFundsHeldDirectlyManagedMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Funds held - directly managed | 15,566 | 17,976 |
[FairValueInputsLevel3Member] | [RealEstateInvestmentMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel3Member] | [EnergyMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel3Member] | [FinanceMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 14,285 | 13,477 |
[FairValueInputsLevel3Member] | [ConsumerNoncyclicalMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel3Member] | [CommunicationsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 2,143 | 0 |
[FairValueInputsLevel3Member] | [TechnologyMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 9,150 | 6,987 |
[FairValueInputsLevel3Member] | [IndustrialsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel3Member] | [ConsumerCyclicalMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel3Member] | [PublicUtilityEquitiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | ' |
[FairValueInputsLevel3Member] | [InsuranceMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel3Member] | [OtherEquitiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 0 | 0 |
[FairValueInputsLevel3Member] | [MutualFundsAndExchangeTradedFundsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities, trading securities | 7,674 | 7,264 |
[FairValueInputsLevel3Member] | [USTreasuryAndGovernmentMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 0 | 0 |
Funds held - directly managed | 0 | 0 |
[FairValueInputsLevel3Member] | [USStatesAndPoliticalSubdivisionsMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 289,135 | 233,235 |
Funds held - directly managed | 298 | 345 |
[FairValueInputsLevel3Member] | [NonUsSovereignGovernmentSupranationalAndGovernmentRelatedMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 0 | 0 |
Funds held - directly managed | 0 | 0 |
[FairValueInputsLevel3Member] | [CorporateDebtSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 99,627 | 100,904 |
Funds held - directly managed | 0 | 0 |
[FairValueInputsLevel3Member] | [AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 453,753 | 323,134 |
[FairValueInputsLevel3Member] | [ResidentialMortgageBackedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | 0 | 0 |
[FairValueInputsLevel3Member] | [CommercialMortgageBackedSecuritiesMember] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturities, trading securities | $0 | $0 |
Fair_Value_Details_Level_3_nar
Fair Value (Details - Level 3 narrative items) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
Fair Value - Other Details [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $1,551,062,000 | $1,121,705,000 | $1,336,362,000 | $1,342,257,000 |
Accrued investment income | 175,164,000 | 184,315,000 | ' | ' |
[FundsHeldDirectlyManagedMember] | ' | ' | ' | ' |
Fair Value - Other Details [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 33,900,000 | 53,700,000 | ' | ' |
Accrued investment income | 8,900,000 | 10,200,000 | ' | ' |
Other net assets | 132,900,000 | 33,600,000 | ' | ' |
[TradingSecuritiesMember] | [EquitySecuritiesMember] | ' | ' | ' | ' |
Fair Value - Other Details [Line Items] | ' | ' | ' | ' |
Fair Value Assets Level 2 To Level 1 Transfers Amount | 0 | ' | 0 | ' |
Fair Value Assets Level 2 To Level 1 Transfers Amount 2 | 0 | ' | 1,100,000 | ' |
[TradingSecuritiesMember] | [OtherInvestedAssetsMember] | ' | ' | ' | ' |
Fair Value - Other Details [Line Items] | ' | ' | ' | ' |
Aggregate carrying amount of other invested assets not carried at fair value | $233,900,000 | $262,200,000 | ' | ' |
Fair_Value_Details_Level_3_inp
Fair Value (Details - Level 3 inputs and transfers) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | $889,704,000 | $641,183,000 | $790,421,000 | $609,489,000 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | 18,098,000 | 19,226,000 | -11,964,000 | 40,801,000 | ' | ||||
Purchases | 150,473,000 | 175,131,000 | 344,357,000 | 309,105,000 | ' | ||||
Settlements | -70,993,000 | -59,795,000 | -135,532,000 | -183,650,000 | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | -6,800,000 | 0 | -6,800,000 | ' | ||||
Balance, end of period | 987,282,000 | 768,945,000 | 987,282,000 | 768,945,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | 11,753,000 | 14,691,000 | -12,850,000 | 28,624,000 | ' | ||||
Fair value of financial instrument liabilities [Line Items] | ' | ' | ' | ' | ' | ||||
Debt related to senior notes | 750,000,000 | ' | 750,000,000 | ' | 750,000,000 | ||||
Debt related to capital efficient notes | 70,989,000 | ' | 70,989,000 | ' | 70,989,000 | ||||
[SeniorNotesDebtMember] | [NotesIssuedToPartnerReFinanceALlcMember] | ' | ' | ' | ' | ' | ||||
Fair value of financial instrument liabilities [Line Items] | ' | ' | ' | ' | ' | ||||
Face amount of debt instrument | 250,000,000 | ' | 250,000,000 | ' | 250,000,000 | ||||
[SeniorNotesDebtMember] | [NotesIssuedToPartnerReFinanceBLlcMember] | ' | ' | ' | ' | ' | ||||
Fair value of financial instrument liabilities [Line Items] | ' | ' | ' | ' | ' | ||||
Face amount of debt instrument | 500,000,000 | ' | 500,000,000 | ' | 500,000,000 | ||||
[SeniorNotesDebtMember] | [NotesIssuedToPartnerReFinanceIiIncMember] | ' | ' | ' | ' | ' | ||||
Fair value of financial instrument liabilities [Line Items] | ' | ' | ' | ' | ' | ||||
Face amount of debt instrument | 63,000,000 | ' | 63,000,000 | ' | 63,000,000 | ||||
[EstimateOfFairValueFairValueDisclosureMember] | [FairValueInputsLevel2Member] | ' | ' | ' | ' | ' | ||||
Fair value of financial instrument liabilities [Line Items] | ' | ' | ' | ' | ' | ||||
Debt related to senior notes | 852,507,000 | [1] | ' | 852,507,000 | [1] | ' | 859,367,000 | [1] | |
Debt related to capital efficient notes | 61,853,000 | [2] | ' | 61,853,000 | [2] | ' | 66,990,000 | [2] | |
[CarryingReportedAmountFairValueDisclosureMember] | ' | ' | ' | ' | ' | ||||
Fair value of financial instrument liabilities [Line Items] | ' | ' | ' | ' | ' | ||||
Debt related to senior notes | 750,000,000 | [1] | ' | 750,000,000 | [1] | ' | 750,000,000 | [1] | |
Debt related to capital efficient notes | 63,384,000 | [2] | ' | 63,384,000 | [2] | ' | 63,384,000 | [2] | |
[FixedMaturitiesMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 745,347,000 | 518,676,000 | 657,273,000 | 480,530,000 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | 12,962,000 | 2,998,000 | -6,226,000 | 11,903,000 | ' | ||||
Purchases | 148,148,000 | 149,830,000 | 303,313,000 | 237,184,000 | ' | ||||
Settlements | -63,942,000 | -24,938,000 | -111,845,000 | -83,051,000 | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | 0 | 0 | 0 | ' | ||||
Balance, end of period | 842,515,000 | 646,566,000 | 842,515,000 | 646,566,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | 5,119,000 | 2,939,000 | -13,886,000 | 11,669,000 | ' | ||||
