Allied World Assurance 10-Q 21 Oct 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 12, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	Allied World Assurance Co Holdings, AG
Entity Central Index Key	1,163,348
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		90,911,888

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS:
Fixed maturity investments trading, at fair value (amortized cost: 2015: $6,555,748; 2014: $6,035,240)	$ 6,546,993	$ 6,069,010
Equity securities trading, at fair value (cost: 2015: $668,061; 2014: $791,206)	663,390	844,163
Other invested assets	969,427	955,509
Total investments	8,179,810	7,868,682
Cash and cash equivalents	603,810	589,339
Restricted cash	159,863	80,971
Insurance balances receivable	905,401	664,815
Funds held	443,670	724,021
Prepaid reinsurance	387,269	360,732
Reinsurance recoverable	1,449,832	1,340,256
Reinsurance recoverable on paid losses	117,110	86,075
Accrued investment income	32,673	28,456
Net deferred acquisition costs	201,313	151,546
Goodwill	354,781	278,258
Intangible assets	130,612	46,298
Balances receivable on sale of investments	29,461	47,149
Net deferred tax assets	27,268	33,615
Other assets	174,706	121,350
Total assets	13,197,579	12,421,563
LIABILITIES:
Reserve for losses and loss expenses	6,436,579	5,881,165
Unearned premiums	1,835,527	1,555,313
Reinsurance balances payable	260,225	180,060
Balances due on purchases of investments	108,337	5,428
Senior notes	799,043	798,802
Other long-term debt	23,328	19,213
Dividends payable	23,637	21,669
Accounts payable and accrued liabilities	155,498	181,622
Total liabilities	9,642,174	8,643,272
SHAREHOLDERS’ EQUITY:
Common shares: 2015 and 2014: par value CHF 4.10 per share (2015: 95,523,230; 2014: 100,775,256 shares issued and 2015: 90,911,888; 2014: 96,195,482 shares outstanding)	386,702	408,020
Treasury shares, at cost (2015: 4,611,342; 2014: 4,579,774)	(156,281)	(143,075)
Accumulated other comprehensive loss	(4,265)	0
Retained earnings	3,329,249	3,513,346
Total shareholders’ equity	3,555,405	3,778,291
Total liabilities and shareholders’ equity	$ 13,197,579	$ 12,421,563

Unaudited Condensed Consolidat3

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands	Sep. 30, 2015USD ($)shares	Dec. 31, 2014USD ($)shares
Fixed maturity investments trading, amortized cost | $	$ 6,555,748	$ 6,035,240
Equity securities trading - cost | $	$ 668,061	$ 791,206
Common stock, shares issued	95,523,230	100,775,256
Common stock, shares outstanding	90,911,888	96,195,482
Treasury stock (shares)	4,611,342	4,579,774

Unaudited Condensed Consolidat4

Unaudited Condensed Consolidated Statements Of Operations And Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUES:
Gross premiums written	$ 754,062	$ 707,884	$ 2,460,646	$ 2,369,682
Premiums ceded	(147,070)	(139,142)	(477,457)	(475,402)
Net premiums written	606,992	568,742	1,983,189	1,894,280
Change in unearned premiums	43,661	(27,005)	(117,612)	(285,011)
Net premiums earned	650,653	541,737	1,865,577	1,609,269
Net investment income	45,667	43,412	132,978	127,824
Net realized investment (losses) gains	(113,626)	(35,136)	(88,783)	104,286
Other income	735	1,032	2,513	1,032
Total revenues	583,429	551,045	1,912,285	1,842,411
EXPENSES:
Net losses and loss expenses	416,881	336,090	1,173,578	926,231
Acquisition costs	100,101	72,403	279,418	214,404
General and administrative expenses	105,798	88,294	311,299	264,822
Other expense	1,245	6,575	4,303	6,575
Amortization of intangible assets	2,639	633	6,091	1,900
Interest expense	14,469	14,325	43,272	43,451
Foreign exchange (gain) loss	(793)	278	10,369	978
Total expenses	640,340	518,598	1,828,330	1,458,361
(Loss) income before income taxes	(56,911)	32,447	83,955	384,050
Income tax (benefit) expense	(5,281)	1,532	1,771	24,300
NET (LOSS) INCOME	(51,630)	30,915	82,184	359,750
Other comprehensive loss: foreign currency translation adjustment, net of tax	(993)	0	(4,265)	0
COMPREHENSIVE (LOSS) INCOME	$ (52,623)	$ 30,915	$ 77,919	$ 359,750
PER SHARE DATA
Basic (loss) earnings per share	$ (0.57)	$ 0.32	$ 0.88	$ 3.67
Diluted (loss) earnings per share	$ (0.57)	$ 0.31	$ 0.87	$ 3.60
Weighted average common shares outstanding	90,882,511	96,458,231	93,068,088	97,926,378
Weighted average common shares and common share equivalents outstanding	90,882,511	98,444,238	94,724,980	99,965,296
Dividends paid per share	$ 0.260	$ 0.225	$ 0.710	$ 0.559

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands	Total	Common shares	Treasury shares	Accumulated Other Comprehensive Loss	Retained earnings
Balance, at beginning of period at Dec. 31, 2013	$ 3,519,826	$ 418,988	$ (79,992)		$ 3,180,830
Net income	359,750				359,750
Dividends	(60,017)				(60,017)
Stock compensation	18,568		17,235		1,333
Share repurchases	(164,528)		(164,528)
Shares cancelled	0	(10,998)	92,652		(81,654)
Balance, at end of period at Sep. 30, 2014	3,673,599	407,990	(134,633)		3,400,242
Balance, at beginning of period at Dec. 31, 2014	3,778,291	408,020	(143,075)		3,513,346
Net income	82,184				82,184
Dividends	(68,751)				(68,751)
Stock compensation	13,247		18,363		(5,116)
Share repurchases	(245,301)		(245,301)
Shares cancelled	0	(21,318)	213,732		(192,414)
Foreign currency translation adjustment	(4,265)			$ (4,265)
Balance, at end of period at Sep. 30, 2015	$ 3,555,405	$ 386,702	$ (156,281)	$ (4,265)	$ 3,329,249

Unaudited Condensed Consolidat6

Unaudited Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net income	$ 82,184	$ 359,750
Adjustments to reconcile net income to cash provided by operating activities:
Net realized gains on sales of investments	(41,185)	(118,640)
Mark to market adjustments	112,421	(5,634)
Stock compensation expense	11,805	10,822
Undistributed loss of equity method investments	19,244	10,452
Changes in:
Reserve for losses and loss expenses, net of reinsurance recoverables	188,835	171,229
Unearned premiums, net of prepaid reinsurance	113,380	285,012
Insurance balances receivable	(123,175)	(256,993)
Funds held	280,351	226,727
Reinsurance balances payable	40,354	30,405
Reinsurance recoverable on paid losses	(31,035)	(3,634)
Net deferred acquisition costs	(10,901)	(45,166)
Net deferred tax assets	(10,141)	(3,511)
Accounts payable and accrued liabilities	(39,046)	4,473
Other items, net	(1,705)	4,441
Net cash provided by operating activities	591,386	669,733
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of trading securities	(3,962,283)	(5,608,594)
Purchases of other invested assets	(110,851)	(242,227)
Sales of trading securities	3,888,416	5,500,176
Sales of other invested assets	160,253	243,123
Purchases of fixed assets	(23,798)	(14,490)
Change in restricted cash	(78,892)	(29,565)
Net cash paid for acquisitions	(141,503)	(2,565)
Net cash used in investing activities	(268,658)	(154,142)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Dividends paid	(66,784)	(55,064)
Proceeds from the exercise of stock options	9,184	7,640
Share repurchases	(246,443)	(166,207)
Proceeds from other long-term debt	4,003	0
Repayment of other long-term debt	(154)	0
Net cash used in financing activities	(300,194)	(213,631)
Effect of exchange rate changes on foreign currency cash	(8,063)	(2,626)
NET INCREASE IN CASH AND CASH EQUIVALENTS	14,471	299,334
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	589,339	531,936
CASH AND CASH EQUIVALENTS, END OF PERIOD	603,810	831,270
Supplemental disclosure of cash flow information:
Cash paid for income taxes	2,213	18,052
Cash paid for interest expense	$ 45,750	$ 45,750

General

General	9 Months Ended
	Sep. 30, 2015
General [Abstract]
General	GENERAL Allied World Assurance Company Holdings, AG, a Swiss holding company (“Allied World Switzerland”), through its wholly-owned subsidiaries (collectively, the “Company”), provides property and casualty insurance and reinsurance on a worldwide basis. References to “$” are to the lawful currency of the United States and to “CHF” are to the lawful currency of Switzerland. During the fourth quarter of 2014, the Company reorganized how it manages its business, and as a result it realigned its executive management team and changed its reportable segments to correspond to the reorganization. The Company's Bermuda insurance operations, except for the trade credit line of business, which had previously been included in the international insurance segment, was combined with the U.S. insurance segment, with the new segment renamed the “North American Insurance” segment. The remaining direct insurance operations of the international insurance segment were renamed the “Global Markets Insurance” segment. The Reinsurance segment remained unchanged. The newly created segments are included in Note 12 and prior periods have been recast to conform to the new presentation.

Basis of Preparation and Consol

Basis of Preparation and Consolidation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation and Consolidation	BASIS OF PREPARATION AND CONSOLIDATION These unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments that are normal and recurring in nature and necessary for a fair presentation of financial position and results of operations as of the end of and for the periods presented. The results of operations for any interim period are not necessarily indicative of the results for a full year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates reflected in the Company’s financial statements, include, but are not limited to: • The premium estimates for certain reinsurance agreements, • Recoverability of deferred acquisition costs, • The reserve for outstanding losses and loss expenses, • Valuation of ceded reinsurance recoverables, • Determination of impairment of goodwill and other intangible assets, and • Valuation of financial instruments. Intercompany accounts and transactions have been eliminated on consolidation and all entities meeting consolidation requirements have been included in the unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements, including these notes, should be read in conjunction with the Company’s audited consolidated financial statements, and related notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 .

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers" (“ASU 2014-09”). ASU 2014-09 provides a framework, through a five-step process, for recognizing revenue from customers, improves comparability and consistency of recognizing revenue across entities, industries, jurisdictions and capital markets, and requires enhanced disclosures. Certain contracts with customers are specifically excluded from the scope of ASU 2014-09, including, among others, insurance contracts accounted for under Accounting Standard Codification 944, Financial Services - Insurance . With the issuance of ASU 2015-14, this standard will be effective on January 1, 2018 with retrospective adoption required for the comparative periods. The Company is currently assessing the impact the adoption of ASU 2014-09 will have on future financial statements and related disclosures. In February 2015, the FASB issued Accounting Standards Update 2015-02, “Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 amends certain aspects of the consolidation guidance in U.S. GAAP. In particular, it will modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities and also eliminates the presumption that a general partner should consolidate a limited partnership, if certain conditions are met. The new guidance will also affect the consolidation analysis of the Company's interests in VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective on January 1, 2016 and adoption is required retrospectively either through a modified retrospective approach by recording a cumulative-effect adjustment to shareholders' equity as of the beginning of the year of adoption or retrospectively for all comparative periods. The Company has determined that the adoption of ASU 2015-02 will result in several of its limited partnership interests meeting the criteria of being considered VIEs. None of the limited partnership interests that will be considered VIE's will be consolidated as the Company is not considered the primary beneficiary. As a result, the Company does not expect any financial statement impact due to the adoption of ASU 2015-02 other than additional disclosures related to the Company's interests in VIEs. In May 2015, the FASB issued Accounting Standards Update 2015-07, “Fair Value Measurements (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)” (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy investments for which fair value is measured using the net asset value per share practical expedient. The Company has applied the net asset value per share practical expedient to all of its private equity and hedge funds in determining fair value. The Company early adopted ASU 2015-07 during the quarter ended June 30, 2015, and as a result removed the fair value category for its investments that are measured using the net asset value per share practical expedient that is disclosed in Note 7. In May 2015, the FASB issued Accounting Standards Update 2015-09, “Financial Services - Insurance (Topic 944): Disclosures about Short-Duration Contracts” (“ASU 2015-09”). ASU 2015-09 provides enhanced disclosures, on an annual basis, related to the reserve for losses and loss expenses. The enhanced disclosures required by ASU 2015-09 include (1) net incurred and paid claims development information by accident year, (2) a reconciliation of incurred and paid claims development information to the aggregate carrying amount of the reserve for losses and loss expenses, (3) for each accident year presented of incurred claims development information, the total of reserves for incurred but not reported (IBNR), including expected development on reported claims, included in the reserve for losses and loss expenses and a description of the reserving methodologies and changes to the reserving methodologies, and (4) for each accident year presented of incurred claims development information, quantitative information about claims frequency, as well as a description of methodologies used for determining claim frequency information. ASU 2015-09 is effective for annual periods beginning after December 15, 2015, and as such the disclosures will first be presented in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. The Company is currently assessing the impact the adoption of ASU 2015-09 will have on future disclosures. In September 2015, the FASB issued Accounting Standards Update 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” (“ASU 2015-16”). ASU 2015-16 requires an acquirer in a business combination to recognize adjustments to the provisional amounts identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer is also required to either present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amounts recorded in the current-period earnings by line item that would have been recorded in previous periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Under current U.S. GAAP, the acquirer is required to retrospectively adjust provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. ASU 2015-16 is effective for annual periods beginning after December 31, 2015, with early application permitted, and shall apply to adjustments to provisional amounts that occur after the effective date. The Company is currently assessing the impact the adoption of ASU 2014-09 will have on future financial statements and related disclosures.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS a) Hong Kong and Singapore Branches of Royal & Sun Alliance Insurance plc On April 1, 2015, the Company completed its acquisitions of certain assets and assumed certain liabilities of the Hong Kong and Singapore operations of Royal & Sun Alliance Insurance plc (“RSA”) to further expand its international insurance operations. The assets acquired and liabilities assumed constituted a business, and as such the Company accounted for the acquisitions of the RSA branches under the acquisition method in accordance with U.S. GAAP. The initial cash consideration for the branches was $193,889 . There were post-closing adjustments based on the net asset value of the acquired branches at the date of acquisitions that resulted in a decrease in the initial consideration of $31,160 . The post-closing adjustments are still being agreed upon with RSA and as such the assets acquired and liabilities assumed are still preliminary and will be adjusted during the measurement period. In addition, completion of the valuation of the assets acquired and liabilities assumed is currently in process and will be finalized during the measurement period. To date, the Company has incurred a total of $8,948 in acquisition related expenses, mostly related to advisory, legal and valuation services rendered, which were recorded in “other expense” in the unaudited condensed consolidated statements of operations and comprehensive income (“consolidated income statements”). The following table summarizes the consideration paid for the Hong Kong and Singapore branches of RSA and the preliminary amounts of the assets acquired and liabilities assumed at the acquisition date. Consideration: Fair Value Cash for initial consideration $ 193,889 Receivable for post-closing adjustments (31,160 ) Fair value of consideration transferred 162,729 Recognized amounts of identifiable assets acquired and liabilities assumed: Fixed maturity investments 245,997 Cash and cash equivalents 46,853 Insurance balances receivable 113,922 Prepaid reinsurance 17,491 Reinsurance recoverable 57,350 Value of business acquired 37,104 Intangible assets 90,600 Other assets 10,041 Reserve for losses and loss expenses (310,198 ) Unearned premiums (150,530 ) Reinsurance balances payable (35,734 ) Net deferred tax liabilities (16,488 ) Accounts payable and accrued liabilities (19,918 ) Total identifiable net assets acquired 86,490 Goodwill 76,239 Total net assets acquired $ 162,729 Of the $76,239 of goodwill acquired, $52,427 and $23,812 related to the Singapore and Hong Kong branches, respectively. All of the goodwill has been allocated to the Global Markets Insurance segment as all of the results of the international insurance operations are included in that segment and the expected synergies from these acquisitions are to be realized in that segment. The Company recognized identifiable finite lived intangible assets, including an intangible asset for the value of businesses acquired (“VOBA”), which will be amortized over a weighted average period of 12 years . The following is a breakdown of the intangible assets acquired. Singapore Branch Estimated Useful Life Hong Kong Branch Estimated Useful Life Total VOBA $ 19,845 2 years $ 17,259 1.5 years $ 37,104 Customer renewals 8,600 4 years 6,800 7 years 15,400 Distribution channels 48,500 18 years 26,700 18 years 75,200 $ 76,945 $ 50,759 $ 127,704 The following is an explanation of identifiable finite lived intangible assets acquired: • VOBA: Represents the difference between the expected future losses and expenses and the associated unearned premium reserve. This intangible asset will be amortized consistent with how the associated unearned premiums will be earned and will be recorded in “acquisition costs” in the consolidated income statements. • Customer renewals: The value of inforce policies renewing taking into consideration the net cash flows generated from these renewals. The amortization expense for this intangible asset will be recorded in “amortization of intangible assets” in the consolidated income statements. • Distribution channels: The value of access to contractual and non-contractual relationships (e.g., brokers and affinity relationships) taking into consideration the net cash flows generated from these relationships. The amortization expense for this intangible asset will be recorded in “amortization of intangible assets” in the consolidated income statements. The following summarizes the results of the Hong Kong and Singapore branches that have been included in the Company’s consolidated income statement since the acquisitions closed on April 1, 2015. From April 1, 2015 to September 30, 2015 Total revenue $ 103,265 Net loss $ (14,788 ) The following unaudited pro forma information presents the combined results of the Company and the acquired Hong Kong and Singapore RSA branches for the nine months ended September 30, 2015 and 2014, with pro forma adjustments related to the acquisition method of accounting as if the acquisitions had been consummated as of January 1, 2014, which is the beginning of the earliest period presented. This unaudited pro forma information is not necessarily indicative of what would have occurred had the acquisitions and related transactions been made on the dates indicated, or of future results of the Company. Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Total revenue $ 1,960,185 $ 2,010,308 Net income $ 70,633 $ 362,143 b) Acquisition of Labuan branch of RSA On April 30, 2015, the Company also acquired the assets and assumed the liabilities of the Labuan operations of RSA for consideration of one British pound sterling. The Company recorded goodwill of $1,396 related to this acquisition. The goodwill has been allocated to the Global Markets Insurance segment. c) Acquisition of Latin American Underwriters Holdings, Ltd. In January 2015, the Company acquired Latin American Underwriters Holdings Ltd. (“LAU”) for cash consideration of $5,105 . LAU had previously underwritten trade credit insurance and political risk coverages solely for the Company since 2010. As part of the acquisition, the Company recorded goodwill of $2,467 and customer relationship intangibles of $3,610 , which have a five -year useful life. The goodwill has been allocated to the Global Markets Insurance segment. The Company also recorded $1,000 of contingent consideration related to certain earn-out payments. During the three months ended September 30, 2015, it was determined that LAU will not achieve any of the earn-out payments. As a result, the Company reduced the fair value of the contingent consideration to zero with the corresponding gain recorded as a reduction in “general and administrative expenses” in the consolidated income statements.