[FixedMaturitiesMember] | [USStatesAndPoliticalSubdivisionsMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 219,163,000 | 117,235,000 | 233,235,000 | 111,415,000 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | 8,431,000 | 1,618,000 | -5,427,000 | 2,900,000 | ' | ||||
Purchases | 61,706,000 | 90,050,000 | 61,706,000 | 94,750,000 | ' | ||||
Settlements | -165,000 | -83,000 | -379,000 | -245,000 | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | 0 | 0 | 0 | ' | ||||
Balance, end of period | 289,135,000 | 208,820,000 | 289,135,000 | 208,820,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | 8,431,000 | 1,618,000 | -5,427,000 | 2,900,000 | ' | ||||
[FixedMaturitiesMember] | [CorporateDebtSecuritiesMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 99,896,000 | 111,070,000 | 100,904,000 | 111,700,000 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | -269,000 | 681,000 | -1,277,000 | 111,000 | ' | ||||
Purchases | 0 | 56,000 | 0 | 120,000 | ' | ||||
Settlements | 0 | -3,250,000 | 0 | -3,374,000 | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | 0 | 0 | 0 | ' | ||||
Balance, end of period | 99,627,000 | 108,557,000 | 99,627,000 | 108,557,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | -269,000 | 582,000 | -1,277,000 | -2,000 | ' | ||||
[FixedMaturitiesMember] | [AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 426,288,000 | 290,371,000 | 323,134,000 | 257,415,000 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | 4,800,000 | 699,000 | 478,000 | 8,892,000 | ' | ||||
Purchases | 86,442,000 | 59,724,000 | 241,607,000 | 142,314,000 | ' | ||||
Settlements | -63,777,000 | [3] | -21,605,000 | -111,466,000 | -79,432,000 | ' | |||
Sales | -13,700,000 | ' | -13,700,000 | ' | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | 0 | 0 | 0 | ' | ||||
Balance, end of period | 453,753,000 | 329,189,000 | 453,753,000 | 329,189,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | -3,043,000 | 739,000 | -7,182,000 | 8,771,000 | ' | ||||
[EquitySecuritiesMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 30,601,000 | 33,374,000 | 27,728,000 | 16,165,000 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | 2,651,000 | 962,000 | 3,484,000 | 4,179,000 | ' | ||||
Purchases | 0 | 0 | 2,040,000 | 13,992,000 | ' | ||||
Settlements | 0 | 0 | 0 | 0 | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | -6,800,000 | 0 | -6,800,000 | ' | ||||
Balance, end of period | 33,252,000 | 27,536,000 | 33,252,000 | 27,536,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | 2,651,000 | 962,000 | 3,484,000 | 4,179,000 | ' | ||||
[EquitySecuritiesMember] | [FinanceMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 13,000,000 | 19,422,000 | 13,477,000 | 9,670,000 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | 1,285,000 | 750,000 | 808,000 | 3,702,000 | ' | ||||
Purchases | 0 | 0 | 0 | 6,800,000 | ' | ||||
Settlements | 0 | 0 | 0 | 0 | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | -6,800,000 | 0 | -6,800,000 | ' | ||||
Balance, end of period | 14,285,000 | 13,372,000 | 14,285,000 | 13,372,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | 1,285,000 | 750,000 | 808,000 | 3,702,000 | ' | ||||
[EquitySecuritiesMember] | [TechnologyMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 8,012,000 | 7,192,000 | 6,987,000 | 0 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | 1,138,000 | -99,000 | 2,163,000 | -99,000 | ' | ||||
Purchases | 0 | 0 | 0 | 7,192,000 | ' | ||||
Settlements | 0 | 0 | 0 | 0 | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | 0 | 0 | 0 | ' | ||||
Balance, end of period | 9,150,000 | 7,093,000 | 9,150,000 | 7,093,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | 1,138,000 | -99,000 | 2,163,000 | -99,000 | ' | ||||
[EquitySecuritiesMember] | [CommunicationsMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 2,040,000 | ' | 0 | ' | ' | ||||
Realized and unrealized investment gains (losses) included in net income | 103,000 | ' | 103,000 | ' | ' | ||||
Purchases | 0 | ' | 2,040,000 | ' | ' | ||||
Settlements | 0 | ' | 0 | ' | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | ' | 0 | ' | ' | ||||
Balance, end of period | 2,143,000 | ' | 2,143,000 | ' | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | 103,000 | ' | 103,000 | ' | ' | ||||
[EquitySecuritiesMember] | [MutualFundsAndExchangeTradedFundsMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 7,549,000 | 6,760,000 | 7,264,000 | 6,495,000 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | 125,000 | 311,000 | 410,000 | 576,000 | ' | ||||
Purchases | 0 | 0 | 0 | 0 | ' | ||||
Settlements | 0 | 0 | 0 | 0 | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | 0 | 0 | 0 | ' | ||||
Balance, end of period | 7,674,000 | 7,071,000 | 7,674,000 | 7,071,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | 125,000 | 311,000 | 410,000 | 576,000 | ' | ||||
[OtherInvestedAssetsMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 98,212,000 | 73,736,000 | 87,099,000 | 97,027,000 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | 1,479,000 | 12,798,000 | -7,522,000 | 22,621,000 | ' | ||||
Purchases | 2,325,000 | 25,301,000 | 39,004,000 | 57,929,000 | ' | ||||
Settlements | -6,365,000 | -34,857,000 | -22,930,000 | -100,599,000 | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | 0 | 0 | 0 | ' | ||||
Balance, end of period | 95,651,000 | 76,978,000 | 95,651,000 | 76,978,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | 2,977,000 | 8,322,000 | -1,812,000 | 10,678,000 | ' | ||||
[OtherInvestedAssetsMember] | [DerivativeMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 2,333,000 | 1,207,000 | 3,911,000 | 5,622,000 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | -1,885,000 | 3,152,000 | -6,084,000 | 4,157,000 | ' | ||||
Purchases | 0 | 0 | 121,000 | [4] | -5,420,000 | [5] | ' | ||
Settlements | -1,395,000 | [3] | 0 | 1,105,000 | 0 | ' | |||
Sales | -1,400,000 | ' | -1,400,000 | ' | ' | ||||
Issuances | ' | ' | 800,000 | 5,700,000 | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | 0 | 0 | 0 | ' | ||||
Balance, end of period | -947,000 | 4,359,000 | -947,000 | 4,359,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | -140,000 | 4,168,000 | -349,000 | 4,874,000 | ' | ||||
[OtherInvestedAssetsMember] | [OtherInvestedAssetsNotesAndLoanReceivablesAndNotesSecuritizationMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 44,224,000 | 44,304,000 | 34,902,000 | 63,565,000 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | 3,250,000 | 3,473,000 | 1,867,000 | 9,944,000 | ' | ||||
Purchases | 1,248,000 | 1,209,000 | 14,598,000 | 36,834,000 | ' | ||||
Settlements | -941,000 | -19,958,000 | -3,586,000 | -81,315,000 | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | 0 | 0 | 0 | ' | ||||