Investments

Investments	9 Months Ended
	Sep. 30, 2015
Investments [Abstract]
Investments	INVESTMENTS a) Trading Securities Securities accounted for at fair value with changes in fair value recognized in the consolidated income statements by category are as follows: September 30, 2015 December 31, 2014 Fair Value Amortized Cost Fair Value Amortized Cost U.S. government and government agencies $ 1,287,749 $ 1,283,085 $ 1,610,502 $ 1,610,880 Non-U.S. government and government agencies 427,096 449,572 188,199 196,332 States, municipalities and political subdivisions 422,007 410,052 170,567 165,615 Corporate debt: Financial institutions 1,052,636 1,049,451 1,024,667 1,018,777 Industrials 1,256,975 1,276,413 1,029,729 1,037,820 Utilities 118,167 120,856 110,997 111,599 Mortgage-backed 1,302,678 1,273,349 1,263,517 1,219,712 Asset-backed 679,685 692,970 670,832 674,505 Total fixed maturity investments $ 6,546,993 $ 6,555,748 $ 6,069,010 $ 6,035,240 September 30, 2015 December 31, 2014 Fair Value Original Cost Fair Value Original Cost Equity securities $ 663,390 $ 668,061 $ 844,163 $ 791,206 Other invested assets 845,167 762,792 812,543 725,069 $ 1,508,557 $ 1,430,853 $ 1,656,706 $ 1,516,275 Other invested assets, included in the table above, include investments in private equity funds, hedge funds and a high yield loan fund that are accounted for at fair value, but excludes other private securities described below in Note 5(b) that are accounted for using the equity method of accounting. b) Other Invested Assets Details regarding the carrying value, redemption characteristics and unfunded investment commitments of the other invested assets portfolio as of September 30, 2015 and December 31, 2014 were as follows: Investment Type Carrying Value as of September 30, 2015 Investments Estimated Investments Redemption (1) Redemption (1) Unfunded Private equity $ 221,862 $ 221,862 2 - 8 Years $ — $ 251,874 Mezzanine debt 194,512 194,512 5 - 9 Years — 166,476 Distressed 5,845 5,845 3 Years — 5,591 Real estate — — 9 Years — 200,000 Total private equity 422,219 422,219 — 623,941 Distressed 216,993 47,775 2 Years 169,218 Monthly 60 Days — Equity long/short 58,655 — 58,655 Quarterly 45 Days — Relative value credit 119,100 — 119,100 Quarterly 60 Days — Total hedge funds 394,748 47,775 346,973 — High yield loan fund 28,200 — 28,200 Monthly 30 Days — Total other invested assets at fair value 845,167 469,994 375,173 623,941 Other private securities 124,260 — 124,260 — Total other invested assets $ 969,427 $ 469,994 $ 499,433 $ 623,941 Investment Type Carrying Value as of December 31, 2014 Investments Estimated Investments Redemption (1) Redemption (1) Unfunded Private equity $ 184,576 $ 184,576 2 - 8 Years $ — $ 223,802 Mezzanine debt 166,905 166,905 5 - 9 Years — 204,232 Distressed 5,869 5,869 3 Years — 5,180 Real estate — — 9 Years — 50,000 Total private equity 357,350 357,350 — 483,214 Distressed 170,169 170,169 — Based on net asset value 60 Days — Equity long/short 84,198 — 84,198 Quarterly 30 - 60 Days — Multi-strategy 51,507 — 51,507 Quarterly 45 - 90 Days — Relative value credit 119,156 — 119,156 Quarterly 60 Days — Total hedge funds 425,030 170,169 254,861 — High yield loan fund 30,163 — 30,163 Monthly 30 Days — Total other invested assets at fair value 812,543 527,519 285,024 483,214 Other private securities 142,966 — 142,966 — Total other invested assets $ 955,509 $ 527,519 $ 427,990 $ 483,214 (1) The redemption frequency and notice periods only apply to the investments without redemption restrictions. Some or all of these investments may be subject to a gate as described below. In general, the Company has invested in hedge funds that require at least 30 days’ notice of redemption and may be redeemed on a monthly, quarterly, semi-annual, annual or longer basis, depending on the fund. Certain hedge funds have lock-up periods ranging from one to three years from initial investment. A lock-up period refers to the initial amount of time an investor is contractually required to invest before having the ability to redeem. Funds that provide for periodic redemptions may, depending on the funds’ governing documents, have the ability to deny or delay a redemption request, called a “gate.” The fund may implement this restriction because the aggregate amount of redemption requests as of a particular date exceeds a specified level, generally ranging from 15% to 25% of the fund’s net assets. The gate is a method for executing an orderly redemption process to reduce the possibility of adversely affecting investors in the fund. Typically, the imposition of a gate delays a portion of the requested redemption, with the remaining portion settled in cash sometime after the redemption date. Certain funds may impose a redemption fee on early redemptions. Interests in private equity funds cannot be redeemed because the investments include restrictions that do not allow for redemption until termination of the fund. The following describes each investment type: • Private equity funds: Primary funds may invest in companies and general partnership interests. Secondary funds buy limited partnership interests from existing limited partners of primary private equity funds. As owners of private equity funds seek liquidity, they can sell their existing investments, plus any remaining commitment, to secondary market participants. These funds cannot be redeemed because the investments include restrictions that do not allow for redemption until termination of the fund. • Mezzanine debt funds: Mezzanine debt funds primarily focus on providing capital to upper middle market and middle market companies and private equity sponsors, in connection with leveraged buyouts, mergers and acquisitions, recapitalizations, growth financings and other corporate transactions. The most common position in the capital structure will be between the senior secured debt holder and the equity; however, the funds will utilize a flexible approach when structuring investments, which may include secured debt, subordinated debt, preferred stock and/or private equity. These funds cannot be redeemed because the investments include restrictions that do not allow for redemption until termination of the fund. • Distressed funds: In distressed debt investing, managers take positions in the debt of companies experiencing significant financial difficulties, including bankruptcy, or in certain positions of the capital structure of structured securities. The manager relies on the fundamental analysis of these securities, including the claims on the assets and the likely return to bondholders. Certain funds cannot be redeemed because the investments include restrictions that do not allow for redemption until termination of the fund. • Real estate funds: Private real estate funds invest directly in, and lend to commercial real estate (multifamily units, industrial buildings, office spaces and retail stores) and some residential property. Real estate managers have diversified portfolios that generally follow core, core-plus, value-added, opportunistic or real estate debt strategies. These funds cannot be redeemed because the investments include restrictions that do not allow for redemption until termination of the fund. • Equity long/short funds: In equity long/short funds, managers take long positions in companies they deem to be undervalued and short positions in companies they deem to be overvalued. Long/short managers may invest in countries, regions or sectors and vary by their use of leverage and by their targeted net long position. • Relative value credit funds: These funds seek to take exposure to credit-sensitive securities, long and/or short, based upon credit analysis of issuers and securities and credit market views. • Multi-strategy funds: These funds may utilize many strategies employed by specialized funds, including distressed investing, equity long/short, merger arbitrage, convertible arbitrage, fixed income arbitrage and macro trading. • High yield loan fund: A long-only private mutual fund that invests in high yield fixed income securities. • Other private securities: These securities include strategic non-controlling minority investments in private asset management companies and other insurance related investments that are accounted for using the equity method of accounting. c) Net Investment Income Three Months Ended Nine Months Ended 2015 2014 2015 2014 Fixed maturity investments $ 42,801 $ 38,762 $ 120,264 $ 110,998 Equity securities 3,115 3,711 11,540 12,876 Other invested assets: hedge funds and private equity 3,342 2,249 16,305 8,767 Other invested assets: other private securities 1,804 3,292 (1,119 ) 7,291 Cash and cash equivalents 277 552 1,178 1,562 Expenses (5,672 ) (5,154 ) (15,190 ) (13,670 ) Net investment income $ 45,667 $ 43,412 $ 132,978 $ 127,824 The loss from other invested assets: other private securities for the nine months ended September 30, 2015 included an other-than-temporary impairment of $6,261 related to one of the Company's equity method investments. The Company recorded the other-than-temporary impairment as the fair value of this investment was below its carrying value. d) Components of Realized Gains and Losses Three Months Ended Nine Months Ended 2015 2014 2015 2014 Gross realized gains on sale of invested assets $ 18,694 $ 28,773 $ 100,060 $ 146,780 Gross realized losses on sale of invested assets (34,735 ) (9,955 ) (57,798 ) (26,228 ) Net realized and unrealized (losses) gains on derivatives (19,905 ) 2,171 (17,616 ) (24,469 ) Mark-to-market (losses) gains: Fixed maturity investments, trading (15,270 ) (40,843 ) (42,441 ) 18,039 Equity securities, trading (62,853 ) (8,479 ) (57,761 ) (8,768 ) Other invested assets, trading 443 (6,803 ) (13,227 ) (1,068 ) Net realized investment (losses) gains $ (113,626 ) $ (35,136 ) $ (88,783 ) $ 104,286 e) Pledged Assets As of September 30, 2015 and December 31, 2014 , $2,975,115 and $3,585,792 , respectively, of cash and cash equivalents and investments were deposited, pledged or held in trust accounts in favor of ceding companies and other counterparties or government authorities to comply with reinsurance contract provisions, insurance laws and other contract provisions. In addition, as of September 30, 2015 and December 31, 2014 , a further $570,363 and $571,750 , respectively, of cash and cash equivalents and investments were pledged as collateral for the Company’s letter of credit facilities. See Note 10(f) to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for details on the Company’s credit facilities.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	DERIVATIVE INSTRUMENTS As of September 30, 2015 and December 31, 2014 , none of the Company’s derivatives were designated as hedges for accounting purposes. The following table summarizes information on the location and amounts of derivative fair values on the unaudited condensed consolidated balance sheets (“consolidated balance sheets”): September 30, 2015 December 31, 2014 Asset Derivative Notional Amount Asset Derivative Fair Value Liability Derivative Notional Amount Liability Derivative Fair Value Asset Derivative Notional Amount Asset Derivative Fair Value Liability Derivative Notional Amount Liability Derivative Fair Value Foreign exchange contracts $ 4,331 $ 28 $ 890 $ 9 $ 33,875 $ 1,274 $ 167,376 $ 991 Interest rate swaps 547,000 330 — — — — 571,500 683 Total derivatives $ 551,331 $ 358 $ 890 $ 9 $ 33,875 $ 1,274 $ 738,876 $ 1,674 Derivative assets and derivative liabilities are classified within “other assets” or “accounts payable and accrued liabilities” on the consolidated balance sheets. The following table provides the net realized and unrealized gains (losses) on derivatives not designated as hedges recorded on the consolidated income statements: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Foreign exchange contracts $ 183 $ 1,886 $ (5,975 ) $ (580 ) Total included in foreign exchange loss 183 1,886 (5,975 ) (580 ) Foreign exchange contracts 134 1,701 928 857 Interest rate futures and swaps (20,039 ) 470 (18,544 ) (25,326 ) Total included in net realized investment gains (losses) (19,905 ) 2,171 (17,616 ) (24,469 ) Total realized and unrealized gains (losses) on derivatives $ (19,722 ) $ 4,057 $ (23,591 ) $ (25,049 ) Derivative Instruments Not Designated as Hedging Instruments The Company is exposed to foreign currency risk in its investment portfolio. Accordingly, the fair values of the Company’s investment portfolio are partially influenced by the change in foreign exchange rates. These foreign currency hedging activities have not been designated as specific hedges for financial reporting purposes. The Company’s insurance and reinsurance subsidiaries and branches operate in various foreign countries and consequently the Company’s underwriting portfolio is exposed to foreign currency risk. The Company manages foreign currency risk by seeking to match liabilities under the insurance policies and reinsurance contracts that it writes and that are payable in foreign currencies with cash and investments that are denominated in such currencies. When necessary, the Company may also use derivatives to economically hedge un-matched foreign currency exposures, specifically forward contracts and currency options. The Company also purchases and sells interest rate future and interest rate swap contracts to actively manage the duration and yield curve positioning of its fixed income portfolio. Interest rate futures and interest rate swaps can efficiently increase or decrease the overall duration of the portfolio. Additionally, interest rate future and interest rate swap contracts can be utilized to obtain the desired position along the yield curve in order to protect against certain future yield curve shapes. The Company also purchases options to actively manage its equity portfolio.

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTS In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon whether the inputs to the valuation of an asset or liability are observable or unobservable in the market at the measurement date, with quoted market prices being the highest level (Level 1) and unobservable inputs being the lowest level (Level 3). A fair value measurement will fall within the level of the hierarchy based on the input that is significant to determining such measurement. The three levels are defined as follows: • Level 1 : Observable inputs to the valuation methodology that are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 : Observable inputs to the valuation methodology other than quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets in markets that are not active and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 : Inputs to the valuation methodology that are unobservable for the asset or liability. The following table shows the fair value of the Company’s financial instruments and where in the fair value hierarchy the fair value measurements are included as of the dates indicated below: September 30, 2015 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 ASSETS: Fixed maturity investments: U.S. government and government agencies $ 1,287,748 $ 1,287,748 $ 1,225,745 $ 62,003 $ — Non-U.S. government and government agencies 427,096 427,096 — 427,096 — States, municipalities and political subdivisions 422,007 422,007 — 422,007 — Corporate debt 2,427,779 2,427,779 — 2,427,779 — Mortgage-backed 1,302,678 1,302,678 — 1,199,013 103,665 Asset-backed 679,685 679,685 — 622,131 57,554 Total fixed maturity investments 6,546,993 6,546,993 1,225,745 5,160,029 161,219 Equity securities 663,390 663,390 636,576 — 26,814 Other invested assets (1) 845,167 845,167 — — — Total investments $ 8,055,550 $ 8,055,550 $ 1,862,321 $ 5,160,029 $ 188,033 Derivative assets: Foreign exchange contracts $ 28 $ 28 $ — $ 28 $ — Interest rate swaps 330 330 — 330 — LIABILITIES: Derivative liabilities: Foreign exchange contracts $ 9 $ 9 $ — $ 9 $ — Senior notes $ 799,043 $ 859,307 $ — $ 859,307 $ — Other long-term debt $ 23,328 $ 28,112 $ — $ 28,112 $ — December 31, 2014 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 ASSETS: Fixed maturity investments: U.S. government and government agencies $ 1,610,502 $ 1,610,502 $ 1,499,347 $ 111,155 $ — Non-U.S. government and government agencies 188,199 188,199 — 188,199 — States, municipalities and political subdivisions 170,567 170,567 — 170,567 — Corporate debt 2,165,393 2,165,393 — 2,165,393 — Mortgage-backed 1,263,517 1,263,517 — 1,081,734 181,783 Asset-backed 670,832 670,832 — 615,419 55,413 Total fixed maturity investments 6,069,010 6,069,010 1,499,347 4,332,467 237,196 Equity securities 844,163 844,163 800,833 — 43,330 Other invested assets (1) 812,543 812,543 — — — Total investments $ 7,725,716 $ 7,725,716 $ 2,300,180 $ 4,332,467 $ 280,526 Derivative assets: Foreign exchange contracts $ 1,274 $ 1,274 $ — $ 1,274 $ — LIABILITIES: Derivative liabilities: Foreign exchange contracts $ 991 $ 991 $ — $ 991 $ — Interest rate swaps $ 683 $ 683 $ — $ 683 $ — Senior notes $ 798,802 $ 879,317 $ — $ 879,317 $ — Other long-term debt $ 19,213 $ 22,583 $ — $ 22,583 $ — (1) In accordance with U.S. GAAP, other invested assets, excluding other private securities, are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. The following describes the valuation techniques used by the Company to determine the fair value of financial instruments held as of the balance sheet date. Recurring Fair Value of Financial Instruments U.S. government and government agencies: Comprised primarily of bonds issued by the U.S. Treasury, the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association. The fair values of the Company’s U.S. government securities are based on quoted market prices in active markets and are included in the Level 1 fair value hierarchy. The Company believes the market for U.S. Treasury securities is an actively traded market given the high level of daily trading volume. The fair values of U.S. government agency securities are priced using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads for these securities are observable market inputs, the fair values of U.S. government agency securities are included in the Level 2 fair value hierarchy. Non-U.S. government and government agencies: Comprised of fixed income obligations of non-U.S. governmental entities. The fair values of these securities are based on prices obtained from international indices and are included in the Level 2 fair value hierarchy. States, municipalities and political subdivisions: Comprised of fixed income obligations of U.S.-domiciled state and municipality entities. The fair values of these securities are based on prices obtained from the new issue market, and are included in the Level 2 fair value hierarchy. Corporate debt: Comprised of bonds issued by or loan obligations of corporations that are diversified across a wide range of issuers and industries. The fair values of corporate debt that are short-term are priced using spread above the LIBOR yield curve, and the fair values of corporate debt that are long-term are priced using the spread above the risk-free yield curve. The spreads are sourced from broker-dealers, trade prices and the new issue market. As the significant inputs used to price corporate bonds are observable market inputs, the fair values of corporate debt are included in the Level 2 fair value hierarchy. Mortgage-backed: Primarily comprised of residential and commercial mortgages originated by both U.S. government agencies (such as the Federal National Mortgage Association) and non-U.S. government agencies. The fair values of mortgage-backed securities originated by U.S. government agencies and non-U.S. government agencies are based on a pricing model that incorporates prepayment speeds and spreads to determine the appropriate average life of mortgage-backed securities. The spreads are sourced from broker-dealers, trade prices and the new issue market. As the significant inputs used to price the mortgage-backed securities are observable market inputs, the fair values of these securities are included in the Level 2 fair value hierarchy, unless the significant inputs used to price the mortgage-backed securities are broker-dealer quotes and the Company is not able to determine if those quotes are based on observable market inputs, in which case the fair value is included in the Level 3 hierarchy. Asset-backed: Principally comprised of bonds backed by pools of automobile loan receivables, home equity loans, credit card receivables and collateralized loan obligations originated by a variety of financial institutions. The fair values of asset-backed securities are priced using prepayment speed and spread inputs that are sourced from the new issue market or broker-dealer quotes. As the significant inputs used to price the asset-backed securities are observable market inputs, the fair values of these securities are included in the Level 2 fair value hierarchy, unless the significant inputs used to price the asset-backed securities are broker-dealer quotes and the Company is not able to determine if those quotes are based on observable market inputs, in which case the fair value is included in the Level 3 hierarchy. Equity securities: Comprised of common and preferred stocks and mutual funds. Equities are generally included in the Level 1 fair value hierarchy as prices are obtained from market exchanges in active markets. Non-U.S. mutual funds where the net asset value is not provided on a daily basis are included in the Level 3 fair value hierarchy. Other invested assets: Comprised of funds invested in a range of diversified strategies. In accordance with U.S. GAAP, the fair values of the funds are based on the net asset value of the funds as reported by the fund manager. Derivative instruments: The fair value of foreign exchange contracts, interest rate futures and interest rate swaps are priced from quoted market prices for similar exchange-traded derivatives and pricing valuation models that utilize independent market data inputs. The fair value of derivatives are included in the Level 2 fair value hierarchy. Senior notes: The fair value of the senior notes is based on reported trades. The fair value of the senior notes is included in the Level 2 fair value hierarchy. Other long-term debt : Comprised of the mortgage and credit facility associated with the purchase of office space in Switzerland. The fair value of the other long-term debt is based on the value of the debt using current interest rates. The fair value of the other long-term debt is included in the Level 2 fair value hierarchy. Non-recurring Fair Value of Financial Instruments The Company measures the fair value of certain assets on a non-recurring basis, generally quarterly, annually or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets include investments accounted for using the equity method, goodwill and intangible assets. The Company uses a variety of techniques to measure the fair value of these assets when appropriate, as described below: Investments accounted for using the equity method: When the Company determines that the carrying value of these assets may not be recoverable, the Company records the assets at fair value with the loss recognized in income. In such cases, the Company measures the fair value of these assets using discounted expected future cash flow and market multiple models. Goodwill and intangible assets: The Company tests goodwill and intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, but at least annually for goodwill and indefinite-lived intangibles. If the Company determines that goodwill and intangible assets may be impaired, the Company uses techniques, including discounted expected future cash flows and market multiple models, to measure fair value. Rollforward of Level 3 Financial Instruments The following is a reconciliation of the beginning and ending balance of financial instruments using significant unobservable inputs (Level 3): Three Months Ended September 30, 2015 Mortgage-backed Asset-backed Equities Opening balance $ 99,637 $ 83,908 $ 57,807 Realized and unrealized gains (losses) included in net (loss) income 808 (2,547 ) (10,993 ) Purchases 9,666 122 — Sales (9,390 ) (7,892 ) (20,000 ) Transfers into Level 3 from Level 2 3,126 627 — Transfers out of Level 3 into Level 2 (1) (182 ) (16,664 ) — Ending balance $ 103,665 $ 57,554 $ 26,814 Three Months Ended September 30, 2014 Opening balance $ 146,801 $ 71,232 $ 34,863 Realized and unrealized gains (losses) included in net (loss) income (882 ) (253 ) 3,172 Purchases 16,311 18,021 — Sales (28,761 ) (9,970 ) — Transfers into Level 3 from Level 2 1,628 17,863 — Transfers out of Level 3 into Level 2 (1) (15,189 ) (5,523 ) — Ending balance $ 119,908 $ 91,370 $ 38,035 Nine Months Ended September 30, 2015 Mortgage-backed Asset-backed Equities Opening balance $ 181,783 $ 55,413 $ 43,330 Realized and unrealized gains (losses) included in net (loss) income 27 (2,960 ) 3,484 Purchases 16,657 7,011 — Sales (94,802 ) (20,160 ) (20,000 ) Transfers into Level 3 from Level 2 — 41,234 — Transfers out of Level 3 into Level 2 (1) — (22,984 ) — Ending balance $ 103,665 $ 57,554 $ 26,814 Nine Months Ended September 30, 2014 Opening balance $ 147,338 $ 93,413 $ 73,904 Realized and unrealized gains (losses) included in net (loss) income 3,654 (659 ) (6,572 ) Purchases 34,187 35,526 — Sales (65,038 ) (19,871 ) (29,297 ) Transfers into Level 3 from Level 2 1,253 13,923 — Transfers out of Level 3 into Level 2 (1) (1,486 ) (30,962 ) — Ending balance $ 119,908 $ 91,370 $ 38,035 (1) Transfers out of Level 3 are primarily attributable to the availability of market observable information. The Company attempts to verify the significant inputs used by broker-dealers in determining the fair value of the securities priced by them. If the Company could not obtain sufficient information to determine if the broker-dealers were using significant observable inputs, then such securities have been transferred to the Level 3 fair value hierarchy. The Company believes the prices obtained from the broker-dealers are the best estimate of fair value of the securities being priced as the broker-dealers are typically involved in the initial pricing of the security, and the Company has compared the price per the broker-dealer to other pricing sources and noted no material differences. The Company recognizes transfers between levels at the end of the reporting period. There were no transfers between Level 1 and Level 2 during the period. The Company’s external investment accounting service provider receives prices from internationally recognized independent pricing services to measure the fair values of its fixed maturity investments. Pricing sources are evaluated and selected in a manner to ensure that the most reliable sources are used. The Company uses a pricing service ranking to consistently select the most appropriate pricing service in instances where it receives multiple quotes on the same security. The Company obtains multiple quotes for the majority of its securities. The independent pricing sources obtain market quotations and actual transaction prices for securities that have quoted prices in active markets. Each pricing service has its own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of “matrix pricing” in which the independent pricing service uses observable market inputs, including, but not limited to, reported trades, benchmark yields, broker-dealer quotes, interest rates, prepayment speeds, default rates and such other inputs as are available from market sources to determine a reasonable fair value. All of the Company’s securities classified as Level 3 are valued based on unadjusted broker-dealer quotes. This includes less liquid securities such as lower quality asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The primary valuation inputs include monthly payment information, the probability of default, loss severity rates and estimated prepayment rates. Significant changes in these inputs in isolation would result in a significantly lower or higher fair value measurement. In general, a change in the assumption of the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity in an event of default and prepayment rates. The Company records the unadjusted price provided and validates this price through a process that includes, but is not limited to, monthly and/or quarterly: (i) comparison of prices between two independent sources, with significant differences requiring additional price sources; (ii) quantitative analysis (e.g., comparing the quarterly return for each managed portfolio to their target benchmark, with significant differences identified and investigated); (iii) evaluation of methodologies used by external parties to calculate fair value, including a review of the inputs used for pricing; (iv) comparing the price to the Company’s knowledge of the current investment market; and (v) back-testing, which includes randomly selecting purchased or sold securities and comparing the executed prices to the fair value estimates from the pricing service. In addition to internal controls, management relies on the effectiveness of the valuation controls in place at the Company’s external investment accounting service provider (supported by a Statement on Standards for Attestation Engagements No. 16 report) in conjunction with regular discussion and analysis of the investment portfolio’s structure and performance.

Reserve For Losses And Loss Exp

Reserve For Losses And Loss Expenses	9 Months Ended
	Sep. 30, 2015
Insurance Loss Reserves [Abstract]
Reserve for Losses and Loss Expenses	RESERVE FOR LOSSES AND LOSS EXPENSES The reserve for losses and loss expenses consists of the following: September 30, December 31, Outstanding loss reserves $ 1,707,409 $ 1,514,051 Reserves for losses incurred but not reported 4,729,170 4,367,114 Reserve for losses and loss expenses $ 6,436,579 $ 5,881,165 The table below is a reconciliation of the beginning and ending liability for unpaid losses and loss expenses. Losses incurred and paid are reflected net of reinsurance recoverables. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Gross liability at beginning of period $ 6,363,948 $ 5,935,678 $ 5,881,165 $ 5,766,529 Reinsurance recoverable at beginning of period (1,433,109 ) (1,301,742 ) (1,340,256 ) (1,234,504 ) Net liability at beginning of period 4,930,839 4,633,936 4,540,909 4,532,025 Acquisition of net reserves for losses and loss expenses — — 256,991 — Net losses incurred related to: Current year 425,473 382,970 1,267,649 1,067,111 Prior years (8,591 ) (46,880 ) (94,071 ) (140,880 ) Total incurred 416,882 336,090 1,173,578 926,231 Net paid losses related to: Current year 60,828 53,596 95,388 80,401 Prior years 287,840 202,626 866,770 666,555 Total paid 348,668 256,222 962,158 746,956 Foreign exchange revaluation (12,306 ) (10,550 ) (22,573 ) (8,046 ) Net liability at end of period 4,986,747 4,703,254 4,986,747 4,703,254 Reinsurance recoverable at end of period 1,449,832 1,349,009 1,449,832 1,349,009 Gross liability at end of period $ 6,436,579 $ 6,052,263 $ 6,436,579 $ 6,052,263 The net reserve for losses and loss expenses acquired of $256,991 represents the net reserves acquired from the Hong Kong and Singapore branches of RSA of $252,848 and the net reserves from the Labuan branch of RSA of $4,143 . For the three months ended September 30, 2015 , the Company recognized net favorable prior year reserve development primarily due to lower than expected loss emergence across each of its segments . The net favorable prior year reserve development for the North American Insurance segment primarily related to net favorable prior year reserve development in the professional liability line of business, partially offset by unfavorable prior year development in the casualty line of business from the 2012 to 2014 loss years. The net favorable reserve development in the Global Markets Insurance segment was primarily due to net favorable loss reserve development in the professional liability line of business, partially offset by unfavorable prior year reserve development in the specialty and other line of business from the 2013 loss year. T he net favorable reserve development in the Reinsurance segment was primarily related to the property and casualty reinsurance lines of business. For the three months ended September 30, 2014, the Company recognized net favorable prior year reserve development in each of its segments. The net favorable prior year reserve development for the North American Insurance segment primarily related to net favorable prior year reserve development in the professional liability, casualty and programs lines of business, partially offset by unfavorable prior year development in the healthcare line of business mainly from the 2011 to 2013 loss years. The net favorable reserve development in the Global Markets Insurance segment was primarily due to net favorable loss reserve development in the professional liability and general casualty lines of business. T he net favorable reserve development in the Reinsurance segment was primarily due to lower than expected loss activity in the property reinsurance line of business for the 2013 loss year. For the nine months ended September 30, 2015, the Company recognized net favorable prior year reserve development primarily due to lower than expected loss emergence across each of its segments . The net favorable prior year reserve development for the North American Insurance segment primarily related to net favorable prior year reserve development in the professional liability, programs and property lines of business, partially offset by unfavorable prior year development in the healthcare and casualty lines of business mainly from the 2012 and 2013 loss years. The net favorable reserve development in the Global Markets Insurance segment was primarily due to net favorable loss reserve development in the property, professional liability and casualty lines of business, partially offset by unfavorable prior year reserve development in the specialty and other line of business from the 2013 loss year. T he net favorable reserve development in the Reinsurance segment was primarily related to the property and casualty reinsurance lines of business. For the nine months ended September 30, 2014, the Company recognized net favorable prior year reserve development in each of its segments. The net favorable prior year reserve development for the North American Insurance segment primarily related to net favorable prior year reserve development in the professional liability, programs and general property lines of business, partially offset by unfavorable prior year development in the healthcare and general casualty lines of business. The net favorable prior year reserve development in the Global Markets Insurance segment was primarily due to net favorable reserve development in the professional liability, general casualty and general property lines of business. T he net favorable reserve development in the Reinsurance segment was primarily due to lower than expected loss activity in the property reinsurance line of business for the 2013 loss year. While the Company at times has experienced favorable reserve development in its insurance and reinsurance lines, there is no assurance that conditions and trends that have affected the development of liabilities in the past will continue. It is not appropriate to extrapolate future redundancies based on prior years’ development. The methodology of estimating loss reserves is periodically reviewed to ensure that the key assumptions used in the actuarial models continue to be appropriate.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Under Swiss law, a resident company is subject to income tax at the federal, cantonal and communal levels that is levied on net income. Income attributable to permanent establishments or real estate located abroad is excluded from the Swiss tax base. Allied World Switzerland is a holding company and, therefore, is exempt from cantonal and communal income tax. As a result, Allied World Switzerland is subject to Swiss income tax only at the federal level. Allied World Switzerland is a resident of the Canton of Zug and, as such, is subject to an annual cantonal and communal capital tax on its taxable equity. One of Allied World Switzerland's subsidiaries is a Swiss operating company, which is a resident in the Canton of Zug. The operating company is subject to federal, cantonal and communal income tax and to annual cantonal and communal capital tax. Under current Bermuda law, Allied World Assurance Company Holdings, Ltd (“Allied World Bermuda”) and its Bermuda subsidiaries are not required to pay taxes in Bermuda on either income or capital gains. Allied World Bermuda and Allied World Assurance Company, Ltd have received an assurance from the Bermuda Minister of Finance under the Exempted Undertakings Tax Protection Act 1966 of Bermuda, that in the event of any such taxes being imposed, Allied World Bermuda and Allied World Assurance Company, Ltd will be exempted until March 2035. Certain subsidiaries of Allied World Switzerland file U.S. federal income tax returns and various U.S. state income tax returns, as well as income tax returns in Canada, Hong Kong, Ireland, Singapore and the United Kingdom. The U.S. Internal Revenue Service is currently conducting an audit of the 2012 tax return of the Company's U.S. subsidiaries. To the best of the Company’s knowledge, there are no other income tax examinations pending by any other tax authority. Management has deemed all material tax positions to have a greater than 50% likelihood of being sustained based on technical merits if challenged. The Company does not expect any material unrecognized tax benefits within 12 months of September 30, 2015 .