Balance, end of period | 47,781,000 | 29,028,000 | 47,781,000 | 29,028,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | 3,250,000 | 1,654,000 | 1,867,000 | 2,402,000 | ' | ||||
[OtherInvestedAssetsMember] | [OtherInvestedAssetsAnnuitiesAndResidualsMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 30,555,000 | 27,225,000 | 46,882,000 | 27,840,000 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | 413,000 | 6,314,000 | 506,000 | 8,661,000 | ' | ||||
Purchases | 0 | 23,642,000 | 0 | 25,065,000 | ' | ||||
Settlements | -4,029,000 | -14,899,000 | -20,449,000 | [6] | -19,284,000 | ' | |||
Sales | ' | ' | -6,300,000 | ' | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | 0 | 0 | 0 | ' | ||||
Balance, end of period | 26,939,000 | 42,282,000 | 26,939,000 | 42,282,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | 166,000 | 2,641,000 | 481,000 | 3,543,000 | ' | ||||
[OtherInvestedAssetsMember] | [PrivateEquitiesTotalMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 21,100,000 | 1,000,000 | 1,404,000 | 0 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | -299,000 | -141,000 | -3,811,000 | -141,000 | ' | ||||
Purchases | 1,077,000 | 450,000 | 24,285,000 | 1,450,000 | ' | ||||
Settlements | 0 | 0 | 0 | 0 | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | 0 | 0 | 0 | ' | ||||
Balance, end of period | 21,878,000 | 1,309,000 | 21,878,000 | 1,309,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | -299,000 | -141,000 | -3,811,000 | -141,000 | ' | ||||
[FundsHeldDirectlyManagedInvestmentMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 15,544,000 | 15,397,000 | 18,321,000 | 15,767,000 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | 1,006,000 | 2,468,000 | -1,700,000 | 2,098,000 | ' | ||||
Purchases | 0 | 0 | 0 | 0 | ' | ||||
Settlements | -686,000 | 0 | -757,000 | 0 | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | 0 | 0 | 0 | ' | ||||
Balance, end of period | 15,864,000 | 17,865,000 | 15,864,000 | 17,865,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | 1,006,000 | 2,468,000 | -636,000 | 2,098,000 | ' | ||||
[FundsHeldDirectlyManagedInvestmentMember] | [OtherInvestedAssetsFundsHeldDirectlyManagedMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 15,207,000 | 15,076,000 | 17,976,000 | 15,433,000 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | 1,045,000 | 2,460,000 | -1,653,000 | 2,103,000 | ' | ||||
Purchases | 0 | 0 | 0 | 0 | ' | ||||
Settlements | -686,000 | 0 | -757,000 | 0 | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | 0 | 0 | 0 | ' | ||||
Balance, end of period | 15,566,000 | 17,536,000 | 15,566,000 | 17,536,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | 1,045,000 | 2,460,000 | -589,000 | 2,103,000 | ' | ||||
[FundsHeldDirectlyManagedInvestmentMember] | [USStatesAndPoliticalSubdivisionsMember] | ' | ' | ' | ' | ' | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ||||
Balance, beginning of period | 337,000 | 321,000 | 345,000 | 334,000 | ' | ||||
Realized and unrealized investment gains (losses) included in net income | -39,000 | 8,000 | -47,000 | -5,000 | ' | ||||
Purchases | 0 | 0 | 0 | 0 | ' | ||||
Settlements | 0 | 0 | 0 | 0 | ' | ||||
Net transfers (out of)/ into Level 3 | 0 | 0 | 0 | 0 | ' | ||||
Balance, end of period | 298,000 | 329,000 | 298,000 | 329,000 | ' | ||||
Change in unrealized investment gains (losses) relating to assets held at the end of period | ($39,000) | $8,000 | ($47,000) | ($5,000) | ' | ||||
[1] | PartnerRe Finance A LLC and PartnerRe Finance B LLC, the issuers of the Senior Notes, do not meet consolidation requirements under U.S. GAAP. Accordingly, the Company shows the related intercompany debt of $750 million in its Consolidated Balance Sheets at September 30, 2013 and December 31, 2012. | ||||||||
[2] | PartnerRe Finance II Inc., the issuer of the CENts, does not meet consolidation requirements under U.S. GAAP. Accordingly, the Company shows the related intercompany debt of $71 million in its Consolidated Balance Sheets at September 30, 2013 and December 31, 2012. | ||||||||
[3] | Settlements and sales of asset-backed securities and derivatives include sales of $13.7 million and $1.4 million, respectively. | ||||||||
[4] | Purchases and issuances of derivatives includes issuances of $0.8 million. | ||||||||
[5] | Purchases and issuances of derivatives includes issuances of $5.7 million. | ||||||||
[6] | Settlements and sales of asset-backed securities, derivatives and annuities and residuals include sales of $13.7 million, $1.4 million and $6.3 million, respectively. |
Fair_Value_Details_Valuation_T
Fair Value (Details - Valuation Technique and Inputs) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Fixed maturities, trading securities | 13,680,838 | 14,395,315 |
Equities, trading securities | 1,122,084 | 1,094,002 |
Other invested assets carried at fair value | 34,249 | 71,204 |
Funds held directly managed investments carried at fair value | 637,830 | 833,247 |
[FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Fixed maturities, trading securities | 842,515 | 657,273 |
Equities, trading securities | 33,252 | 27,728 |
Other invested assets carried at fair value | 95,651 | 87,099 |
Funds held directly managed investments carried at fair value | 15,864 | 18,321 |
[USStatesAndPoliticalSubdivisionsMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Fixed maturities, trading securities | 289,135 | 233,235 |
[USStatesAndPoliticalSubdivisionsMember] | [MinimumMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 2.80% | 2.80% |
[USStatesAndPoliticalSubdivisionsMember] | [MaximumMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 10.10% | 4.50% |
[USStatesAndPoliticalSubdivisionsMember] | [WeightedAverageMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 3.70% | 3.70% |
[InterestOnlyStripMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Fixed maturities, trading securities | 25 | 12,625 |
[InterestOnlyStripMember] | [MinimumMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 6.00% | 6.80% |
Prepayment speed | 20.00% | 20.00% |
[InterestOnlyStripMember] | [MaximumMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 11.20% | 11.70% |
Prepayment speed | 20.00% | 20.00% |
[InterestOnlyStripMember] | [WeightedAverageMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 9.00% | 9.10% |
Prepayment speed | 20.00% | 20.00% |
[AssetBackedSecuritiesSecuritizedLoansAndReceivablesExcludingInterestOnlyStripMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Fixed maturities, trading securities | 453,728 | 310,509 |
[AssetBackedSecuritiesSecuritizedLoansAndReceivablesExcludingInterestOnlyStripMember] | [MinimumMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 4.00% | 4.00% |
[AssetBackedSecuritiesSecuritizedLoansAndReceivablesExcludingInterestOnlyStripMember] | [MaximumMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 12.20% | 12.20% |
[AssetBackedSecuritiesSecuritizedLoansAndReceivablesExcludingInterestOnlyStripMember] | [WeightedAverageMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 7.20% | 7.60% |
[FinanceMember] | [WeightedMarketComparablesMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Equities, trading securities | 14,285 | 13,477 |
[FinanceMember] | [MinimumMember] | [WeightedMarketComparablesMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Net income multiple | 14.6 | ' |
Tangible book value multiple | 1.1 | ' |
Liquidity discount | 25.00% | ' |
Comparable return | 10.00% | 0.80% |
[FinanceMember] | [MaximumMember] | [WeightedMarketComparablesMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Net income multiple | 14.6 | ' |
Tangible book value multiple | 1.1 | ' |
Liquidity discount | 25.00% | ' |
Comparable return | 10.00% | 0.80% |
[FinanceMember] | [WeightedAverageMember] | [WeightedMarketComparablesMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Net income multiple | 14.6 | ' |
Tangible book value multiple | 1.1 | ' |
Liquidity discount | 25.00% | ' |
Comparable return | 10.00% | 0.80% |
[TechnologyMember] | [WeightedMarketComparablesMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Equities, trading securities | 9,150 | 6,987 |
[TechnologyMember] | [MinimumMember] | [WeightedMarketComparablesMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Liquidity discount | 25.00% | ' |
Adjusted earnings multiple | 12.9 | ' |
Comparable return | 14.20% | -1.50% |
Gross revenue/fair value | 2 | ' |
[TechnologyMember] | [MaximumMember] | [WeightedMarketComparablesMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Liquidity discount | 25.00% | ' |
Adjusted earnings multiple | 12.9 | ' |
Comparable return | 14.20% | -1.50% |
Gross revenue/fair value | 2 | ' |
[TechnologyMember] | [WeightedAverageMember] | [WeightedMarketComparablesMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Liquidity discount | 25.00% | ' |
Adjusted earnings multiple | 12.9 | ' |
Comparable return | 14.20% | -1.50% |
Gross revenue/fair value | 2 | ' |
[CommunicationsMember] | [WeightedMarketComparablesMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Equities, trading securities | 2,143 | ' |
[CommunicationsMember] | [MinimumMember] | [WeightedMarketComparablesMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Adjusted earnings multiple | 10.2 | ' |
Comparable return | 5.00% | ' |
[CommunicationsMember] | [MaximumMember] | [WeightedMarketComparablesMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Adjusted earnings multiple | 10.2 | ' |
Comparable return | 5.00% | ' |
[CommunicationsMember] | [WeightedAverageMember] | [WeightedMarketComparablesMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Adjusted earnings multiple | 10.2 | ' |
Comparable return | 5.00% | ' |
[TotalReturnSwapMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Other invested assets carried at fair value | -732 | 6,084 |
[TotalReturnSwapMember] | [MinimumMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 20.20% | 2.60% |
[TotalReturnSwapMember] | [MaximumMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 20.20% | 4.60% |
[TotalReturnSwapMember] | [WeightedAverageMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 20.20% | 3.20% |
[OtherInvestedAssetsNotesAndLoanReceivablesMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Other invested assets carried at fair value | 27,674 | 24,902 |
[OtherInvestedAssetsNotesAndLoanReceivablesMember] | [MinimumMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 17.50% | 17.50% |
Gross revenue/fair value | 1.2 | 1.7 |
[OtherInvestedAssetsNotesAndLoanReceivablesMember] | [MaximumMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 17.50% | 17.50% |
Gross revenue/fair value | 1.6 | 2.1 |
[OtherInvestedAssetsNotesAndLoanReceivablesMember] | [WeightedAverageMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 17.50% | 17.50% |
Gross revenue/fair value | 1.5 | 1.8 |
[OtherInvestedAssetsNotesSecuritizationMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Other invested assets carried at fair value | 20,107 | 10,000 |
[OtherInvestedAssetsNotesSecuritizationMember] | [MinimumMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 6.40% | 6.50% |
[OtherInvestedAssetsNotesSecuritizationMember] | [MaximumMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 6.40% | 6.50% |
[OtherInvestedAssetsNotesSecuritizationMember] | [WeightedAverageMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 6.40% | 6.50% |
[OtherInvestedAssetsAnnuitiesAndResidualsMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Other invested assets carried at fair value | 26,939 | 46,882 |
[OtherInvestedAssetsAnnuitiesAndResidualsMember] | [MinimumMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 4.60% | 4.70% |
Prepayment speed | 0.00% | 0.00% |
Constant default rate | 0.30% | 2.30% |
[OtherInvestedAssetsAnnuitiesAndResidualsMember] | [MaximumMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 9.00% | 9.90% |
Prepayment speed | 15.00% | 15.00% |
Constant default rate | 35.00% | 35.00% |
[OtherInvestedAssetsAnnuitiesAndResidualsMember] | [WeightedAverageMember] | [DiscountedCashFlowMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Credit spreads | 6.40% | 7.20% |
Prepayment speed | 7.00% | 7.60% |
Constant default rate | 13.00% | 13.20% |
[PrivateEquityDirectMember] | [LiquidationAnalysisMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Other invested assets carried at fair value | 15,259 | ' |
[PrivateEquityDirectMember] | [MinimumMember] | [LiquidationAnalysisMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Net asset value, as reported | 100.00% | ' |
Recoverability of intangible assets | 0 | ' |
[PrivateEquityDirectMember] | [MaximumMember] | [LiquidationAnalysisMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Net asset value, as reported | 100.00% | ' |
Recoverability of intangible assets | 0 | ' |
[PrivateEquityDirectMember] | [WeightedAverageMember] | [LiquidationAnalysisMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Net asset value, as reported | 100.00% | ' |
Recoverability of intangible assets | 0 | ' |
[PrivateEquityFundsMember] | [LagReportedNetAssetValueMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Other invested assets carried at fair value | 6,619 | 1,404 |
[PrivateEquityFundsMember] | [MinimumMember] | [LagReportedNetAssetValueMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Net asset value, as reported | 100.00% | 100.00% |
Market adjustments | 2.40% | 7.30% |
[PrivateEquityFundsMember] | [MaximumMember] | [LagReportedNetAssetValueMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Net asset value, as reported | 100.00% | 100.00% |
Market adjustments | 9.70% | 7.30% |