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Shareholders' Equity	SHAREHOLDERS’ EQUITY a) Authorized shares The issued share capital consists of the following: September 30, December 31, Common shares issued and fully paid, 2015 and 2014: CHF 4.10 per share 95,523,230 100,775,256 Share capital at end of period $ 386,702 $ 408,020 Nine Months Ended September 30, 2015 Shares issued at beginning of period 100,775,256 Shares canceled (5,252,026 ) Total shares issued at end of period 95,523,230 Treasury shares issued at beginning of period 4,579,774 Shares repurchased 6,047,437 Shares issued out of treasury (763,843 ) Shares canceled (5,252,026 ) Total treasury shares at end of period 4,611,342 Total shares outstanding at end of period 90,911,888 During the nine months ended September 30, 2015 , 5,252,026 shares repurchased and designated for cancellation were constructively retired and canceled. b) Dividends The Company paid the following dividends during the nine months ended September 30, 2015 : Dividend Paid Dividend Per Share Total Amount Paid January 2, 2015 $ 0.225 $ 21,669 April 2, 2015 $ 0.225 $ 21,528 July 2, 2015 $ 0.260 $ 23,606 On May 1, 2014, the shareholders approved the Company’s proposal to pay cash dividends in the form of a distribution out of general legal reserve from capital contributions. The distribution amount was paid to shareholders in quarterly dividends of $0.225 per share. The four installments of the dividend were distributed on July 2, 2014, October 2, 2014, January 2, 2015 and April 2, 2015. On April 30, 2015, the shareholders approved the Company's proposal to pay cash dividends in the form of a distribution out of general legal reserve from capital contributions. The distribution amount will be paid to shareholders in quarterly installments of $0.26 per share. The first installment of the dividend was distributed on July 2, 2015 and the second installment was distributed on October 1, 2015. The Company expects to distribute the remaining installments of the dividend in January 2016 and April 2016. c) Share Repurchases On May 1, 2014, the shareholders approved a share repurchase program (the “2014 share repurchase program”) in order for the Company to repurchase up to $500,000 of its common shares. Repurchases may be effected from time to time through open market purchases, privately negotiated transactions, tender offers or otherwise. The timing, form and amount of the share repurchases under the program will depend on a variety of factors, including market conditions, the Company’s capital position, legal requirements and other factors. Under the terms of the 2014 share repurchase program, the first three million of common shares repurchased will remain in treasury and will be used by the Company to satisfy share delivery obligations under its equity-based compensation plans. Any additional common shares repurchased will be designated for cancellation at acquisition and will be canceled upon shareholder approval. Shares repurchased and designated for cancellation are constructively retired and recorded as a share cancellation. The Company’s share repurchases were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Common shares repurchased — 654,851 6,047,437 4,616,543 Total cost of shares repurchased $ — $ 24,996 $ 245,301 $ 164,528 Average price per share $ — $ 38.17 $ 40.56 $ 35.64 No common shares were repurchased during the three months ended September 30, 2015. On May 6, 2015, the Company repurchased 4,053,537 shares from Exor S.A. at a repurchase price of $40.546 per share, for an aggregate purchase price of $164,355 . The repurchase was executed under the 2014 share repurchase program.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following table sets forth the comparison of basic and diluted (loss) earnings per share: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Basic (loss) earnings per share: Net (loss) income $ (51,630 ) $ 30,915 $ 82,184 $ 359,750 Weighted average common shares outstanding 90,882,511 96,458,231 93,068,088 97,926,378 Basic (loss) earnings per share $ (0.57 ) $ 0.32 $ 0.88 $ 3.67 Three Months Ended Nine Months Ended 2015 2014 2015 2014 Diluted (loss) earnings per share: Net (loss) income $ (51,630 ) $ 30,915 $ 82,184 $ 359,750 Weighted average common shares outstanding 90,882,511 96,458,231 93,068,088 97,926,378 Share equivalents: Stock options — 1,430,243 1,071,569 1,449,641 RSUs and performance-based equity awards — 541,711 569,276 575,675 Employee share purchase plan — 14,053 16,047 13,602 Weighted average common shares and common share equivalents outstanding - diluted 90,882,511 98,444,238 94,724,980 99,965,296 Diluted (loss) earnings per share $ (0.57 ) $ 0.31 $ 0.87 $ 3.60 For the three months ended September 30, 2015, there were no common share equivalents included in calculating diluted earnings per share as there was a net loss and any additional shares would be anti-dilutive. For the three months ended September 30, 2014 and the nine months ended September 30, 2015 and 2014 , there were no common shares considered anti-dilutive and therefore excluded from the calculation of the diluted earnings per share.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The determination of reportable segments is based on how senior management monitors the Company’s underwriting operations. Management monitors the performance of its direct underwriting operations based on the geographic location of the Company’s offices, the markets and customers served and the types of account written. The Company is currently organized into three operating segments: North American Insurance, Global Markets Insurance and Reinsurance. All lines of business fall within these classifications. The North American Insurance segment includes the Company’s specialty insurance operations in the United States, Bermuda and Canada, as well as the Company's claim administration services operations. This segment provides both property and specialty casualty insurance primarily to North American domiciled accounts. The Global Markets Insurance segment includes the Company’s specialty insurance operations in Europe and Asia Pacific, which includes offices in Australia, Hong Kong, Labuan, Singapore and Lloyd's coverholder operation in Miami, which services business from Latin America and the Caribbean. This segment provides both property and casualty insurance primarily to non-North American domiciled accounts. The Reinsurance segment includes the Company’s reinsurance operations in the United States, Bermuda, Europe and Singapore. This segment provides reinsurance of property, general casualty, professional liability, specialty lines and property catastrophe coverages written by insurance companies. The Company presently writes reinsurance on both a treaty and a facultative basis, targeting several niche reinsurance markets. Responsibility and accountability for the results of underwriting operations are assigned by major line of business within each segment. Because the Company does not manage its assets by segment, investment income, interest expense and total assets are not allocated to individual reportable segments. General and administrative expenses are allocated to segments based on various factors, including staff count and each segment’s proportional share of gross premiums written. The Company measures its segment income or loss as underwriting income or loss plus other insurance-related income and expenses, which may include the net earnings from the claims administration services operation and other income or expense that is not directly related to our underwriting operations. Management measures results for each segment's underwriting income on the basis of the “loss and loss expense ratio,” “acquisition cost ratio,” “general and administrative expense ratio”, “expense ratio” and the “combined ratio.” The “loss and loss expense ratio” is derived by dividing net losses and loss expenses by net premiums earned. The “acquisition cost ratio” is derived by dividing acquisition costs by net premiums earned. The “general and administrative expense ratio” is derived by dividing general and administrative expenses by net premiums earned. The expense ratio is the sum of the acquisition cost ratio and the general and administrative expense ratio. The “combined ratio” is the sum of the “loss and loss expense ratio,” the “acquisition cost ratio” and the “general and administrative expense ratio.” The following tables provide a summary of the segment results: Three Months Ended September 30, 2015 North American Insurance Global Markets Insurance Reinsurance Total Gross premiums written $ 460,386 $ 132,664 $ 161,012 $ 754,062 Net premiums written 350,791 104,075 152,126 606,992 Net premiums earned 332,722 110,327 207,604 650,653 Net losses and loss expenses (222,250 ) (70,935 ) (123,696 ) (416,881 ) Acquisition costs (35,585 ) (22,731 ) (41,785 ) (100,101 ) General and administrative expenses (58,301 ) (29,344 ) (18,153 ) (105,798 ) Underwriting income (loss) 16,586 (12,683 ) 23,970 27,873 Other insurance-related income 735 — — 735 Other insurance-related expenses (631 ) (614 ) — (1,245 ) Segment income (loss) $ 16,690 $ (13,297 ) $ 23,970 $ 27,363 Net investment income 45,667 Net realized investment losses (113,626 ) Amortization of intangible assets (2,639 ) Interest expense (14,469 ) Foreign exchange gain 793 Loss before income taxes $ (56,911 ) Loss and loss expense ratio 66.8 % 64.3 % 59.6 % 64.1 % Acquisition cost ratio 10.7 % 20.6 % 20.1 % 15.4 % General and administrative expense ratio 17.5 % 26.6 % 8.7 % 16.3 % Expense ratio 28.2 % 47.2 % 28.8 % 31.7 % Combined ratio 95.0 % 111.5 % 88.4 % 95.8 % Three Months Ended September 30, 2014 North American Insurance Global Markets Insurance Reinsurance Total Gross premiums written $ 466,792 $ 64,125 $ 176,967 $ 707,884 Net premiums written 364,739 44,794 159,209 568,742 Net premiums earned 277,203 41,574 222,960 541,737 Net losses and loss expenses (180,682 ) (28,142 ) (127,266 ) (336,090 ) Acquisition costs (27,027 ) (5,313 ) (40,063 ) (72,403 ) General and administrative expenses (52,921 ) (16,802 ) (18,571 ) (88,294 ) Underwriting income (loss) 16,573 (8,683 ) 37,060 44,950 Other insurance-related income 1,032 — — 1,032 Other insurance-related expenses (1,270 ) (5,305 ) — (6,575 ) Segment income (loss) $ 16,335 $ (13,988 ) $ 37,060 $ 39,407 Net investment income 43,412 Net realized investment losses (35,136 ) Amortization of intangible assets (633 ) Interest expense (14,325 ) Foreign exchange loss (278 ) Income before income taxes $ 32,447 Loss and loss expense ratio 65.2 % 67.7 % 57.1 % 62.0 % Acquisition cost ratio 9.7 % 12.8 % 18.0 % 13.4 % General and administrative expense ratio 19.1 % 40.4 % 8.3 % 16.3 % Expense ratio 28.8 % 53.2 % 26.3 % 29.7 % Combined ratio 94.0 % 120.9 % 83.4 % 91.7 % Nine Months Ended September 30, 2015 North American Insurance Global Markets Insurance Reinsurance Total Gross premiums written $ 1,358,636 $ 328,223 $ 773,787 $ 2,460,646 Net premiums written 1,019,866 216,230 747,093 1,983,189 Net premiums earned 974,232 262,993 628,352 1,865,577 Net losses and loss expenses (655,475 ) (157,200 ) (360,903 ) (1,173,578 ) Acquisition costs (100,818 ) (54,076 ) (124,524 ) (279,418 ) General and administrative expenses (175,732 ) (78,093 ) (57,474 ) (311,299 ) Underwriting income (loss) 42,207 (26,376 ) 85,451 101,282 Other insurance-related income 2,513 — — 2,513 Other insurance-related expenses (2,076 ) (2,227 ) — (4,303 ) Segment income (loss) $ 42,644 $ (28,603 ) $ 85,451 $ 99,492 Net investment income 132,978 Net realized investment losses (88,783 ) Amortization of intangible assets (6,091 ) Interest expense (43,272 ) Foreign exchange loss (10,369 ) Income before income taxes $ 83,955 Loss and loss expense ratio 67.3 % 59.8 % 57.4 % 62.9 % Acquisition cost ratio 10.3 % 20.6 % 19.8 % 15.0 % General and administrative expense ratio 18.0 % 29.7 % 9.1 % 16.7 % Expense ratio 28.3 % 50.3 % 28.9 % 31.7 % Combined ratio 95.6 % 110.1 % 86.3 % 94.6 % Nine Months Ended September 30, 2014 North American Insurance Global Markets Insurance Reinsurance Total Gross premiums written $ 1,285,044 $ 196,086 $ 888,552 $ 2,369,682 Net premiums written 905,279 126,574 862,427 1,894,280 Net premiums earned 808,453 114,584 686,232 1,609,269 Net losses and loss expenses (520,586 ) (35,204 ) (370,441 ) (926,231 ) Acquisition costs (76,531 ) (12,615 ) (125,258 ) (214,404 ) General and administrative expenses (159,063 ) (48,861 ) (56,898 ) (264,822 ) Underwriting income 52,273 17,904 133,635 203,812 Other insurance-related income 1,032 — — 1,032 Other insurance-related expenses (1,270 ) (5,305 ) — (6,575 ) Segment income $ 52,035 $ 12,599 $ 133,635 $ 198,269 Net investment income 127,824 Net realized investment gains 104,286 Amortization of intangible assets (1,900 ) Interest expense (43,451 ) Foreign exchange loss (978 ) Income before income taxes $ 384,050 Loss and loss expense ratio 64.4 % 30.7 % 54.0 % 57.6 % Acquisition cost ratio 9.5 % 11.0 % 18.3 % 13.3 % General and administrative expense ratio 19.7 % 42.6 % 8.3 % 16.5 % Expense ratio 29.2 % 53.6 % 26.6 % 29.8 % Combined ratio 93.6 % 84.3 % 80.6 % 87.4 % The following table shows an analysis of the Company’s gross premiums written by geographic location of the Company’s subsidiaries and branches. All intercompany premiums have been eliminated. Three Months Ended Nine Months Ended 2015 2014 2015 2014 United States $ 489,562 $ 483,992 $ 1,509,314 $ 1,447,652 Asia Pacific 106,039 45,070 239,323 142,798 Bermuda 84,486 109,503 448,988 525,005 Europe 70,814 64,947 251,042 245,931 Canada 3,161 4,372 11,979 8,296 Total gross premiums written $ 754,062 $ 707,884 $ 2,460,646 $ 2,369,682 Europe includes gross premiums written attributable to Switzerland of $12,209 and $11,130 for the three months ended September 30, 2015 and 2014 , respectively, and $56,876 and $65,684 for the nine months ended September 30, 2015 and 2014 , respectively. The following table shows the Company's net premiums earned by line of business for each segment for each of the periods indicated. Three Months Ended Nine Months Ended 2015 2014 2015 2014 North American Insurance: Casualty $ 112,093 $ 86,114 $ 326,236 $ 240,981 Professional liability 87,678 68,512 251,005 197,042 Property 39,333 42,457 123,201 127,402 Programs 38,306 28,933 109,163 88,109 Healthcare 35,322 40,775 111,759 126,591 Specialty and other 19,990 10,412 52,868 28,328 Total 332,722 277,203 974,232 808,453 Global Markets Insurance: Casualty 32,033 4,396 68,979 10,298 Specialty and other 29,952 11,915 69,886 31,935 Professional liability 27,719 17,001 76,976 47,091 Property 20,623 8,262 47,152 25,260 Total 110,327 41,574 262,993 114,584 Reinsurance: Property 102,329 113,560 311,498 379,575 Casualty 58,170 65,915 173,953 163,591 Specialty 47,105 43,485 142,901 143,066 Total 207,604 222,960 628,352 686,232 Total net premiums earned $ 650,653 $ 541,737 $ 1,865,577 $ 1,609,269

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	COMMITMENTS AND CONTINGENCIES The Company, in common with the insurance industry in general, is subject to litigation and arbitration in the normal course of its business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of insurance or reinsurance operations. Estimated amounts payable under these proceedings are included in the reserve for losses and loss expenses in the Company’s consolidated balance sheets. As of September 30, 2015 , the Company was not a party to any material legal proceedings arising outside the ordinary course of business that management believes will have a material adverse effect on the Company’s results of operations, financial position or cash flow.

Condensed Consolidated Guaranto

Condensed Consolidated Guarantor Financial Statements	9 Months Ended
	Sep. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidated Guarantor Financial Statements	CONDENSED CONSOLIDATED GUARANTOR FINANCIAL STATEMENTS The following tables present unaudited condensed consolidating financial information as of September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014 for Allied World Switzerland (the “Parent Guarantor”) and Allied World Bermuda (the “Subsidiary Issuer”). The Subsidiary Issuer is a direct, 100% -owned subsidiary of the Parent Guarantor. Investments in subsidiaries are accounted for by the Parent Guarantor under the equity method for purposes of the supplemental consolidating presentation. Earnings of subsidiaries are reflected in the Parent Guarantor’s investment accounts and earnings. The Parent Guarantor fully and unconditionally guarantees the senior notes issued by the Subsidiary Issuer. Unaudited Condensed Consolidating Balance Sheet: September 30, 2015 Allied World Guarantor) Allied World Issuer) Other Allied Subsidiaries Consolidating Adjustments Allied World Consolidated ASSETS: Investments $ — $ — $ 8,179,810 $ — $ 8,179,810 Cash and cash equivalents 30,561 1,462 571,787 — 603,810 Insurance balances receivable — — 905,401 — 905,401 Funds held — — 443,670 — 443,670 Reinsurance recoverable — — 1,449,832 — 1,449,832 Reinsurance recoverable on paid losses — — 117,110 — 117,110 Net deferred acquisition costs — — 201,313 — 201,313 Goodwill and intangible assets — — 485,393 — 485,393 Balances receivable on sale of investments — — 29,461 — 29,461 Investments in subsidiaries 3,337,480 3,882,163 — (7,219,643 ) — Due from subsidiaries 216,992 45,005 14,100 (276,097 ) — Other assets 2,402 2,298 777,079 — 781,779 Total assets $ 3,587,435 $ 3,930,928 $ 13,174,956 $ (7,495,740 ) $ 13,197,579 LIABILITIES: Reserve for losses and loss expenses $ — $ — $ 6,436,579 $ — $ 6,436,579 Unearned premiums — — 1,835,527 — 1,835,527 Reinsurance balances payable — — 260,225 — 260,225 Balances due on purchases of investments — — 108,337 — 108,337 Senior notes — 799,043 — — 799,043 Other long-term debt — — 23,328 — 23,328 Due to subsidiaries 6,559 7,541 261,997 (276,097 ) — Other liabilities 25,471 12,477 141,187 — 179,135 Total liabilities 32,030 819,061 9,067,180 (276,097 ) 9,642,174 Total shareholders’ equity 3,555,405 3,111,867 4,107,776 (7,219,643 ) 3,555,405 Total liabilities and shareholders’ equity $ 3,587,435 $ 3,930,928 $ 13,174,956 $ (7,495,740 ) $ 13,197,579 December 31, 2014 Allied World Guarantor) Allied World Issuer) Other Allied Subsidiaries Consolidating Adjustments Allied World Consolidated ASSETS: Investments $ — $ — $ 7,868,682 $ — $ 7,868,682 Cash and cash equivalents 32,579 1,734 555,026 — 589,339 Insurance balances receivable — — 664,815 — 664,815 Funds held — — 724,021 — 724,021 Reinsurance recoverable — — 1,340,256 — 1,340,256 Reinsurance recoverable on paid losses — — 86,075 — 86,075 Net deferred acquisition costs — — 151,546 — 151,546 Goodwill and intangible assets — — 324,556 — 324,556 Balances receivable on sale of investments — — 47,149 — 47,149 Investments in subsidiaries 3,629,301 4,218,028 — (7,847,329 ) — Due from subsidiaries 147,072 19,190 14,396 (180,658 ) — Other assets 1,470 3,192 620,462 — 625,124 Total assets $ 3,810,422 $ 4,242,144 $ 12,396,984 $ (8,027,987 ) $ 12,421,563 LIABILITIES: Reserve for losses and loss expenses $ — $ — $ 5,881,165 $ — $ 5,881,165 Unearned premiums — — 1,555,313 — 1,555,313 Reinsurance balances payable — — 180,060 — 180,060 Balances due on purchases of investments — — 5,428 — 5,428 Senior notes — 798,802 — — 798,802 Other long-term debt — — 19,213 — 19,213 Due to subsidiaries 7,599 6,797 166,262 (180,658 ) — Other liabilities 24,532 19,618 159,141 — 203,291 Total liabilities 32,131 825,217 7,966,582 (180,658 ) 8,643,272 Total shareholders’ equity 3,778,291 3,416,927 4,430,402 (7,847,329 ) 3,778,291 Total liabilities and shareholders’ equity $ 3,810,422 $ 4,242,144 $ 12,396,984 $ (8,027,987 ) $ 12,421,563 Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income: Three Months Ended September 30, 2015 Allied World Guarantor) Allied World Issuer) Other Allied Subsidiaries Consolidating Adjustments Allied World Consolidated Net premiums earned $ — $ — $ 650,653 $ — $ 650,653 Net investment income — — 45,667 — 45,667 Net realized investment gains (losses) — — (113,626 ) — (113,626 ) Other income — — 735 — 735 Net losses and loss expenses — — (416,881 ) — (416,881 ) Acquisition costs — — (100,101 ) — (100,101 ) General and administrative expenses (7,438 ) 590 (98,950 ) — (105,798 ) Other expense — — (1,245 ) — (1,245 ) Amortization of intangible assets — — (2,639 ) — (2,639 ) Interest expense — (13,876 ) (593 ) — (14,469 ) Foreign exchange gain (loss) 2 — 791 — 793 Income tax (expense) benefit (472 ) — 5,753 — 5,281 Equity in earnings of consolidated subsidiaries (43,722 ) (37,021 ) — 80,743 — NET INCOME (LOSS) $ (51,630 ) $ (50,307 ) $ (30,436 ) $ 80,743 $ (51,630 ) Other comprehensive income (loss) (993 ) — (993 ) 993 (993 ) COMPREHENSIVE INCOME (LOSS) $ (52,623 ) $ (50,307 ) $ (31,429 ) $ 81,736 $ (52,623 ) Three Months Ended September 30, 2014 Allied World Switzerland (Parent Guarantor) Allied World Bermuda (Subsidiary Issuer) Other Allied World Subsidiaries Consolidating Adjustments Allied World Switzerland Consolidated Net premiums earned $ — $ — $ 541,737 $ — $ 541,737 Net investment income 2 — 43,410 — 43,412 Net realized investment gains (losses) — — (35,136 ) — (35,136 ) Other income — — 1,032 — 1,032 Net losses and loss expenses — — (336,090 ) — (336,090 ) Acquisition costs — — (72,403 ) — (72,403 ) General and administrative expenses (8,285 ) (182 ) (79,827 ) — (88,294 ) Other expense — — (6,575 ) — (6,575 ) Amortization of intangible assets — — (633 ) — (633 ) Interest expense — (13,855 ) (470 ) — (14,325 ) Foreign exchange gain (loss) 16 47 (341 ) — (278 ) Income tax (expense) benefit — — (1,532 ) — (1,532 ) Equity in earnings of consolidated subsidiaries 39,182 49,491 — (88,673 ) — NET INCOME (LOSS) $ 30,915 $ 35,501 $ 53,172 $ (88,673 ) $ 30,915 Other comprehensive income (loss) — — — — — COMPREHENSIVE INCOME (LOSS) $ 30,915 $ 35,501 $ 53,172 $ (88,673 ) $ 30,915 Nine Months Ended September 30, 2015 Allied World Guarantor) Allied World Issuer) Other Allied Subsidiaries Consolidating Adjustments Allied World Consolidated Net premiums earned $ — $ — $ 1,865,577 $ — $ 1,865,577 Net investment income 5 — 132,973 — 132,978 Net realized investment gains (losses) — — (88,783 ) — (88,783 ) Other income — — 2,513 — 2,513 Net losses and loss expenses — — (1,173,578 ) — (1,173,578 ) Acquisition costs — — (279,418 ) — (279,418 ) General and administrative expenses (27,053 ) 405 (284,651 ) — (311,299 ) Other expense — — (4,303 ) — (4,303 ) Amortization of intangible assets — — (6,091 ) — (6,091 ) Interest expense — (41,613 ) (1,659 ) — (43,272 ) Foreign exchange gain (loss) 9 13 (10,391 ) — (10,369 ) Income tax (expense) benefit (553 ) — (1,218 ) — (1,771 ) Equity in earnings of consolidated subsidiaries 109,776 138,603 — (248,379 ) — NET INCOME (LOSS) $ 82,184 $ 97,408 $ 150,971 $ (248,379 ) $ 82,184 Other comprehensive income (loss) (4,265 ) — (4,265 ) 4,265 (4,265 ) COMPREHENSIVE INCOME (LOSS) $ 77,919 $ 97,408 $ 146,706 $ (244,114 ) $ 77,919 Nine Months Ended September 30, 2014 Allied World Switzerland (Parent Guarantor) Allied World Bermuda (Subsidiary Issuer) Other Allied World Subsidiaries Consolidating Adjustments Allied World Switzerland Consolidated Net premiums earned $ — $ — $ 1,609,269 $ — $ 1,609,269 Net investment income 6 — 127,818 — 127,824 Net realized investment gains (losses) — — 104,286 — 104,286 Other income — — 1,032 — 1,032 Net losses and loss expenses — — (926,231 ) — (926,231 ) Acquisition costs — — (214,404 ) — (214,404 ) General and administrative expenses (28,012 ) (919 ) (235,891 ) — (264,822 ) Other expense — — (6,575 ) — (6,575 ) Amortization of intangible assets — — (1,900 ) — (1,900 ) Interest expense — (41,556 ) (1,895 ) — (43,451 ) Foreign exchange gain (loss) 12 68 (1,058 ) — (978 ) Income tax (expense) benefit (86 ) — (24,214 ) — (24,300 ) Equity in earnings of consolidated subsidiaries 387,830 419,294 — (807,124 ) — NET INCOME (LOSS) $ 359,750 $ 376,887 $ 430,237 $ (807,124 ) $ 359,750 Other comprehensive income — — — — — COMPREHENSIVE INCOME (LOSS) $ 359,750 $ 376,887 $ 430,237 $ (807,124 ) $ 359,750 Unaudited Condensed Consolidating Statement of Cash Flows: Nine Months Ended September 30, 2015 Allied World Switzerland (Parent Guarantor) Allied World Bermuda (Subsidiary Issuer) Other Allied World Subsidiaries Consolidating Adjustments Allied World Switzerland Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 302,025 $ 333,128 $ 661,020 $ (712,850 ) $ 583,323 CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: Purchases trading securities — — (3,962,283 ) — (3,962,283 ) Purchases of other invested assets — — (110,851 ) — (110,851 ) Sales of trading securities — — 3,888,416 — 3,888,416 Sales of other invested assets — — 160,253 — 160,253 Net cash paid for acquisitions — — (141,503 ) — (141,503 ) Other — — (102,690 ) — (102,690 ) Net cash provided by (used in) investing activities — — (268,658 ) — (268,658 ) CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: Dividends paid (66,784 ) — — — (66,784 ) Intercompany dividends paid — (333,400 ) (379,450 ) 712,850 — Proceeds from the exercise of stock options 9,184 — — — 9,184 Share repurchases (246,443 ) — — — (246,443 ) Proceeds from other long-term debt — — 4,003 — 4,003 Repayments of other long-term debt — — (154 ) — (154 ) Net cash provided by (used in) financing activities (304,043 ) (333,400 ) (375,601 ) 712,850 (300,194 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,018 ) (272 ) 16,761 — 14,471 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 32,579 1,734 555,026 — 589,339 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 30,561 $ 1,462 $ 571,787 $ — $ 603,810 Nine Months Ended September 30, 2014 Allied World Switzerland (Parent Guarantor) Allied World Bermuda (Subsidiary Issuer) Other Allied World Subsidiaries Consolidating Adjustments Allied World Switzerland Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 241,037 $ 263,554 $ 737,516 $ (575,000 ) $ 667,107 CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: Purchases of trading securities — — (5,608,594 ) — (5,608,594 ) Purchases of other invested assets — — (242,227 ) — (242,227 ) Sales of trading securities — — 5,500,176 — 5,500,176 Sales of other invested assets — — 243,123 — 243,123 Net cash paid for acquisitions — — (2,565 ) — (2,565 ) Other — — (44,055 ) — (44,055 ) Net cash provided by (used in) investing activities — — (154,142 ) — (154,142 ) CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: Dividends paid (55,064 ) — — — (55,064 ) Intercompany dividends paid — (264,000 ) (311,000 ) 575,000 — Proceeds from the exercise of stock options 7,640 — — — 7,640 Share repurchases (166,207 ) — — — (166,207 ) Net cash provided by (used in) financing activities (213,631 ) (264,000 ) (311,000 ) 575,000 (213,631 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 27,406 (446 ) 272,374 — 299,334 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 10,790 2,775 518,371 — 531,936 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 38,196 $ 2,329 $ 790,745 $ — $ 831,270 Notes to Parent Company Condensed Financial Information a) Dividends Allied World Switzerland received cash dividends from its subsidiaries of $333,400 and $264,000 for the nine months ended September 30, 2015 and 2014 , respectively. Such dividends are included in “cash flows provided by (used in) operating activities” in the unaudited condensed consolidating cash flows.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On October 1, 2015, the Company paid a quarterly dividend of $0.26 per share to shareholders of record on September 22, 2015.