[PrivateEquityFundsMember] | [WeightedAverageMember] | [LagReportedNetAssetValueMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Net asset value, as reported | 100.00% | 100.00% |
Market adjustments | 4.60% | 7.30% |
[OtherInvestedAssetsFundsHeldDirectlyManagedLagReportedNetAssetValuesMember] | [LagReportedNetAssetValueMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Funds held directly managed investments carried at fair value | 15,566 | 17,976 |
[OtherInvestedAssetsFundsHeldDirectlyManagedLagReportedNetAssetValuesMember] | [MinimumMember] | [LagReportedNetAssetValueMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Net asset value, as reported | 100.00% | 100.00% |
Market adjustments | -12.90% | -38.10% |
[OtherInvestedAssetsFundsHeldDirectlyManagedLagReportedNetAssetValuesMember] | [MaximumMember] | [LagReportedNetAssetValueMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Net asset value, as reported | 100.00% | 100.00% |
Market adjustments | 0.00% | 0.00% |
[OtherInvestedAssetsFundsHeldDirectlyManagedLagReportedNetAssetValuesMember] | [WeightedAverageMember] | [LagReportedNetAssetValueMember] | [FairValueInputsLevel3Member] | ' | ' |
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' |
Net asset value, as reported | 100.00% | 100.00% |
Market adjustments | -11.40% | -12.10% |
Fair_Value_Details_Change_in_f
Fair Value (Details - Change in fair value option table) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' |
Change in unrealized gain/loss | $11,482 | $212,305 | ($492,077) | $337,880 |
[FixedMaturitiesAndShortTermInvestmentsMember] | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' |
Change in unrealized gain/loss | 10,259 | 150,046 | -457,168 | 230,862 |
[EquitySecuritiesMember] | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' |
Change in unrealized gain/loss | -891 | 51,260 | -8,540 | 69,068 |
[OtherInvestedAssetsMember] | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' |
Change in unrealized gain/loss | 3,021 | 1,574 | -4,047 | 19,734 |
[FundsHeldDirectlyManagedInvestmentMember] | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' |
Change in unrealized gain/loss | ($907) | $9,425 | ($22,322) | $18,216 |
Derivatives_Details
Derivatives (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Derivative Fair Value Of Derivative Asset | $11,818 | [1] | $18,518 | [1] |
Derivative Fair Value Of Derivative Liability | -74,167 | [1] | -30,502 | [1] |
Fair value net | -62,349 | -11,984 | ||
[ForeignExchangeForwardMember] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Fair Value Of Derivative Asset | 4,188 | 7,889 | ||
Derivative Fair Value Of Derivative Liability | -5,470 | -17,395 | ||
Net notional exposure | 2,069,416 | 2,170,914 | ||
Fair value net | -1,282 | -9,506 | ||
[ForeignExchangeOptionMember] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Fair Value Of Derivative Asset | 0 | 1,410 | ||
Derivative Fair Value Of Derivative Liability | -821 | -186 | ||
Net notional exposure | 93,438 | 133,377 | ||
Fair value net | -821 | 1,224 | ||
[FutureMember] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Fair Value Of Derivative Asset | 0 | 1,956 | ||
Derivative Fair Value Of Derivative Liability | -61,909 | -1,352 | ||
Net notional exposure | 4,527,222 | 3,981,107 | ||
Fair value net | -61,909 | 604 | ||
[CreditDefaultSwapBuyingProtectionMember] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Fair Value Of Derivative Asset | 0 | 6 | ||
Derivative Fair Value Of Derivative Liability | -231 | -807 | ||
Net notional exposure | 34,000 | 55,000 | ||
Fair value net | -231 | -801 | ||
[CreditDefaultSwapSellingProtectionMember] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Fair Value Of Derivative Asset | 49 | 512 | ||
Derivative Fair Value Of Derivative Liability | 0 | 0 | ||
Net notional exposure | 5,000 | 17,500 | ||
Fair value net | 49 | 512 | ||
[InsuranceLinkedSecuritiesMember] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Fair Value Of Derivative Asset | 175 | [2] | 0 | [2] |
Derivative Fair Value Of Derivative Liability | -390 | [2] | -2,173 | [2] |
Net notional exposure | 140,744 | [2] | 135,964 | [2] |
Fair value net | -215 | [2] | -2,173 | [2] |
[TotalReturnSwapMember] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Fair Value Of Derivative Asset | 0 | 6,630 | ||
Derivative Fair Value Of Derivative Liability | -732 | -546 | ||
Net notional exposure | 7,657 | 68,730 | ||
Fair value net | -732 | 6,084 | ||
[InterestRateSwapMember] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Fair Value Of Derivative Asset | 150 | [3] | 0 | [3] |
Derivative Fair Value Of Derivative Liability | -4,614 | [3] | -7,880 | [3] |
Net notional exposure | 60,080 | [3] | 0 | [3] |
Fair value net | -4,464 | [3] | -7,880 | [3] |
[ToBeAnnouncedSecuritiesMember] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Fair Value Of Derivative Asset | 7,256 | 115 | ||
Derivative Fair Value Of Derivative Liability | 0 | -163 | ||
Net notional exposure | 192,040 | 155,760 | ||
Fair value net | $7,256 | ($48) | ||
[1] | Amounts include all derivative instruments, irrespective of whether there is a legally enforceable master netting arrangement in place. | |||
[2] | At September 30, 2013 and December 31, 2012, insurance-linked securities include a longevity swap for which the notional amount is not reflective of the overall potential exposure of the swap. As such, the Company has included the probable maximum loss under the swap within the net notional exposure as an approximation of the notional amount. | |||
[3] | The Company enters into interest rate swaps to mitigate notional exposures on certain total return swaps and certain fixed maturities. Accordingly, the notional value of interest rate swaps on certain total return swaps is not presented separately in the table. |
Derivatives_Details_Income_Sta
Derivatives (Details - Income Statement) ([NondesignatedMember], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain(loss) on derivatives recognized in income | ($28,788) | $13,735 | $5,539 | $21,297 |
[ForeignCurrencyGainLossMember] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain(loss) on derivatives recognized in income | -782 | 23,037 | -41,096 | 44,245 |
[NetRealizedAndUnrealizedInvestmentGainsAndLossesMember] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain(loss) on derivatives recognized in income | -28,006 | -9,302 | 46,635 | -22,948 |
[ForeignExchangeForwardMember] | [ForeignCurrencyGainLossMember] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain(loss) on derivatives recognized in income | 17 | 21,976 | -36,457 | 41,686 |
[ForeignExchangeOptionMember] | [ForeignCurrencyGainLossMember] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain(loss) on derivatives recognized in income | -799 | 1,061 | -4,639 | 2,559 |
[FutureMember] | [NetRealizedAndUnrealizedInvestmentGainsAndLossesMember] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain(loss) on derivatives recognized in income | -30,233 | -14,979 | 55,143 | -34,758 |
[CreditDefaultSwapBuyingProtectionMember] | [NetRealizedAndUnrealizedInvestmentGainsAndLossesMember] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain(loss) on derivatives recognized in income | -6 | -250 | -126 | -861 |
[CreditDefaultSwapSellingProtectionMember] | [NetRealizedAndUnrealizedInvestmentGainsAndLossesMember] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain(loss) on derivatives recognized in income | 7 | 398 | 122 | 1,709 |
[InsuranceLinkedSecuritiesMember] | [NetRealizedAndUnrealizedInvestmentGainsAndLossesMember] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain(loss) on derivatives recognized in income | -110 | 3,934 | -660 | 5,160 |
[TotalReturnSwapMember] | [NetRealizedAndUnrealizedInvestmentGainsAndLossesMember] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain(loss) on derivatives recognized in income | -1,762 | -773 | -5,421 | -1,242 |
[InterestRateSwapMember] | [NetRealizedAndUnrealizedInvestmentGainsAndLossesMember] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain(loss) on derivatives recognized in income | 240 | -200 | 3,416 | -402 |
[ToBeAnnouncedSecuritiesMember] | [NetRealizedAndUnrealizedInvestmentGainsAndLossesMember] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of gain(loss) on derivatives recognized in income | $3,858 | $2,568 | ($5,839) | $7,446 |
Offsetting_Details
Offsetting (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Offsetting Assets [Line Items] | ' | ' | ||
Gross amounts of recognized, asset | $11,818 | [1] | $18,518 | [1] |
Gross amount offset in the balance sheet | 0 | 0 | ||
Net amounts presented in the balance sheet, asset | 11,818 | 18,518 | ||
Gross amounts not offset in the balance sheet, financial instruments, asset | 1,739 | -12,051 | ||
Gross amounts not offset in the balance sheet, cash collateral pledged | 0 | 0 | ||
Net amount, asset | 13,557 | 6,467 | ||
Gross amounts of recognized, liability | -74,167 | [1] | -30,502 | [1] |
Gross amount offset in the balance sheet | 0 | 0 | ||
Net amounts presented in the balance sheet, liability | -74,167 | -30,502 | ||
Gross amounts not offset in the balance sheet, financial instruments, liability | -1,739 | 12,051 | ||
Gross amounts not offset in the balance sheet, cash collateral received | 4,260 | 0 | ||
Net amount, liability | ($71,646) | ($18,451) | ||
[1] | Amounts include all derivative instruments, irrespective of whether there is a legally enforceable master netting arrangement in place. |
Derivatives_Details_narrative_
Derivatives (Details - narrative items) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
issuers | [MinimumMember] | [MaximumMember] | [DesignatedAsHedgingInstrumentMember] | [DesignatedAsHedgingInstrumentMember] | |
derivatives | derivatives | ||||
Derivatives Fair Value [Line Items] | ' | ' | ' | ' | ' |
Derivative number of instruments held | ' | ' | ' | 0 | 0 |
Credit derivative term | ' | '0 years 0 months 0 days | '5 years 0 months 0 days | ' | ' |
Number Of Credit Default Swaps Issuers In Default | 0 | ' | ' | ' | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Preferred Shares [Abstract] | ' | ' | ' | ' | ' |
Preferred shares, shares issued | 34,150,000 | ' | 34,150,000 | ' | 35,750,000 |
Aggregate liquidation value | $853,750,000 | ' | $853,750,000 | ' | $893,750,000 |
Net proceeds from issuance of preferred shares | ' | ' | 241,265,000 | 0 | ' |
Loss on redemption of preferred shares | 0 | 0 | 9,135,000 | 0 | ' |
[SeriesCPreferredStockMember] | ' | ' | ' | ' | ' |
Preferred Shares [Abstract] | ' | ' | ' | ' | ' |
Aggregate redemption value | 290,000,000 | ' | 290,000,000 | ' | ' |
Preferred Stock Redemption Date | ' | ' | 18-Mar-13 | ' | ' |
[SeriesFPreferredStockMember] | ' | ' | ' | ' | ' |
Preferred Shares [Abstract] | ' | ' | ' | ' | ' |
Preferred shares issuance, date | ' | ' | 14-Feb-13 | ' | ' |
Preferred shares, shares issued | 10,000,000 | ' | 10,000,000 | ' | ' |
Dividend rate, percentage | ' | ' | 5.88% | ' | ' |
Distribution on liquidation | $25 | ' | $25 | ' | ' |
Aggregate liquidation value | 250,000,000 | ' | 250,000,000 | ' | ' |
Net proceeds from issuance of preferred shares | ' | ' | 242,300,000 | ' | ' |
Underwriting discounts and commissions | ' | ' | $7,700,000 | ' | ' |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Numerator [Abstract] | ' | ' | ' | ' | ||||
Net income attributable to PartnerRe Ltd. | $333,423 | $486,706 | $392,221 | $1,022,994 | ||||
Dividends on preferred shares | -14,184 | -15,405 | -43,678 | -46,216 | ||||
Loss on redemption of preferred shares | 0 | 0 | 9,135 | 0 | ||||
Net income available to PartnerRe Ltd. common shareholders | $319,239 | $471,301 | $339,408 | $976,778 | ||||
Denominator [Abstract] | ' | ' | ' | ' | ||||
Weighted average number of common shares outstanding | 53,671,245 | 61,837,328 | 56,176,260 | 63,679,114 | ||||
Share options and other | 953,906 | [1] | 769,433 | [1] | 1,041,301 | [1] | 605,011 | [1] |
Weighted average number of common shares and common share equivalents outstanding | 54,625,151 | 62,606,761 | 57,217,561 | 64,284,125 | ||||
Basic net income | $5.95 | $7.62 | $6.04 | $15.34 | ||||
Diluted net income | $5.84 | $7.53 | $5.93 | $15.19 | ||||
Share options excluded from computation of weighted average number of common share and common share equivalents outstanding | ' | ' | 140,500 | 1,233,300 | ||||
[1] | At September 30, 2013 and 2012, share based awards to purchase 140.5 thousand and 1,233.3 thousand common shares, respectively, were excluded from the calculation of diluted weighted average number of common shares and common share equivalents outstanding because their exercise prices were greater than the average market price of the common shares. |
Noncontrolling_interests_Detai
Noncontrolling interests (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' |
Total assets | $23,138,207,000 | ' | $23,138,207,000 | ' | $22,980,432,000 |
Total liabilities | 16,514,031,000 | ' | 16,514,031,000 | ' | 16,046,936,000 |
Movement In Minority Interest [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | 0 | ' | ' |
Net income attributable to noncontrollong interests | 4,112,000 | 0 | 5,296,000 | 0 | ' |
Ending balance | 52,489,000 | ' | 52,489,000 | ' | ' |
[LorenzReMember] | ' | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' |
Interest Ownership Percentage By Parent | 50.00% | ' | 50.00% | ' | ' |
Noncontrolling Interest Ownership Percentage By Noncontrolling Owners | 50.00% | ' | 50.00% | ' | ' |
Preferred Stock Value Issued Of Subsidiary | 75,000,000 | ' | 75,000,000 | ' | ' |