Basis of Preparation and Cons22

Basis of Preparation and Consolidation (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of accounting	Intercompany accounts and transactions have been eliminated on consolidation and all entities meeting consolidation requirements have been included in the unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with Article 10 of Regulation S-X as promulgated by the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments that are normal and recurring in nature and necessary for a fair presentation of financial position and results of operations as of the end of and for the periods presented. The results of operations for any interim period are not necessarily indicative of the results for a full year.
Use of estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates reflected in the Company’s financial statements, include, but are not limited to: • The premium estimates for certain reinsurance agreements, • Recoverability of deferred acquisition costs, • The reserve for outstanding losses and loss expenses, • Valuation of ceded reinsurance recoverables, • Determination of impairment of goodwill and other intangible assets, and • Valuation of financial instruments.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Summary of consideration paid and amounts of assets acquired and liabilities assumed	The following table summarizes the consideration paid for the Hong Kong and Singapore branches of RSA and the preliminary amounts of the assets acquired and liabilities assumed at the acquisition date. Consideration: Fair Value Cash for initial consideration $ 193,889 Receivable for post-closing adjustments (31,160 ) Fair value of consideration transferred 162,729 Recognized amounts of identifiable assets acquired and liabilities assumed: Fixed maturity investments 245,997 Cash and cash equivalents 46,853 Insurance balances receivable 113,922 Prepaid reinsurance 17,491 Reinsurance recoverable 57,350 Value of business acquired 37,104 Intangible assets 90,600 Other assets 10,041 Reserve for losses and loss expenses (310,198 ) Unearned premiums (150,530 ) Reinsurance balances payable (35,734 ) Net deferred tax liabilities (16,488 ) Accounts payable and accrued liabilities (19,918 ) Total identifiable net assets acquired 86,490 Goodwill 76,239 Total net assets acquired $ 162,729
Summary of intangible assets acquired	The following is a breakdown of the intangible assets acquired. Singapore Branch Estimated Useful Life Hong Kong Branch Estimated Useful Life Total VOBA $ 19,845 2 years $ 17,259 1.5 years $ 37,104 Customer renewals 8,600 4 years 6,800 7 years 15,400 Distribution channels 48,500 18 years 26,700 18 years 75,200 $ 76,945 $ 50,759 $ 127,704
Summary of results since acquisition	The following summarizes the results of the Hong Kong and Singapore branches that have been included in the Company’s consolidated income statement since the acquisitions closed on April 1, 2015. From April 1, 2015 to September 30, 2015 Total revenue $ 103,265 Net loss $ (14,788 )
Pro forma information	The following unaudited pro forma information presents the combined results of the Company and the acquired Hong Kong and Singapore RSA branches for the nine months ended September 30, 2015 and 2014, with pro forma adjustments related to the acquisition method of accounting as if the acquisitions had been consummated as of January 1, 2014, which is the beginning of the earliest period presented. This unaudited pro forma information is not necessarily indicative of what would have occurred had the acquisitions and related transactions been made on the dates indicated, or of future results of the Company. Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Total revenue $ 1,960,185 $ 2,010,308 Net income $ 70,633 $ 362,143

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Investments [Abstract]
Schedule of trading securities	Securities accounted for at fair value with changes in fair value recognized in the consolidated income statements by category are as follows: September 30, 2015 December 31, 2014 Fair Value Amortized Cost Fair Value Amortized Cost U.S. government and government agencies $ 1,287,749 $ 1,283,085 $ 1,610,502 $ 1,610,880 Non-U.S. government and government agencies 427,096 449,572 188,199 196,332 States, municipalities and political subdivisions 422,007 410,052 170,567 165,615 Corporate debt: Financial institutions 1,052,636 1,049,451 1,024,667 1,018,777 Industrials 1,256,975 1,276,413 1,029,729 1,037,820 Utilities 118,167 120,856 110,997 111,599 Mortgage-backed 1,302,678 1,273,349 1,263,517 1,219,712 Asset-backed 679,685 692,970 670,832 674,505 Total fixed maturity investments $ 6,546,993 $ 6,555,748 $ 6,069,010 $ 6,035,240 September 30, 2015 December 31, 2014 Fair Value Original Cost Fair Value Original Cost Equity securities $ 663,390 $ 668,061 $ 844,163 $ 791,206 Other invested assets 845,167 762,792 812,543 725,069 $ 1,508,557 $ 1,430,853 $ 1,656,706 $ 1,516,275
Schedule of other invested assets	Details regarding the carrying value, redemption characteristics and unfunded investment commitments of the other invested assets portfolio as of September 30, 2015 and December 31, 2014 were as follows: Investment Type Carrying Value as of September 30, 2015 Investments Estimated Investments Redemption (1) Redemption (1) Unfunded Private equity $ 221,862 $ 221,862 2 - 8 Years $ — $ 251,874 Mezzanine debt 194,512 194,512 5 - 9 Years — 166,476 Distressed 5,845 5,845 3 Years — 5,591 Real estate — — 9 Years — 200,000 Total private equity 422,219 422,219 — 623,941 Distressed 216,993 47,775 2 Years 169,218 Monthly 60 Days — Equity long/short 58,655 — 58,655 Quarterly 45 Days — Relative value credit 119,100 — 119,100 Quarterly 60 Days — Total hedge funds 394,748 47,775 346,973 — High yield loan fund 28,200 — 28,200 Monthly 30 Days — Total other invested assets at fair value 845,167 469,994 375,173 623,941 Other private securities 124,260 — 124,260 — Total other invested assets $ 969,427 $ 469,994 $ 499,433 $ 623,941 Investment Type Carrying Value as of December 31, 2014 Investments Estimated Investments Redemption (1) Redemption (1) Unfunded Private equity $ 184,576 $ 184,576 2 - 8 Years $ — $ 223,802 Mezzanine debt 166,905 166,905 5 - 9 Years — 204,232 Distressed 5,869 5,869 3 Years — 5,180 Real estate — — 9 Years — 50,000 Total private equity 357,350 357,350 — 483,214 Distressed 170,169 170,169 — Based on net asset value 60 Days — Equity long/short 84,198 — 84,198 Quarterly 30 - 60 Days — Multi-strategy 51,507 — 51,507 Quarterly 45 - 90 Days — Relative value credit 119,156 — 119,156 Quarterly 60 Days — Total hedge funds 425,030 170,169 254,861 — High yield loan fund 30,163 — 30,163 Monthly 30 Days — Total other invested assets at fair value 812,543 527,519 285,024 483,214 Other private securities 142,966 — 142,966 — Total other invested assets $ 955,509 $ 527,519 $ 427,990 $ 483,214 (1) The redemption frequency and notice periods only apply to the investments without redemption restrictions. Some or all of these investments may be subject to a gate as described below.
Schedule of net investment income	Three Months Ended Nine Months Ended 2015 2014 2015 2014 Fixed maturity investments $ 42,801 $ 38,762 $ 120,264 $ 110,998 Equity securities 3,115 3,711 11,540 12,876 Other invested assets: hedge funds and private equity 3,342 2,249 16,305 8,767 Other invested assets: other private securities 1,804 3,292 (1,119 ) 7,291 Cash and cash equivalents 277 552 1,178 1,562 Expenses (5,672 ) (5,154 ) (15,190 ) (13,670 ) Net investment income $ 45,667 $ 43,412 $ 132,978 $ 127,824
Components of realized gains and losses	Three Months Ended Nine Months Ended 2015 2014 2015 2014 Gross realized gains on sale of invested assets $ 18,694 $ 28,773 $ 100,060 $ 146,780 Gross realized losses on sale of invested assets (34,735 ) (9,955 ) (57,798 ) (26,228 ) Net realized and unrealized (losses) gains on derivatives (19,905 ) 2,171 (17,616 ) (24,469 ) Mark-to-market (losses) gains: Fixed maturity investments, trading (15,270 ) (40,843 ) (42,441 ) 18,039 Equity securities, trading (62,853 ) (8,479 ) (57,761 ) (8,768 ) Other invested assets, trading 443 (6,803 ) (13,227 ) (1,068 ) Net realized investment (losses) gains $ (113,626 ) $ (35,136 ) $ (88,783 ) $ 104,286

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Location and amounts of derivative fair values on the unaudited condensed consolidated balance sheets	The following table summarizes information on the location and amounts of derivative fair values on the unaudited condensed consolidated balance sheets (“consolidated balance sheets”): September 30, 2015 December 31, 2014 Asset Derivative Notional Amount Asset Derivative Fair Value Liability Derivative Notional Amount Liability Derivative Fair Value Asset Derivative Notional Amount Asset Derivative Fair Value Liability Derivative Notional Amount Liability Derivative Fair Value Foreign exchange contracts $ 4,331 $ 28 $ 890 $ 9 $ 33,875 $ 1,274 $ 167,376 $ 991 Interest rate swaps 547,000 330 — — — — 571,500 683 Total derivatives $ 551,331 $ 358 $ 890 $ 9 $ 33,875 $ 1,274 $ 738,876 $ 1,674
Unrealized and realized gains (losses) on derivatives recorded in the unaudited condensed consolidated income statements	The following table provides the net realized and unrealized gains (losses) on derivatives not designated as hedges recorded on the consolidated income statements: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Foreign exchange contracts $ 183 $ 1,886 $ (5,975 ) $ (580 ) Total included in foreign exchange loss 183 1,886 (5,975 ) (580 ) Foreign exchange contracts 134 1,701 928 857 Interest rate futures and swaps (20,039 ) 470 (18,544 ) (25,326 ) Total included in net realized investment gains (losses) (19,905 ) 2,171 (17,616 ) (24,469 ) Total realized and unrealized gains (losses) on derivatives $ (19,722 ) $ 4,057 $ (23,591 ) $ (25,049 )

Fair Value Of Financial Instr26

Fair Value Of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair value hierarchy and related disclosures	The following table shows the fair value of the Company’s financial instruments and where in the fair value hierarchy the fair value measurements are included as of the dates indicated below: September 30, 2015 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 ASSETS: Fixed maturity investments: U.S. government and government agencies $ 1,287,748 $ 1,287,748 $ 1,225,745 $ 62,003 $ — Non-U.S. government and government agencies 427,096 427,096 — 427,096 — States, municipalities and political subdivisions 422,007 422,007 — 422,007 — Corporate debt 2,427,779 2,427,779 — 2,427,779 — Mortgage-backed 1,302,678 1,302,678 — 1,199,013 103,665 Asset-backed 679,685 679,685 — 622,131 57,554 Total fixed maturity investments 6,546,993 6,546,993 1,225,745 5,160,029 161,219 Equity securities 663,390 663,390 636,576 — 26,814 Other invested assets (1) 845,167 845,167 — — — Total investments $ 8,055,550 $ 8,055,550 $ 1,862,321 $ 5,160,029 $ 188,033 Derivative assets: Foreign exchange contracts $ 28 $ 28 $ — $ 28 $ — Interest rate swaps 330 330 — 330 — LIABILITIES: Derivative liabilities: Foreign exchange contracts $ 9 $ 9 $ — $ 9 $ — Senior notes $ 799,043 $ 859,307 $ — $ 859,307 $ — Other long-term debt $ 23,328 $ 28,112 $ — $ 28,112 $ — December 31, 2014 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 ASSETS: Fixed maturity investments: U.S. government and government agencies $ 1,610,502 $ 1,610,502 $ 1,499,347 $ 111,155 $ — Non-U.S. government and government agencies 188,199 188,199 — 188,199 — States, municipalities and political subdivisions 170,567 170,567 — 170,567 — Corporate debt 2,165,393 2,165,393 — 2,165,393 — Mortgage-backed 1,263,517 1,263,517 — 1,081,734 181,783 Asset-backed 670,832 670,832 — 615,419 55,413 Total fixed maturity investments 6,069,010 6,069,010 1,499,347 4,332,467 237,196 Equity securities 844,163 844,163 800,833 — 43,330 Other invested assets (1) 812,543 812,543 — — — Total investments $ 7,725,716 $ 7,725,716 $ 2,300,180 $ 4,332,467 $ 280,526 Derivative assets: Foreign exchange contracts $ 1,274 $ 1,274 $ — $ 1,274 $ — LIABILITIES: Derivative liabilities: Foreign exchange contracts $ 991 $ 991 $ — $ 991 $ — Interest rate swaps $ 683 $ 683 $ — $ 683 $ — Senior notes $ 798,802 $ 879,317 $ — $ 879,317 $ — Other long-term debt $ 19,213 $ 22,583 $ — $ 22,583 $ — (1) In accordance with U.S. GAAP, other invested assets, excluding other private securities, are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy.
Fair value measurements using significant unobservable inputs (Level 3)	The following is a reconciliation of the beginning and ending balance of financial instruments using significant unobservable inputs (Level 3): Three Months Ended September 30, 2015 Mortgage-backed Asset-backed Equities Opening balance $ 99,637 $ 83,908 $ 57,807 Realized and unrealized gains (losses) included in net (loss) income 808 (2,547 ) (10,993 ) Purchases 9,666 122 — Sales (9,390 ) (7,892 ) (20,000 ) Transfers into Level 3 from Level 2 3,126 627 — Transfers out of Level 3 into Level 2 (1) (182 ) (16,664 ) — Ending balance $ 103,665 $ 57,554 $ 26,814 Three Months Ended September 30, 2014 Opening balance $ 146,801 $ 71,232 $ 34,863 Realized and unrealized gains (losses) included in net (loss) income (882 ) (253 ) 3,172 Purchases 16,311 18,021 — Sales (28,761 ) (9,970 ) — Transfers into Level 3 from Level 2 1,628 17,863 — Transfers out of Level 3 into Level 2 (1) (15,189 ) (5,523 ) — Ending balance $ 119,908 $ 91,370 $ 38,035 Nine Months Ended September 30, 2015 Mortgage-backed Asset-backed Equities Opening balance $ 181,783 $ 55,413 $ 43,330 Realized and unrealized gains (losses) included in net (loss) income 27 (2,960 ) 3,484 Purchases 16,657 7,011 — Sales (94,802 ) (20,160 ) (20,000 ) Transfers into Level 3 from Level 2 — 41,234 — Transfers out of Level 3 into Level 2 (1) — (22,984 ) — Ending balance $ 103,665 $ 57,554 $ 26,814 Nine Months Ended September 30, 2014 Opening balance $ 147,338 $ 93,413 $ 73,904 Realized and unrealized gains (losses) included in net (loss) income 3,654 (659 ) (6,572 ) Purchases 34,187 35,526 — Sales (65,038 ) (19,871 ) (29,297 ) Transfers into Level 3 from Level 2 1,253 13,923 — Transfers out of Level 3 into Level 2 (1) (1,486 ) (30,962 ) — Ending balance $ 119,908 $ 91,370 $ 38,035 (1) Transfers out of Level 3 are primarily attributable to the availability of market observable information.