Sale of shares to noncontrolling interests | 10,500,000 | ' | 47,193,000 | ' | ' |
Total assets | 100,900,000 | ' | 100,900,000 | ' | ' |
Total liabilities | 18,900,000 | ' | 18,900,000 | ' | ' |
Movement In Minority Interest [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | 0 | ' | ' |
Sale of shares to noncontrolling interests | 10,500,000 | ' | 47,193,000 | ' | ' |
Net income attributable to noncontrollong interests | ' | ' | 5,296,000 | ' | ' |
Ending balance | $52,489,000 | ' | $52,489,000 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Financing receivable impairment | $2,700,000 | ' | $2,700,000 | ' | $3,000,000 |
Financing receivable acquired during period | 1,900,000 | 200,000 | 29,100,000 | 37,600,000 | ' |
Financing receivable significant sales | 0 | 0 | 0 | 0 | ' |
[PerformingFinancingReceivableMember] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Financing receivable | 33,300,000 | ' | 33,300,000 | ' | 46,700,000 |
[PerformingFinancingReceivableMember] | [ResidentialPrimeFinancingReceivableMember] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Financing receivable | 25,500,000 | ' | 25,500,000 | ' | 31,300,000 |
[PerformingFinancingReceivableMember] | [CommercialRealEstateOtherReceivableMember] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Financing receivable | 7,800,000 | ' | 7,800,000 | ' | 15,400,000 |
[NonperformingFinancingReceivableMember] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Financing receivable | $0 | ' | $0 | ' | $0 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details - Other Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 |
[FR] | [MinimumMember] | [MaximumMember] | [ScenarioForecastMember] | [ScenarioForecastMember] | [ScenarioForecastMember] | [ScenarioForecastMember] | |||
[FR] | [FourthQuarter2013Member] | [MinimumMember] | [MaximumMember] | ||||||
[NextYearMember] | [NextYearMember] | ||||||||
Other commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring costs incurred | $2.40 | $45.70 | ' | ' | ' | ' | ' | ' | ' |
Restructuring and related cost expected cost | ' | ' | ' | 60 | 70 | ' | ' | ' | ' |
Restructuring cost expected cost remaining | ' | ' | ' | ' | ' | ' | $10 | $5 | $10 |
Corpoarate tax rate | ' | ' | 36.00% | ' | ' | 38.00% | ' | ' | ' |
Credit_Agreements_Details
Credit Agreements (Details) ([UnsecuredSyndicatedCreditFacilityBMember], USD $) | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
[UnsecuredSyndicatedCreditFacilityBMember] | ' | ' | ' |
Credit Agreements Details [Line Items] | ' | ' | ' |
Modification date | '18-Apr-13 | '15-Jun-13 | ' |
Total amount of credit facilities available | $50,000,000 | $0 | $500,000,000 |
Line Of Credit Facility Revolving Credit Amount | $50,000,000 | $0 | $375,000,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Segment Reporting [Line Items] | ' | ' | ' | ' | ||||
Gross premiums written | $1,281,477,000 | $1,056,076,000 | $4,378,944,000 | $3,786,802,000 | ||||
Net premiums written | 1,264,775,000 | 1,043,240,000 | 4,210,525,000 | 3,652,571,000 | ||||
Decrease (increase) in unearned premiums | 156,694,000 | 193,851,000 | -433,740,000 | -334,772,000 | ||||
Net premiums earned | 1,421,469,000 | 1,237,091,000 | 3,776,785,000 | 3,317,799,000 | ||||
Losses and loss expenses and life policy benefits | -751,000,000 | -721,000,000 | -2,279,000,000 | -2,004,000,000 | ||||
Acquisition costs | -282,948,000 | -247,058,000 | -758,890,000 | -691,388,000 | ||||
Technical result | 387,000,000 | 269,000,000 | 739,000,000 | 623,000,000 | ||||
Other income | 5,399,000 | 2,744,000 | 13,205,000 | 8,143,000 | ||||
Other operating expenses | -108,467,000 | -94,697,000 | -369,340,000 | -299,055,000 | ||||
Underwriting result | 284,000,000 | 177,000,000 | 383,000,000 | 332,000,000 | ||||
Net investment income | 121,811,000 | 135,266,000 | 370,017,000 | 435,669,000 | ||||
Net realized and unrealized investment gains (losses) | 16,118,000 | 257,429,000 | -260,154,000 | 488,296,000 | ||||
Interest expense | -12,233,000 | -12,224,000 | -36,694,000 | -36,668,000 | ||||
Amortization of intangible assets | -7,045,000 | -8,893,000 | -21,136,000 | -26,679,000 | ||||
Net foreign exchange losses (gains) | 1,279,000 | 2,015,000 | 9,822,000 | -3,165,000 | ||||
Income tax expense | -70,232,000 | -64,149,000 | -37,338,000 | -181,458,000 | ||||
Interest in earnings of equity investments | 5,941,000 | 4,349,000 | 9,677,000 | 8,929,000 | ||||
Net income | 337,535,000 | 486,706,000 | 397,517,000 | 1,022,994,000 | ||||
[NonLifeMember] | ' | ' | ' | ' | ||||
Segment Reporting [Line Items] | ' | ' | ' | ' | ||||
Gross premiums written | 1,041,000,000 | 869,000,000 | 3,649,000,000 | 3,177,000,000 | ||||
Net premiums written | 1,026,000,000 | 856,000,000 | 3,489,000,000 | 3,045,000,000 | ||||
Decrease (increase) in unearned premiums | 147,000,000 | 182,000,000 | -416,000,000 | -321,000,000 | ||||
Net premiums earned | 1,173,000,000 | 1,038,000,000 | 3,073,000,000 | 2,724,000,000 | ||||
Losses and loss expenses and life policy benefits | -557,000,000 | -561,000,000 | -1,723,000,000 | -1,522,000,000 | ||||
Acquisition costs | -259,000,000 | -219,000,000 | -677,000,000 | -609,000,000 | ||||
Technical result | 357,000,000 | 258,000,000 | 673,000,000 | 593,000,000 | ||||
Other income | 2,000,000 | 1,000,000 | 3,000,000 | 2,000,000 | ||||
Other operating expenses | -62,000,000 | -58,000,000 | -189,000,000 | -187,000,000 | ||||
Underwriting result | 297,000,000 | 201,000,000 | 487,000,000 | 408,000,000 | ||||
Reinsurance Ratios [Abstract] | ' | ' | ' | ' | ||||
Loss ratio | 47.50% | [1] | 54.10% | [1] | 56.10% | [1] | 55.90% | [1] |
Acquisition ratio | 22.10% | [2] | 21.10% | [2] | 22.00% | [2] | 22.30% | [2] |
Technical ratio | 69.60% | [3] | 75.20% | [3] | 78.10% | [3] | 78.20% | [3] |
Other operating expense ratio | 5.30% | [4] | 5.50% | [4] | 6.10% | [4] | 6.90% | [4] |
Combined ratio | 74.90% | [4] | 80.70% | [5] | 84.20% | [5] | 85.10% | [5] |
[NonLifeMember] | [NorthAmericaSegmentMember] | ' | ' | ' | ' | ||||
Segment Reporting [Line Items] | ' | ' | ' | ' | ||||
Gross premiums written | 409,000,000 | 311,000,000 | 1,228,000,000 | 924,000,000 | ||||
Net premiums written | 408,000,000 | 311,000,000 | 1,215,000,000 | 922,000,000 | ||||
Decrease (increase) in unearned premiums | 17,000,000 | 24,000,000 | -99,000,000 | -59,000,000 | ||||
Net premiums earned | 425,000,000 | 335,000,000 | 1,116,000,000 | 863,000,000 | ||||
Losses and loss expenses and life policy benefits | -197,000,000 | -251,000,000 | -682,000,000 | -568,000,000 | ||||
Acquisition costs | -101,000,000 | -83,000,000 | -253,000,000 | -218,000,000 | ||||
Technical result | 127,000,000 | 1,000,000 | 181,000,000 | 77,000,000 | ||||
Reinsurance Ratios [Abstract] | ' | ' | ' | ' | ||||
Loss ratio | 46.30% | [1] | 74.90% | [1] | 61.10% | [1] | 65.90% | [1] |
Acquisition ratio | 23.90% | [2] | 24.80% | [2] | 22.70% | [2] | 25.20% | [2] |
Technical ratio | 70.20% | [3] | 99.70% | [3] | 83.80% | [3] | 91.10% | [3] |
[NonLifeMember] | [GlobalNonUsPcMember] | ' | ' | ' | ' | ||||
Segment Reporting [Line Items] | ' | ' | ' | ' | ||||
Gross premiums written | 157,000,000 | 123,000,000 | 690,000,000 | 600,000,000 | ||||
Net premiums written | 157,000,000 | 122,000,000 | 682,000,000 | 596,000,000 | ||||
Decrease (increase) in unearned premiums | 38,000,000 | 50,000,000 | -152,000,000 | -100,000,000 | ||||
Net premiums earned | 195,000,000 | 172,000,000 | 530,000,000 | 496,000,000 | ||||
Losses and loss expenses and life policy benefits | -90,000,000 | -110,000,000 | -263,000,000 | -327,000,000 | ||||
Acquisition costs | -50,000,000 | -42,000,000 | -134,000,000 | -120,000,000 | ||||
Technical result | 55,000,000 | 20,000,000 | 133,000,000 | 49,000,000 | ||||
Reinsurance Ratios [Abstract] | ' | ' | ' | ' | ||||
Loss ratio | 46.00% | [1] | 63.90% | [1] | 49.70% | [1] | 65.90% | [1] |
Acquisition ratio | 25.70% | [2] | 24.90% | [2] | 25.20% | [2] | 24.30% | [2] |
Technical ratio | 71.70% | [3] | 88.80% | [3] | 74.90% | [3] | 90.20% | [3] |
[NonLifeMember] | [GlobalSpecialtyMember] | ' | ' | ' | ' | ||||
Segment Reporting [Line Items] | ' | ' | ' | ' | ||||
Gross premiums written | 396,000,000 | 360,000,000 | 1,253,000,000 | 1,178,000,000 | ||||
Net premiums written | 389,000,000 | 354,000,000 | 1,159,000,000 | 1,098,000,000 | ||||
Decrease (increase) in unearned premiums | -7,000,000 | 9,000,000 | -68,000,000 | -64,000,000 | ||||
Net premiums earned | 382,000,000 | 363,000,000 | 1,091,000,000 | 1,034,000,000 | ||||
Losses and loss expenses and life policy benefits | -228,000,000 | -161,000,000 | -697,000,000 | -569,000,000 | ||||
Acquisition costs | -92,000,000 | -79,000,000 | -257,000,000 | -241,000,000 | ||||
Technical result | 62,000,000 | 123,000,000 | 137,000,000 | 224,000,000 | ||||
Reinsurance Ratios [Abstract] | ' | ' | ' | ' | ||||
Loss ratio | 59.80% | [1] | 44.40% | [1] | 63.90% | [1] | 55.10% | [1] |
Acquisition ratio | 24.00% | [2] | 21.70% | [2] | 23.60% | [2] | 23.30% | [2] |
Technical ratio | 83.80% | [3] | 66.10% | [3] | 87.50% | [3] | 78.40% | [3] |
[NonLifeMember] | [CatastropheSegmentMember] | ' | ' | ' | ' | ||||
Segment Reporting [Line Items] | ' | ' | ' | ' | ||||
Gross premiums written | 79,000,000 | 75,000,000 | 478,000,000 | 475,000,000 | ||||
Net premiums written | 72,000,000 | 69,000,000 | 433,000,000 | 429,000,000 | ||||
Decrease (increase) in unearned premiums | 99,000,000 | 99,000,000 | -97,000,000 | -98,000,000 | ||||
Net premiums earned | 171,000,000 | 168,000,000 | 336,000,000 | 331,000,000 | ||||
Losses and loss expenses and life policy benefits | -42,000,000 | -39,000,000 | -81,000,000 | -58,000,000 | ||||
Acquisition costs | -16,000,000 | -15,000,000 | -33,000,000 | -30,000,000 | ||||
Technical result | 113,000,000 | 114,000,000 | 222,000,000 | 243,000,000 | ||||
Reinsurance Ratios [Abstract] | ' | ' | ' | ' | ||||
Loss ratio | 24.50% | [1] | 23.30% | [1] | 24.20% | [1] | 17.40% | [1] |
Acquisition ratio | 9.00% | [2] | 8.80% | [2] | 9.70% | [2] | 9.10% | [2] |
Technical ratio | 33.50% | [3] | 32.10% | [3] | 33.90% | [3] | 26.50% | [3] |
[LifeAndHealthMember] | ' | ' | ' | ' | ||||
Segment Reporting [Line Items] | ' | ' | ' | ' | ||||
Gross premiums written | 235,000,000 | 187,000,000 | 722,000,000 | 604,000,000 | ||||
Net premiums written | 234,000,000 | 187,000,000 | 715,000,000 | 601,000,000 | ||||
Decrease (increase) in unearned premiums | 9,000,000 | 8,000,000 | -17,000,000 | -12,000,000 | ||||
Net premiums earned | 243,000,000 | 195,000,000 | 698,000,000 | 589,000,000 | ||||
Losses and loss expenses and life policy benefits | -195,000,000 | -157,000,000 | -558,000,000 | -479,000,000 | ||||
Acquisition costs | -24,000,000 | -27,000,000 | -82,000,000 | -82,000,000 | ||||
Technical result | 24,000,000 | 11,000,000 | 58,000,000 | 28,000,000 | ||||
Other income | 3,000,000 | 1,000,000 | 9,000,000 | 3,000,000 | ||||
Other operating expenses | -17,000,000 | -12,000,000 | -52,000,000 | -38,000,000 | ||||
Underwriting result | 10,000,000 | 0 | 15,000,000 | -7,000,000 | ||||
Net investment income | 15,000,000 | 15,000,000 | 45,000,000 | 49,000,000 | ||||
Allocated underwriting result | 25,000,000 | [6] | 15,000,000 | [6] | 60,000,000 | [6] | 42,000,000 | [6] |
[CorporateAndOtherMember] | ' | ' | ' | ' | ||||
Segment Reporting [Line Items] | ' | ' | ' | ' | ||||
Gross premiums written | 5,000,000 | 0 | 8,000,000 | 6,000,000 | ||||
Net premiums written | 5,000,000 | 0 | 7,000,000 | 6,000,000 | ||||
Decrease (increase) in unearned premiums | 0 | 4,000,000 | -1,000,000 | -1,000,000 | ||||
Net premiums earned | 5,000,000 | 4,000,000 | 6,000,000 | 5,000,000 | ||||
Losses and loss expenses and life policy benefits | 1,000,000 | -3,000,000 | 2,000,000 | -3,000,000 | ||||
Acquisition costs | 0 | -1,000,000 | 0 | 0 | ||||
Technical result | 6,000,000 | 0 | 8,000,000 | 2,000,000 | ||||
Other income | 0 | 1,000,000 | 1,000,000 | 3,000,000 | ||||
Other operating expenses | -29,000,000 | -25,000,000 | -128,000,000 | -74,000,000 | ||||
Net investment income | 107,000,000 | 120,000,000 | 325,000,000 | 387,000,000 | ||||
Net realized and unrealized investment gains (losses) | 16,000,000 | 257,000,000 | -260,000,000 | 488,000,000 | ||||
Interest expense | -12,000,000 | -12,000,000 | -37,000,000 | -37,000,000 | ||||
Amortization of intangible assets | -7,000,000 | -9,000,000 | -21,000,000 | -27,000,000 | ||||
Net foreign exchange losses (gains) | 1,000,000 | 2,000,000 | 10,000,000 | -3,000,000 | ||||
Income tax expense | -70,000,000 | -64,000,000 | -37,000,000 | -181,000,000 | ||||
Interest in earnings of equity investments | $6,000,000 | $5,000,000 | $10,000,000 | $9,000,000 | ||||
[1] | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. | |||||||
[2] | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. | |||||||
[3] | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. | |||||||
[4] | Other operating expense ratio is obtained by dividing other operating expenses by net premiums earned. | |||||||
[5] | Combined ratio is defined as the sum of the technical ratio and the other operating expense ratio. | |||||||
[6] | Allocated underwriting result is defined as net premiums earned, other income or loss and allocated net investment income less life policy benefits, acquisition costs and other operating expenses. |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | [SubsequentEventMember] | [SubsequentEventMember] | ||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Other invested assets | $268,097 | $333,361 | $105,000 | $36,000 |
Subsequent Events Date | ' | ' | 30-Oct-13 | ' |