Reserve For Losses And Loss E27

Reserve For Losses And Loss Expenses (Tables)	9 Months Ended
	Sep. 30, 2015
Insurance Loss Reserves [Abstract]
Components of liabilty for unpaid losses and loss expenses	The reserve for losses and loss expenses consists of the following: September 30, December 31, Outstanding loss reserves $ 1,707,409 $ 1,514,051 Reserves for losses incurred but not reported 4,729,170 4,367,114 Reserve for losses and loss expenses $ 6,436,579 $ 5,881,165
Reconciliation of beginning and ending liability for unpaid losses and loss expenses	The table below is a reconciliation of the beginning and ending liability for unpaid losses and loss expenses. Losses incurred and paid are reflected net of reinsurance recoverables. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Gross liability at beginning of period $ 6,363,948 $ 5,935,678 $ 5,881,165 $ 5,766,529 Reinsurance recoverable at beginning of period (1,433,109 ) (1,301,742 ) (1,340,256 ) (1,234,504 ) Net liability at beginning of period 4,930,839 4,633,936 4,540,909 4,532,025 Acquisition of net reserves for losses and loss expenses — — 256,991 — Net losses incurred related to: Current year 425,473 382,970 1,267,649 1,067,111 Prior years (8,591 ) (46,880 ) (94,071 ) (140,880 ) Total incurred 416,882 336,090 1,173,578 926,231 Net paid losses related to: Current year 60,828 53,596 95,388 80,401 Prior years 287,840 202,626 866,770 666,555 Total paid 348,668 256,222 962,158 746,956 Foreign exchange revaluation (12,306 ) (10,550 ) (22,573 ) (8,046 ) Net liability at end of period 4,986,747 4,703,254 4,986,747 4,703,254 Reinsurance recoverable at end of period 1,449,832 1,349,009 1,449,832 1,349,009 Gross liability at end of period $ 6,436,579 $ 6,052,263 $ 6,436,579 $ 6,052,263

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Issued share capital	The issued share capital consists of the following: September 30, December 31, Common shares issued and fully paid, 2015 and 2014: CHF 4.10 per share 95,523,230 100,775,256 Share capital at end of period $ 386,702 $ 408,020
Schedule of common stock outstanding roll forward	Nine Months Ended September 30, 2015 Shares issued at beginning of period 100,775,256 Shares canceled (5,252,026 ) Total shares issued at end of period 95,523,230 Treasury shares issued at beginning of period 4,579,774 Shares repurchased 6,047,437 Shares issued out of treasury (763,843 ) Shares canceled (5,252,026 ) Total treasury shares at end of period 4,611,342 Total shares outstanding at end of period 90,911,888
Dividends paid	The Company paid the following dividends during the nine months ended September 30, 2015 : Dividend Paid Dividend Per Share Total Amount Paid January 2, 2015 $ 0.225 $ 21,669 April 2, 2015 $ 0.225 $ 21,528 July 2, 2015 $ 0.260 $ 23,606
Share repurchases	The Company’s share repurchases were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Common shares repurchased — 654,851 6,047,437 4,616,543 Total cost of shares repurchased $ — $ 24,996 $ 245,301 $ 164,528 Average price per share $ — $ 38.17 $ 40.56 $ 35.64

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Comparison Of Basic And Diluted Earnings Per Share	The following table sets forth the comparison of basic and diluted (loss) earnings per share: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Basic (loss) earnings per share: Net (loss) income $ (51,630 ) $ 30,915 $ 82,184 $ 359,750 Weighted average common shares outstanding 90,882,511 96,458,231 93,068,088 97,926,378 Basic (loss) earnings per share $ (0.57 ) $ 0.32 $ 0.88 $ 3.67 Three Months Ended Nine Months Ended 2015 2014 2015 2014 Diluted (loss) earnings per share: Net (loss) income $ (51,630 ) $ 30,915 $ 82,184 $ 359,750 Weighted average common shares outstanding 90,882,511 96,458,231 93,068,088 97,926,378 Share equivalents: Stock options — 1,430,243 1,071,569 1,449,641 RSUs and performance-based equity awards — 541,711 569,276 575,675 Employee share purchase plan — 14,053 16,047 13,602 Weighted average common shares and common share equivalents outstanding - diluted 90,882,511 98,444,238 94,724,980 99,965,296 Diluted (loss) earnings per share $ (0.57 ) $ 0.31 $ 0.87 $ 3.60

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Summary of segment results	The following tables provide a summary of the segment results: Three Months Ended September 30, 2015 North American Insurance Global Markets Insurance Reinsurance Total Gross premiums written $ 460,386 $ 132,664 $ 161,012 $ 754,062 Net premiums written 350,791 104,075 152,126 606,992 Net premiums earned 332,722 110,327 207,604 650,653 Net losses and loss expenses (222,250 ) (70,935 ) (123,696 ) (416,881 ) Acquisition costs (35,585 ) (22,731 ) (41,785 ) (100,101 ) General and administrative expenses (58,301 ) (29,344 ) (18,153 ) (105,798 ) Underwriting income (loss) 16,586 (12,683 ) 23,970 27,873 Other insurance-related income 735 — — 735 Other insurance-related expenses (631 ) (614 ) — (1,245 ) Segment income (loss) $ 16,690 $ (13,297 ) $ 23,970 $ 27,363 Net investment income 45,667 Net realized investment losses (113,626 ) Amortization of intangible assets (2,639 ) Interest expense (14,469 ) Foreign exchange gain 793 Loss before income taxes $ (56,911 ) Loss and loss expense ratio 66.8 % 64.3 % 59.6 % 64.1 % Acquisition cost ratio 10.7 % 20.6 % 20.1 % 15.4 % General and administrative expense ratio 17.5 % 26.6 % 8.7 % 16.3 % Expense ratio 28.2 % 47.2 % 28.8 % 31.7 % Combined ratio 95.0 % 111.5 % 88.4 % 95.8 % Three Months Ended September 30, 2014 North American Insurance Global Markets Insurance Reinsurance Total Gross premiums written $ 466,792 $ 64,125 $ 176,967 $ 707,884 Net premiums written 364,739 44,794 159,209 568,742 Net premiums earned 277,203 41,574 222,960 541,737 Net losses and loss expenses (180,682 ) (28,142 ) (127,266 ) (336,090 ) Acquisition costs (27,027 ) (5,313 ) (40,063 ) (72,403 ) General and administrative expenses (52,921 ) (16,802 ) (18,571 ) (88,294 ) Underwriting income (loss) 16,573 (8,683 ) 37,060 44,950 Other insurance-related income 1,032 — — 1,032 Other insurance-related expenses (1,270 ) (5,305 ) — (6,575 ) Segment income (loss) $ 16,335 $ (13,988 ) $ 37,060 $ 39,407 Net investment income 43,412 Net realized investment losses (35,136 ) Amortization of intangible assets (633 ) Interest expense (14,325 ) Foreign exchange loss (278 ) Income before income taxes $ 32,447 Loss and loss expense ratio 65.2 % 67.7 % 57.1 % 62.0 % Acquisition cost ratio 9.7 % 12.8 % 18.0 % 13.4 % General and administrative expense ratio 19.1 % 40.4 % 8.3 % 16.3 % Expense ratio 28.8 % 53.2 % 26.3 % 29.7 % Combined ratio 94.0 % 120.9 % 83.4 % 91.7 % Nine Months Ended September 30, 2015 North American Insurance Global Markets Insurance Reinsurance Total Gross premiums written $ 1,358,636 $ 328,223 $ 773,787 $ 2,460,646 Net premiums written 1,019,866 216,230 747,093 1,983,189 Net premiums earned 974,232 262,993 628,352 1,865,577 Net losses and loss expenses (655,475 ) (157,200 ) (360,903 ) (1,173,578 ) Acquisition costs (100,818 ) (54,076 ) (124,524 ) (279,418 ) General and administrative expenses (175,732 ) (78,093 ) (57,474 ) (311,299 ) Underwriting income (loss) 42,207 (26,376 ) 85,451 101,282 Other insurance-related income 2,513 — — 2,513 Other insurance-related expenses (2,076 ) (2,227 ) — (4,303 ) Segment income (loss) $ 42,644 $ (28,603 ) $ 85,451 $ 99,492 Net investment income 132,978 Net realized investment losses (88,783 ) Amortization of intangible assets (6,091 ) Interest expense (43,272 ) Foreign exchange loss (10,369 ) Income before income taxes $ 83,955 Loss and loss expense ratio 67.3 % 59.8 % 57.4 % 62.9 % Acquisition cost ratio 10.3 % 20.6 % 19.8 % 15.0 % General and administrative expense ratio 18.0 % 29.7 % 9.1 % 16.7 % Expense ratio 28.3 % 50.3 % 28.9 % 31.7 % Combined ratio 95.6 % 110.1 % 86.3 % 94.6 % Nine Months Ended September 30, 2014 North American Insurance Global Markets Insurance Reinsurance Total Gross premiums written $ 1,285,044 $ 196,086 $ 888,552 $ 2,369,682 Net premiums written 905,279 126,574 862,427 1,894,280 Net premiums earned 808,453 114,584 686,232 1,609,269 Net losses and loss expenses (520,586 ) (35,204 ) (370,441 ) (926,231 ) Acquisition costs (76,531 ) (12,615 ) (125,258 ) (214,404 ) General and administrative expenses (159,063 ) (48,861 ) (56,898 ) (264,822 ) Underwriting income 52,273 17,904 133,635 203,812 Other insurance-related income 1,032 — — 1,032 Other insurance-related expenses (1,270 ) (5,305 ) — (6,575 ) Segment income $ 52,035 $ 12,599 $ 133,635 $ 198,269 Net investment income 127,824 Net realized investment gains 104,286 Amortization of intangible assets (1,900 ) Interest expense (43,451 ) Foreign exchange loss (978 ) Income before income taxes $ 384,050 Loss and loss expense ratio 64.4 % 30.7 % 54.0 % 57.6 % Acquisition cost ratio 9.5 % 11.0 % 18.3 % 13.3 % General and administrative expense ratio 19.7 % 42.6 % 8.3 % 16.5 % Expense ratio 29.2 % 53.6 % 26.6 % 29.8 % Combined ratio 93.6 % 84.3 % 80.6 % 87.4 %
Analysis of gross written premium by geographic location	The following table shows an analysis of the Company’s gross premiums written by geographic location of the Company’s subsidiaries and branches. All intercompany premiums have been eliminated. Three Months Ended Nine Months Ended 2015 2014 2015 2014 United States $ 489,562 $ 483,992 $ 1,509,314 $ 1,447,652 Asia Pacific 106,039 45,070 239,323 142,798 Bermuda 84,486 109,503 448,988 525,005 Europe 70,814 64,947 251,042 245,931 Canada 3,161 4,372 11,979 8,296 Total gross premiums written $ 754,062 $ 707,884 $ 2,460,646 $ 2,369,682
Net premiums earned by segment and line of business	The following table shows the Company's net premiums earned by line of business for each segment for each of the periods indicated. Three Months Ended Nine Months Ended 2015 2014 2015 2014 North American Insurance: Casualty $ 112,093 $ 86,114 $ 326,236 $ 240,981 Professional liability 87,678 68,512 251,005 197,042 Property 39,333 42,457 123,201 127,402 Programs 38,306 28,933 109,163 88,109 Healthcare 35,322 40,775 111,759 126,591 Specialty and other 19,990 10,412 52,868 28,328 Total 332,722 277,203 974,232 808,453 Global Markets Insurance: Casualty 32,033 4,396 68,979 10,298 Specialty and other 29,952 11,915 69,886 31,935 Professional liability 27,719 17,001 76,976 47,091 Property 20,623 8,262 47,152 25,260 Total 110,327 41,574 262,993 114,584 Reinsurance: Property 102,329 113,560 311,498 379,575 Casualty 58,170 65,915 173,953 163,591 Specialty 47,105 43,485 142,901 143,066 Total 207,604 222,960 628,352 686,232 Total net premiums earned $ 650,653 $ 541,737 $ 1,865,577 $ 1,609,269

Condensed Consolidated Guaran31

Condensed Consolidated Guarantor Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Schedule of condensed consolidating balance sheet	Unaudited Condensed Consolidating Balance Sheet: September 30, 2015 Allied World Guarantor) Allied World Issuer) Other Allied Subsidiaries Consolidating Adjustments Allied World Consolidated ASSETS: Investments $ — $ — $ 8,179,810 $ — $ 8,179,810 Cash and cash equivalents 30,561 1,462 571,787 — 603,810 Insurance balances receivable — — 905,401 — 905,401 Funds held — — 443,670 — 443,670 Reinsurance recoverable — — 1,449,832 — 1,449,832 Reinsurance recoverable on paid losses — — 117,110 — 117,110 Net deferred acquisition costs — — 201,313 — 201,313 Goodwill and intangible assets — — 485,393 — 485,393 Balances receivable on sale of investments — — 29,461 — 29,461 Investments in subsidiaries 3,337,480 3,882,163 — (7,219,643 ) — Due from subsidiaries 216,992 45,005 14,100 (276,097 ) — Other assets 2,402 2,298 777,079 — 781,779 Total assets $ 3,587,435 $ 3,930,928 $ 13,174,956 $ (7,495,740 ) $ 13,197,579 LIABILITIES: Reserve for losses and loss expenses $ — $ — $ 6,436,579 $ — $ 6,436,579 Unearned premiums — — 1,835,527 — 1,835,527 Reinsurance balances payable — — 260,225 — 260,225 Balances due on purchases of investments — — 108,337 — 108,337 Senior notes — 799,043 — — 799,043 Other long-term debt — — 23,328 — 23,328 Due to subsidiaries 6,559 7,541 261,997 (276,097 ) — Other liabilities 25,471 12,477 141,187 — 179,135 Total liabilities 32,030 819,061 9,067,180 (276,097 ) 9,642,174 Total shareholders’ equity 3,555,405 3,111,867 4,107,776 (7,219,643 ) 3,555,405 Total liabilities and shareholders’ equity $ 3,587,435 $ 3,930,928 $ 13,174,956 $ (7,495,740 ) $ 13,197,579 December 31, 2014 Allied World Guarantor) Allied World Issuer) Other Allied Subsidiaries Consolidating Adjustments Allied World Consolidated ASSETS: Investments $ — $ — $ 7,868,682 $ — $ 7,868,682 Cash and cash equivalents 32,579 1,734 555,026 — 589,339 Insurance balances receivable — — 664,815 — 664,815 Funds held — — 724,021 — 724,021 Reinsurance recoverable — — 1,340,256 — 1,340,256 Reinsurance recoverable on paid losses — — 86,075 — 86,075 Net deferred acquisition costs — — 151,546 — 151,546 Goodwill and intangible assets — — 324,556 — 324,556 Balances receivable on sale of investments — — 47,149 — 47,149 Investments in subsidiaries 3,629,301 4,218,028 — (7,847,329 ) — Due from subsidiaries 147,072 19,190 14,396 (180,658 ) — Other assets 1,470 3,192 620,462 — 625,124 Total assets $ 3,810,422 $ 4,242,144 $ 12,396,984 $ (8,027,987 ) $ 12,421,563 LIABILITIES: Reserve for losses and loss expenses $ — $ — $ 5,881,165 $ — $ 5,881,165 Unearned premiums — — 1,555,313 — 1,555,313 Reinsurance balances payable — — 180,060 — 180,060 Balances due on purchases of investments — — 5,428 — 5,428 Senior notes — 798,802 — — 798,802 Other long-term debt — — 19,213 — 19,213 Due to subsidiaries 7,599 6,797 166,262 (180,658 ) — Other liabilities 24,532 19,618 159,141 — 203,291 Total liabilities 32,131 825,217 7,966,582 (180,658 ) 8,643,272 Total shareholders’ equity 3,778,291 3,416,927 4,430,402 (7,847,329 ) 3,778,291 Total liabilities and shareholders’ equity $ 3,810,422 $ 4,242,144 $ 12,396,984 $ (8,027,987 ) $ 12,421,563
Schedule of condensed consolidating income statement	Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income: Three Months Ended September 30, 2015 Allied World Guarantor) Allied World Issuer) Other Allied Subsidiaries Consolidating Adjustments Allied World Consolidated Net premiums earned $ — $ — $ 650,653 $ — $ 650,653 Net investment income — — 45,667 — 45,667 Net realized investment gains (losses) — — (113,626 ) — (113,626 ) Other income — — 735 — 735 Net losses and loss expenses — — (416,881 ) — (416,881 ) Acquisition costs — — (100,101 ) — (100,101 ) General and administrative expenses (7,438 ) 590 (98,950 ) — (105,798 ) Other expense — — (1,245 ) — (1,245 ) Amortization of intangible assets — — (2,639 ) — (2,639 ) Interest expense — (13,876 ) (593 ) — (14,469 ) Foreign exchange gain (loss) 2 — 791 — 793 Income tax (expense) benefit (472 ) — 5,753 — 5,281 Equity in earnings of consolidated subsidiaries (43,722 ) (37,021 ) — 80,743 — NET INCOME (LOSS) $ (51,630 ) $ (50,307 ) $ (30,436 ) $ 80,743 $ (51,630 ) Other comprehensive income (loss) (993 ) — (993 ) 993 (993 ) COMPREHENSIVE INCOME (LOSS) $ (52,623 ) $ (50,307 ) $ (31,429 ) $ 81,736 $ (52,623 ) Three Months Ended September 30, 2014 Allied World Switzerland (Parent Guarantor) Allied World Bermuda (Subsidiary Issuer) Other Allied World Subsidiaries Consolidating Adjustments Allied World Switzerland Consolidated Net premiums earned $ — $ — $ 541,737 $ — $ 541,737 Net investment income 2 — 43,410 — 43,412 Net realized investment gains (losses) — — (35,136 ) — (35,136 ) Other income — — 1,032 — 1,032 Net losses and loss expenses — — (336,090 ) — (336,090 ) Acquisition costs — — (72,403 ) — (72,403 ) General and administrative expenses (8,285 ) (182 ) (79,827 ) — (88,294 ) Other expense — — (6,575 ) — (6,575 ) Amortization of intangible assets — — (633 ) — (633 ) Interest expense — (13,855 ) (470 ) — (14,325 ) Foreign exchange gain (loss) 16 47 (341 ) — (278 ) Income tax (expense) benefit — — (1,532 ) — (1,532 ) Equity in earnings of consolidated subsidiaries 39,182 49,491 — (88,673 ) — NET INCOME (LOSS) $ 30,915 $ 35,501 $ 53,172 $ (88,673 ) $ 30,915 Other comprehensive income (loss) — — — — — COMPREHENSIVE INCOME (LOSS) $ 30,915 $ 35,501 $ 53,172 $ (88,673 ) $ 30,915 Nine Months Ended September 30, 2015 Allied World Guarantor) Allied World Issuer) Other Allied Subsidiaries Consolidating Adjustments Allied World Consolidated Net premiums earned $ — $ — $ 1,865,577 $ — $ 1,865,577 Net investment income 5 — 132,973 — 132,978 Net realized investment gains (losses) — — (88,783 ) — (88,783 ) Other income — — 2,513 — 2,513 Net losses and loss expenses — — (1,173,578 ) — (1,173,578 ) Acquisition costs — — (279,418 ) — (279,418 ) General and administrative expenses (27,053 ) 405 (284,651 ) — (311,299 ) Other expense — — (4,303 ) — (4,303 ) Amortization of intangible assets — — (6,091 ) — (6,091 ) Interest expense — (41,613 ) (1,659 ) — (43,272 ) Foreign exchange gain (loss) 9 13 (10,391 ) — (10,369 ) Income tax (expense) benefit (553 ) — (1,218 ) — (1,771 ) Equity in earnings of consolidated subsidiaries 109,776 138,603 — (248,379 ) — NET INCOME (LOSS) $ 82,184 $ 97,408 $ 150,971 $ (248,379 ) $ 82,184 Other comprehensive income (loss) (4,265 ) — (4,265 ) 4,265 (4,265 ) COMPREHENSIVE INCOME (LOSS) $ 77,919 $ 97,408 $ 146,706 $ (244,114 ) $ 77,919 Nine Months Ended September 30, 2014 Allied World Switzerland (Parent Guarantor) Allied World Bermuda (Subsidiary Issuer) Other Allied World Subsidiaries Consolidating Adjustments Allied World Switzerland Consolidated Net premiums earned $ — $ — $ 1,609,269 $ — $ 1,609,269 Net investment income 6 — 127,818 — 127,824 Net realized investment gains (losses) — — 104,286 — 104,286 Other income — — 1,032 — 1,032 Net losses and loss expenses — — (926,231 ) — (926,231 ) Acquisition costs — — (214,404 ) — (214,404 ) General and administrative expenses (28,012 ) (919 ) (235,891 ) — (264,822 ) Other expense — — (6,575 ) — (6,575 ) Amortization of intangible assets — — (1,900 ) — (1,900 ) Interest expense — (41,556 ) (1,895 ) — (43,451 ) Foreign exchange gain (loss) 12 68 (1,058 ) — (978 ) Income tax (expense) benefit (86 ) — (24,214 ) — (24,300 ) Equity in earnings of consolidated subsidiaries 387,830 419,294 — (807,124 ) — NET INCOME (LOSS) $ 359,750 $ 376,887 $ 430,237 $ (807,124 ) $ 359,750 Other comprehensive income — — — — — COMPREHENSIVE INCOME (LOSS) $ 359,750 $ 376,887 $ 430,237 $ (807,124 ) $ 359,750
Schedule of condensed consolidating statement of cash flows	Unaudited Condensed Consolidating Statement of Cash Flows: Nine Months Ended September 30, 2015 Allied World Switzerland (Parent Guarantor) Allied World Bermuda (Subsidiary Issuer) Other Allied World Subsidiaries Consolidating Adjustments Allied World Switzerland Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 302,025 $ 333,128 $ 661,020 $ (712,850 ) $ 583,323 CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: Purchases trading securities — — (3,962,283 ) — (3,962,283 ) Purchases of other invested assets — — (110,851 ) — (110,851 ) Sales of trading securities — — 3,888,416 — 3,888,416 Sales of other invested assets — — 160,253 — 160,253 Net cash paid for acquisitions — — (141,503 ) — (141,503 ) Other — — (102,690 ) — (102,690 ) Net cash provided by (used in) investing activities — — (268,658 ) — (268,658 ) CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: Dividends paid (66,784 ) — — — (66,784 ) Intercompany dividends paid — (333,400 ) (379,450 ) 712,850 — Proceeds from the exercise of stock options 9,184 — — — 9,184 Share repurchases (246,443 ) — — — (246,443 ) Proceeds from other long-term debt — — 4,003 — 4,003 Repayments of other long-term debt — — (154 ) — (154 ) Net cash provided by (used in) financing activities (304,043 ) (333,400 ) (375,601 ) 712,850 (300,194 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,018 ) (272 ) 16,761 — 14,471 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 32,579 1,734 555,026 — 589,339 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 30,561 $ 1,462 $ 571,787 $ — $ 603,810 Nine Months Ended September 30, 2014 Allied World Switzerland (Parent Guarantor) Allied World Bermuda (Subsidiary Issuer) Other Allied World Subsidiaries Consolidating Adjustments Allied World Switzerland Consolidated CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: $ 241,037 $ 263,554 $ 737,516 $ (575,000 ) $ 667,107 CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: Purchases of trading securities — — (5,608,594 ) — (5,608,594 ) Purchases of other invested assets — — (242,227 ) — (242,227 ) Sales of trading securities — — 5,500,176 — 5,500,176 Sales of other invested assets — — 243,123 — 243,123 Net cash paid for acquisitions — — (2,565 ) — (2,565 ) Other — — (44,055 ) — (44,055 ) Net cash provided by (used in) investing activities — — (154,142 ) — (154,142 ) CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: Dividends paid (55,064 ) — — — (55,064 ) Intercompany dividends paid — (264,000 ) (311,000 ) 575,000 — Proceeds from the exercise of stock options 7,640 — — — 7,640 Share repurchases (166,207 ) — — — (166,207 ) Net cash provided by (used in) financing activities (213,631 ) (264,000 ) (311,000 ) 575,000 (213,631 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 27,406 (446 ) 272,374 — 299,334 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 10,790 2,775 518,371 — 531,936 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 38,196 $ 2,329 $ 790,745 $ — $ 831,270

Acquisitions (Consideration Tra

Acquisitions (Consideration Transferred and Recognized Amounts of Identifiable Assets and Liabilities) (Details) - USD ($) $ in Thousands	Apr. 02, 2015	Sep. 30, 2015	Dec. 31, 2014
Recognized amounts of identifiable assets acquired and liabilities assumed:
Goodwill		$ 354,781	$ 278,258
Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Consideration:
Cash for initial consideration	$ 193,889
Receivable for post-closing adjustments	(31,160)
Fair value of consideration transferred	162,729
Recognized amounts of identifiable assets acquired and liabilities assumed:
Fixed maturity investments	245,997
Cash and cash equivalents	46,853
Insurance balances receivable	113,922
Prepaid reinsurance	17,491
Reinsurance recoverable	57,350
Intangible assets and VOBA	127,704
Other assets	10,041
Reserve for losses and loss expenses	(310,198)
Unearned premiums	(150,530)
Reinsurance balances payable	(35,734)
Net deferred tax liabilities	(16,488)
Accounts payable and accrued liabilities	(19,918)
Total identifiable net assets acquired	86,490
Goodwill	76,239
Total net assets acquired	162,729
Business Combination, Acquisition Related Costs		$ 8,948
Value Of Business Acquired [Member] | Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Recognized amounts of identifiable assets acquired and liabilities assumed:
Intangible assets and VOBA	37,104
Intangible Assets Excluding Voba [Member] | Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Recognized amounts of identifiable assets acquired and liabilities assumed:
Intangible assets and VOBA	$ 90,600

Acquisitions (Summary of Intang

Acquisitions (Summary of Intangible Assets Acquired) (Details) - USD ($) $ in Thousands	Apr. 02, 2015	Sep. 30, 2015	Apr. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill		$ 354,781		$ 278,258
Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Business Acquisition [Line Items]
Goodwill	$ 76,239
Intangible assets and VOBA	$ 127,704
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years
Value Of Business Acquired [Member] | Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Business Acquisition [Line Items]
Intangible assets and VOBA	$ 37,104
Customer-Related Intangible Assets [Member] | Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Business Acquisition [Line Items]
Intangible assets and VOBA	15,400
Distribution Rights [Member] | Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Business Acquisition [Line Items]
Intangible assets and VOBA	75,200
SINGAPORE | Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Business Acquisition [Line Items]
Goodwill	52,427
Intangible assets and VOBA	76,945
SINGAPORE | Value Of Business Acquired [Member] | Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Business Acquisition [Line Items]
Intangible assets and VOBA	$ 19,845
Finite-Lived Intangible Asset, Useful Life	2 years
SINGAPORE | Customer-Related Intangible Assets [Member] | Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Business Acquisition [Line Items]
Intangible assets and VOBA	$ 8,600
Finite-Lived Intangible Asset, Useful Life	4 years
SINGAPORE | Distribution Rights [Member] | Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Business Acquisition [Line Items]
Intangible assets and VOBA	$ 48,500
Finite-Lived Intangible Asset, Useful Life	18 years
HONG KONG | Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Business Acquisition [Line Items]
Goodwill	$ 23,812
Intangible assets and VOBA	50,759
HONG KONG | Value Of Business Acquired [Member] | Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Business Acquisition [Line Items]
Intangible assets and VOBA	$ 17,259
Finite-Lived Intangible Asset, Useful Life	1 year 6 months
HONG KONG | Customer-Related Intangible Assets [Member] | Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Business Acquisition [Line Items]
Intangible assets and VOBA	$ 6,800
Finite-Lived Intangible Asset, Useful Life	7 years
HONG KONG | Distribution Rights [Member] | Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Business Acquisition [Line Items]
Intangible assets and VOBA	$ 26,700
Finite-Lived Intangible Asset, Useful Life	18 years
Labuan Operations of Royal Sun Alliance Insurance Plc [Member] | Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Business Acquisition [Line Items]
Goodwill			$ 1,396

Acquisitions (Results Since Acq

Acquisitions (Results Since Acquisition and Pro Forma Information) (Details) - Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member] - USD ($) $ in Thousands	6 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	$ 103,265
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual	$ (14,788)
Business Acquisition, Pro Forma Revenue		$ 1,960,185	$ 2,010,308
Business Acquisition, Pro Forma Net Income (Loss)		$ 70,633	$ 362,143

Acquisitions (Other Details) (D

Acquisitions (Other Details) (Details) - Latin American Underwriters Holdings Ltd [Member] - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2015	Sep. 30, 2015
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 5,105
Goodwill, Acquired During Period	2,467
Finite-lived Intangible Assets Acquired	$ 3,610
Finite-Lived Intangible Asset, Useful Life	5 years
Business Combination, Contingent Consideration, Liability	$ 1,000	$ 0

Investments (Schedule Of Tradin

Investments (Schedule Of Trading Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Equity securities and other invested assets [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, Fair Value	$ 1,508,557	$ 1,656,706
Trading securities, Amortized Cost	1,430,853	1,516,275
Equity securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, Fair Value	663,390	844,163
Trading securities, Amortized Cost	668,061	791,206
Other invested assets [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, Fair Value	845,167	812,543
Trading securities, Amortized Cost	762,792	725,069
Fixed maturity investments [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, Fair Value	6,546,993	6,069,010
Trading securities, Amortized Cost	6,555,748	6,035,240
U.S. Government And Government Agencies [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, Fair Value	1,287,749	1,610,502
Trading securities, Amortized Cost	1,283,085	1,610,880
Non-U.S. Government And Government Agencies [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, Fair Value	427,096	188,199
Trading securities, Amortized Cost	449,572	196,332
States, Municipalities And Political Subdivisions [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, Fair Value	422,007	170,567
Trading securities, Amortized Cost	410,052	165,615
Corporate Debt, Financial Institutions [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, Fair Value	1,052,636	1,024,667
Trading securities, Amortized Cost	1,049,451	1,018,777
Corporate Debt, Industrials [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, Fair Value	1,256,975	1,029,729
Trading securities, Amortized Cost	1,276,413	1,037,820
Corporate Debt, Utilities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, Fair Value	118,167	110,997
Trading securities, Amortized Cost	120,856	111,599
Mortgage-Backed [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, Fair Value	1,302,678	1,263,517
Trading securities, Amortized Cost	1,273,349	1,219,712
Asset-Backed [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, Fair Value	679,685	670,832
Trading securities, Amortized Cost	$ 692,970	$ 674,505

Investments (Schedule Of Other

Investments (Schedule Of Other Investments) (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 969,427	$ 955,509
Investment commitment		623,941	483,214
Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		469,994	527,519
Investments without redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 499,433	427,990
Hedge Funds [Member] | Investments without redemption restrictions [Member] | Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Redemption notice period		30 days
Total Fair Value [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 845,167	812,543
Investment commitment		623,941	483,214
Total Fair Value [Member] | Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		469,994	527,519
Total Fair Value [Member] | Investments without redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		375,173	285,024
Total Fair Value [Member] | Private Equity Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		422,219	357,350
Investment commitment		623,941	483,214
Total Fair Value [Member] | Private Equity Funds [Member] | Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		422,219	357,350
Total Fair Value [Member] | Private Equity Funds [Member] | Investments without redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		0	0
Total Fair Value [Member] | Private Equity [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		221,862	184,576
Investment commitment		251,874	223,802
Total Fair Value [Member] | Private Equity [Member] | Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 221,862	$ 184,576
Total Fair Value [Member] | Private Equity [Member] | Investments with redemption restrictions [Member] | Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Estimated remaining restriction period		2 years	2 years
Total Fair Value [Member] | Private Equity [Member] | Investments with redemption restrictions [Member] | Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Estimated remaining restriction period		8 years	8 years
Total Fair Value [Member] | Private Equity [Member] | Investments without redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 0	$ 0
Total Fair Value [Member] | Mezzanine Debt [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		194,512	166,905
Investment commitment		166,476	204,232
Total Fair Value [Member] | Mezzanine Debt [Member] | Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 194,512	$ 166,905
Total Fair Value [Member] | Mezzanine Debt [Member] | Investments with redemption restrictions [Member] | Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Estimated remaining restriction period		5 years	5 years
Total Fair Value [Member] | Mezzanine Debt [Member] | Investments with redemption restrictions [Member] | Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Estimated remaining restriction period		9 years	9 years
Total Fair Value [Member] | Mezzanine Debt [Member] | Investments without redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 0	$ 0
Total Fair Value [Member] | Distressed [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		5,845	5,869
Investment commitment		5,591	5,180
Total Fair Value [Member] | Distressed [Member] | Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 5,845	$ 5,869
Estimated remaining restriction period		3 years	3 years
Total Fair Value [Member] | Distressed [Member] | Investments without redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 0	$ 0
Total Fair Value [Member] | Real Estate [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		0	0
Investment commitment		200,000	50,000
Total Fair Value [Member] | Real Estate [Member] | Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 0	$ 0
Estimated remaining restriction period		9 years	9 years
Total Fair Value [Member] | Real Estate [Member] | Investments without redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 0	$ 0
Total Fair Value [Member] | Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		394,748	425,030
Investment commitment		0	0
Total Fair Value [Member] | Hedge Funds [Member] | Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		47,775	170,169
Total Fair Value [Member] | Hedge Funds [Member] | Investments without redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		346,973	254,861
Total Fair Value [Member] | Distressed Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		216,993	170,169
Investment commitment		0	0
Total Fair Value [Member] | Distressed Funds [Member] | Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 47,775	170,169
Estimated remaining restriction period		2 years
Total Fair Value [Member] | Distressed Funds [Member] | Investments without redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 169,218	$ 0
Redemption frequency	[1]	Monthly	Based on net asset value
Total Fair Value [Member] | Distressed Funds [Member] | Investments without redemption restrictions [Member] | Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Redemption notice period	[1]	60 days	60 days
Total Fair Value [Member] | Equity Long/Short [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 58,655	$ 84,198
Investment commitment		0	0
Total Fair Value [Member] | Equity Long/Short [Member] | Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		0	0
Total Fair Value [Member] | Equity Long/Short [Member] | Investments without redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 58,655	$ 84,198
Redemption frequency	[1]	Quarterly	Quarterly
Redemption notice period	[1]	45 days
Total Fair Value [Member] | Equity Long/Short [Member] | Investments without redemption restrictions [Member] | Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Redemption notice period	[1]		30 days
Total Fair Value [Member] | Equity Long/Short [Member] | Investments without redemption restrictions [Member] | Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Redemption notice period	[1]		60 days
Total Fair Value [Member] | Multi-Strategy Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets			$ 51,507
Investment commitment			0
Total Fair Value [Member] | Multi-Strategy Funds [Member] | Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets			0
Total Fair Value [Member] | Multi-Strategy Funds [Member] | Investments without redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets			$ 51,507
Redemption frequency	[1]		Quarterly
Total Fair Value [Member] | Multi-Strategy Funds [Member] | Investments without redemption restrictions [Member] | Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Redemption notice period	[1]		45 days
Total Fair Value [Member] | Multi-Strategy Funds [Member] | Investments without redemption restrictions [Member] | Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Redemption notice period	[1]		90 days
Total Fair Value [Member] | Relative Value Credit [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 119,100	$ 119,156
Investment commitment		0	0
Total Fair Value [Member] | Relative Value Credit [Member] | Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		0	0
Total Fair Value [Member] | Relative Value Credit [Member] | Investments without redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 119,100	$ 119,156
Redemption frequency	[1]	Quarterly	Quarterly
Redemption notice period	[1]	60 days	60 days
Total Fair Value [Member] | High Yield Loan Fund [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 28,200	$ 30,163
Investment commitment		0	0
Total Fair Value [Member] | High Yield Loan Fund [Member] | Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		0	0
Total Fair Value [Member] | High Yield Loan Fund [Member] | Investments without redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 28,200	$ 30,163
Redemption frequency	[1]	Monthly	Monthly
Redemption notice period	[1]	30 days	30 days
Carrying Value [Member] | Other Private Securities [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 124,260	$ 142,966
Investment commitment		0	0
Carrying Value [Member] | Other Private Securities [Member] | Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		0	0
Carrying Value [Member] | Other Private Securities [Member] | Investments without redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other invested assets		$ 124,260	$ 142,966
[1]	The redemption frequency and notice periods only apply to the investments without redemption restrictions. Some or all of these investments may be subject to a gate as described below.

Investments (Schedule Of Net In

Investments (Schedule Of Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net Investment Income [Line Items]
Net investment income	$ 45,667	$ 43,412	$ 132,978	$ 127,824
Fixed maturity investments [Member]
Net Investment Income [Line Items]
Net investment income	42,801	38,762	120,264	110,998
Equity securities [Member]
Net Investment Income [Line Items]
Net investment income	3,115	3,711	11,540	12,876
Other invested assets - hedge funds and private equity [Member]
Net Investment Income [Line Items]
Net investment income	3,342	2,249	16,305	8,767
Other invested assets - other private securities [Member]
Net Investment Income [Line Items]
Net investment income	1,804	3,292	(1,119)	7,291
Cash and cash equivalents [Member]
Net Investment Income [Line Items]
Net investment income	277	552	1,178	1,562
Expenses [Member]
Net Investment Income [Line Items]
Net investment income	$ (5,672)	$ (5,154)	$ (15,190)	$ (13,670)

Investments (Components Of Real

Investments (Components Of Realized Gains And Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gain (Loss) on Investments [Line Items]
Gross realized gains on sale of invested assets	$ 18,694	$ 28,773	$ 100,060	$ 146,780
Gross realized losses on sale of invested assets	(34,735)	(9,955)	(57,798)	(26,228)
Net realized and unrealized (losses) gains on derivatives	(19,905)	2,171	(17,616)	(24,469)
Net realized investment (losses) gains	(113,626)	(35,136)	(88,783)	104,286
Fixed maturity investments, trading [Member]
Gain (Loss) on Investments [Line Items]
Mark-to-market (losses) gains	(15,270)	(40,843)	(42,441)	18,039
Equity securities, trading [Member]
Gain (Loss) on Investments [Line Items]
Mark-to-market (losses) gains	(62,853)	(8,479)	(57,761)	(8,768)
Other invested assets [Member]
Gain (Loss) on Investments [Line Items]
Mark-to-market (losses) gains	$ 443	$ (6,803)	$ (13,227)	$ (1,068)

Investments (Pledged Assets) (D

Investments (Pledged Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Compliance With Reinsurance Contract Provisions Or Insurance Laws [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Restricted cash, cash equivalents and investments	$ 2,975,115	$ 3,585,792
Pledged As Collateral For Letter Of Credit Facilities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Restricted cash, cash equivalents and investments	$ 570,363	$ 571,750

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Other invested assets - other private securities [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other-than-temporary impairments	$ 6,261
Minimum [Member] | Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Redemption restriction period	1 year
Minimum [Member] | Investments without redemption restrictions [Member] | Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Redemption notice period	30 days
Gate trigger, percentage	15.00%
Maximum [Member] | Investments with redemption restrictions [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Redemption restriction period	3 years
Maximum [Member] | Investments without redemption restrictions [Member] | Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Gate trigger, percentage	25.00%

Derivative Instruments (Locatio

Derivative Instruments (Location and Amounts of Derivative Fair Values On The Condensed Consolidated Balance Sheets) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Asset Derivative Notional Amount	$ 551,331	$ 33,875
Asset Derivative Fair Value	358	1,274
Liability Derivative Notional Amount	890	738,876
Liability Derivative Fair Value	9	1,674
Foreign exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivative Notional Amount	4,331	33,875
Asset Derivative Fair Value	28	1,274
Foreign exchange contracts | Accounts payable and accrued liabilities
Derivatives, Fair Value [Line Items]
Liability Derivative Notional Amount	890	167,376
Liability Derivative Fair Value	9	991
Interest rate swaps | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivative Notional Amount	547,000	0
Asset Derivative Fair Value	330	0
Interest rate swaps | Accounts payable and accrued liabilities
Derivatives, Fair Value [Line Items]
Liability Derivative Notional Amount	0	571,500
Liability Derivative Fair Value	$ 0	$ 683

Derivative Instruments (Locat43

Derivative Instruments (Location and Amounts of Unrealized And Realized Gains (Losses) On Derivatives Recorded In The Condensed Consolidated Income Statements) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gains (losses) on derivatives	$ (19,722)	$ 4,057	$ (23,591)	$ (25,049)
Foreign exchange gain (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gains (losses) on derivatives	183	1,886	(5,975)	(580)
Foreign exchange gain (loss) | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gains (losses) on derivatives	183	1,886	(5,975)	(580)
Net realized investment gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gains (losses) on derivatives	(19,905)	2,171	(17,616)	(24,469)
Net realized investment gains (losses) | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gains (losses) on derivatives	134	1,701	928	857
Net realized investment gains (losses) | Interest rate futures and swaps
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gains (losses) on derivatives	$ (20,039)	$ 470	$ (18,544)	$ (25,326)

(Schedule Of Fair Value Of Fina

(Schedule Of Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		$ 6,546,993	$ 6,069,010
Equity securities		663,390	844,163
Other invested assets		969,427	955,509
Total investments		8,179,810	7,868,682
Senior notes		799,043	798,802
Other long-term debt		23,328	19,213
Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other invested assets		845,167	812,543
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		6,546,993	6,069,010
Equity securities		663,390	844,163
Other invested assets	[1]	845,167	812,543
Total investments		8,055,550	7,725,716
Senior notes		799,043	798,802
Other long-term debt		23,328	19,213
Fair Value, Measurements, Recurring [Member] | Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		28	1,274
Derivative liabilities		9	991
Fair Value, Measurements, Recurring [Member] | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		330
Derivative liabilities			683
Fair Value, Measurements, Recurring [Member] | U.S. Government And Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		1,287,748	1,610,502
Fair Value, Measurements, Recurring [Member] | Non-U.S. Government And Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		427,096	188,199
Fair Value, Measurements, Recurring [Member] | States, Municipalities And Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		422,007	170,567
Fair Value, Measurements, Recurring [Member] | Corporate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		2,427,779	2,165,393
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		1,302,678	1,263,517
Fair Value, Measurements, Recurring [Member] | Asset-Backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		679,685	670,832
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		1,225,745	1,499,347
Equity securities		636,576	800,833
Other invested assets	[1]	0	0
Total investments		1,862,321	2,300,180
Senior notes		0	0
Other long-term debt		0	0
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		0	0
Derivative liabilities		0	0
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		0
Derivative liabilities			0
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | U.S. Government And Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		1,225,745	1,499,347
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Non-U.S. Government And Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		0	0
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | States, Municipalities And Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		0	0
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Corporate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		0	0
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Mortgage-Backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		0	0
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Asset-Backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		0	0
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		5,160,029	4,332,467
Equity securities		0	0
Other invested assets	[1]	0	0
Total investments		5,160,029	4,332,467
Senior notes		859,307	879,317
Other long-term debt		28,112	22,583
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		28	1,274
Derivative liabilities		9	991
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		330
Derivative liabilities			683
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | U.S. Government And Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		62,003	111,155
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Non-U.S. Government And Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		427,096	188,199
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | States, Municipalities And Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		422,007	170,567
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Corporate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		2,427,779	2,165,393
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Mortgage-Backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		1,199,013	1,081,734
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Asset-Backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		622,131	615,419
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		161,219	237,196
Equity securities		26,814	43,330
Other invested assets	[1]	0	0
Total investments		188,033	280,526
Senior notes		0	0
Other long-term debt		0	0
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		0	0
Derivative liabilities		0	0
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		0
Derivative liabilities			0
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | U.S. Government And Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		0	0
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Non-U.S. Government And Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		0	0
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | States, Municipalities And Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		0	0
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Corporate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		0	0
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Mortgage-Backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		103,665	181,783
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Asset-Backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		57,554	55,413
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		6,546,993	6,069,010
Equity securities		663,390	844,163
Other invested assets	[1]	845,167	812,543
Total investments		8,055,550	7,725,716
Senior notes		859,307	879,317
Other long-term debt		28,112	22,583
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		28	1,274
Derivative liabilities		9	991
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		330
Derivative liabilities			683
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | U.S. Government And Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		1,287,748	1,610,502
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Non-U.S. Government And Government Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		427,096	188,199
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | States, Municipalities And Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		422,007	170,567
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Corporate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		2,427,779	2,165,393
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Mortgage-Backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		1,302,678	1,263,517
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Asset-Backed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading fixed maturity investments		$ 679,685	$ 670,832
[1]	In accordance with U.S. GAAP, other invested assets, excluding other private securities, are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy.

Fair Value Of Financial Instr45

Fair Value Of Financial Instruments (Schedule Of Fair Value Measurement Using Significant Unobservable Inputs Level Three) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Mortgage-Backed [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening balance		$ 99,637	$ 146,801	$ 181,783	$ 147,338
Realized and unrealized gains (losses) included in net income		808	(882)	27	3,654
Purchases		9,666	16,311	16,657	34,187
Sales		(9,390)	(28,761)	(94,802)	(65,038)
Transfers into Level 3 from Level 2		3,126	1,628	0	1,253
Transfers out of Level 3 to Level 2	[1]	(182)	(15,189)	0	(1,486)
Ending balance		103,665	119,908	103,665	119,908
Asset-Backed [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening balance		83,908	71,232	55,413	93,413
Realized and unrealized gains (losses) included in net income		(2,547)	(253)	(2,960)	(659)
Purchases		122	18,021	7,011	35,526
Sales		(7,892)	(9,970)	(20,160)	(19,871)
Transfers into Level 3 from Level 2		627	17,863	41,234	13,923
Transfers out of Level 3 to Level 2	[1]	(16,664)	(5,523)	(22,984)	(30,962)
Ending balance		57,554	91,370	57,554	91,370
Equity securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening balance		57,807	34,863	43,330	73,904
Realized and unrealized gains (losses) included in net income		(10,993)	3,172	3,484	(6,572)
Purchases		0	0	0	0
Sales		(20,000)	0	(20,000)	(29,297)
Transfers into Level 3 from Level 2		0	0	0	0
Transfers out of Level 3 to Level 2	[1]	0	0	0	0
Ending balance		$ 26,814	$ 38,035	$ 26,814	$ 38,035
[1]	Transfers out of Level 3 are primarily attributable to the availability of market observable information.

Reserve For Losses And Loss E46

Reserve For Losses And Loss Expenses (Schedule Of Reserve For Losses And Loss Expenses) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Insurance Loss Reserves [Abstract]
Outstanding loss reserves	$ 1,707,409		$ 1,514,051
Reserves for losses incurred but not reported	4,729,170		4,367,114
Reserve for losses and loss expenses	$ 6,436,579	$ 6,363,948	$ 5,881,165	$ 6,052,263	$ 5,935,678	$ 5,766,529

Reserve For Losses And Loss E47

Reserve For Losses And Loss Expenses (Schedule Of Reconciliation Of Unpaid Losses And Loss Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Gross liability at beginning of year	$ 6,363,948	$ 5,935,678	$ 5,881,165	$ 5,766,529
Reinsurance recoverable at beginning of year	(1,433,109)	(1,301,742)	(1,340,256)	(1,234,504)
Net liability at beginning of year	4,930,839	4,633,936	4,540,909	4,532,025
Acquisition of net reserves for losses and loss expenses	0	0	256,991	0
Net losses incurred related to:
Current year	425,473	382,970	1,267,649	1,067,111
Prior years	(8,591)	(46,880)	(94,071)	(140,880)
Total incurred	416,882	336,090	1,173,578	926,231
Net paid losses related to:
Current year	60,828	53,596	95,388	80,401
Prior years	287,840	202,626	866,770	666,555
Total paid	348,668	256,222	962,158	746,956
Foreign exchange revaluation	(12,306)	(10,550)	(22,573)	(8,046)
Net liability at end of year	4,986,747	4,703,254	4,986,747	4,703,254
Reinsurance recoverable at end of year	1,449,832	1,349,009	1,449,832	1,349,009
Gross liability at end of year	$ 6,436,579	$ 6,052,263	6,436,579	$ 6,052,263
Hong Kong And Singapore Operations Of Royal Sun Alliance Insurance Plc [Member]
Business Acquisition [Line Items]
Acquisition of net reserves for losses and loss expenses			252,848
Labuan Operations of Royal Sun Alliance Insurance Plc [Member]
Business Acquisition [Line Items]
Acquisition of net reserves for losses and loss expenses			$ 4,143

Shareholders' Equity (Issued Sh

Shareholders' Equity (Issued Share Capital) (Details) $ in Thousands	Sep. 30, 2015USD ($)shares	Sep. 30, 2015SFr / shares	Dec. 31, 2014USD ($)shares	Dec. 31, 2014SFr / shares
Stockholders' Equity Note [Abstract]
Common shares issued and fully paid, 2015 and 2014: CHF 4.10 per share	95,523,230		100,775,256
Common shares, par value | SFr / shares		SFr 4.1		SFr 4.1
Total share capital | $	$ 386,702		$ 408,020

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule Of Common Stock Outstanding Roll Forward) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Shares issued:
Shares issued at beginning of period, shares			100,775,256
Shares cancelled, shares			(5,252,026)
Shares issued at end of period, shares	95,523,230		95,523,230
Treasury shares:
Treasury shares issued at beginning of period, shares			4,579,774
Shares repurchased, shares	0	654,851	6,047,437	4,616,543
Shares issued out of treasury, shares			(763,843)
Shares cancelled, shares			(5,252,026)
Total treasury shares at end of period, shares	4,611,342		4,611,342
Total shares outstanding at end of year	90,911,888		90,911,888

Shareholders' Equity (Schedul50

Shareholders' Equity (Schedule Of Dividends Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands

Oct. 02, 2015

Jul. 02, 2015

Apr. 30, 2015

Apr. 02, 2015

Jan. 02, 2015

Oct. 02, 2014

Jul. 02, 2014

May. 01, 2014

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Dividends, Common Stock [Abstract]

Dividends paid per common share

$ 0.260

$ 0.225

$ 0.710

$ 0.559

Common shares

Dividends, Common Stock [Abstract]

Dividends paid per common share

$ 0.26

$ 0.225

$ 0.225

$ 0.225

$ 0.225

Payment of quarterly dividends

$ 23,606

$ 21,528

$ 21,669

Dividends declared per share

$ 0.26

$ 0.225

Subsequent event | Common shares

Dividends, Common Stock [Abstract]

Dividends paid per common share

$ 0.260

Shareholders' Equity (Schedul51

Shareholders' Equity (Schedule Of Share Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands	May. 06, 2015	May. 01, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Class of Stock [Line Items]
Share repurchase authorization, amount		$ 500,000
Shares repurchased, shares			0	654,851	6,047,437	4,616,543
Cost of shares repurchased			$ 0	$ 24,996	$ 245,301	$ 164,528
Shares repurchased, average price per share			$ 0	$ 38.17	$ 40.56	$ 35.64
Treasury shares held for issuance pursuant to equity-based compensation plans		3,000,000
Exor SA [Member]
Class of Stock [Line Items]
Shares repurchased, shares	4,053,537
Cost of shares repurchased	$ 164,355
Shares repurchased, average price per share	$ 40.546

Earnings Per Share (Comparison

Earnings Per Share (Comparison Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share, Basic [Abstract]
Net income	$ (51,630)	$ 30,915	$ 82,184	$ 359,750
Weighted average common shares outstanding	90,882,511	96,458,231	93,068,088	97,926,378
Basic (loss) earnings per share	$ (0.57)	$ 0.32	$ 0.88	$ 3.67
Earnings Per Share, Diluted [Abstract]
Net income	$ (51,630)	$ 30,915	$ 82,184	$ 359,750
Weighted average common shares outstanding	90,882,511	96,458,231	93,068,088	97,926,378
Share equivalents:
Warrants and options	0	1,430,243	1,071,569	1,449,641
RSUs and LTIP awards	0	541,711	569,276	575,675
Employee share purchase plan	0	14,053	16,047	13,602
Weighted average common shares and common share equivalents outstanding - diluted	90,882,511	98,444,238	94,724,980	99,965,296
Diluted (loss) earnings per share	$ (0.57)	$ 0.31	$ 0.87	$ 3.60

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock Compensation Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	0	0	0	0

Segment Information (Summary Of

Segment Information (Summary Of Segment Results) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)segments	Sep. 30, 2014USD ($)
Segment Reporting Information [Line Items]
Gross premiums written	$ 754,062	$ 707,884	$ 2,460,646	$ 2,369,682
Net premiums written	606,992	568,742	1,983,189	1,894,280
Net premiums earned	650,653	541,737	1,865,577	1,609,269
Net losses and loss expenses	(416,881)	(336,090)	(1,173,578)	(926,231)
Acquisition costs	(100,101)	(72,403)	(279,418)	(214,404)
General and administrative expenses	(105,798)	(88,294)	(311,299)	(264,822)
Underwriting income (loss)	27,873	44,950	101,282	203,812
Other insurance-related income	735	1,032	2,513	1,032
Other insurance-related expenses	(1,245)	(6,575)	(4,303)	(6,575)
Segment (loss) income	27,363	39,407	99,492	198,269
Net investment income	45,667	43,412	132,978	127,824
Net realized investment (losses) gains	(113,626)	(35,136)	(88,783)	104,286
Amortization of intangible assets	(2,639)	(633)	(6,091)	(1,900)
Interest expense	(14,469)	(14,325)	(43,272)	(43,451)
Foreign exchange loss	793	(278)	(10,369)	(978)
(Loss) income before income taxes	$ (56,911)	$ 32,447	$ 83,955	$ 384,050
Loss and loss expense ratio	64.10%	62.00%	62.90%	57.60%
Acquisition cost ratio	15.40%	13.40%	15.00%	13.30%
General and administrative expense ratio	16.30%	16.30%	16.70%	16.50%
Expense ratio	31.70%	29.70%	31.70%	29.80%
Combined ratio	95.80%	91.70%	94.60%	87.40%
Number of operating segments | segments			3
Operating Segments [Member] | North American Insurance [Member]
Segment Reporting Information [Line Items]
Gross premiums written	$ 460,386	$ 466,792	$ 1,358,636	$ 1,285,044
Net premiums written	350,791	364,739	1,019,866	905,279
Net premiums earned	332,722	277,203	974,232	808,453
Net losses and loss expenses	(222,250)	(180,682)	(655,475)	(520,586)
Acquisition costs	(35,585)	(27,027)	(100,818)	(76,531)
General and administrative expenses	(58,301)	(52,921)	(175,732)	(159,063)
Underwriting income (loss)	16,586	16,573	42,207	52,273
Other insurance-related income	735	1,032	2,513	1,032
Other insurance-related expenses	(631)	(1,270)	(2,076)	(1,270)
Segment (loss) income	$ 16,690	$ 16,335	$ 42,644	$ 52,035
Loss and loss expense ratio	66.80%	65.20%	67.30%	64.40%
Acquisition cost ratio	10.70%	9.70%	10.30%	9.50%
General and administrative expense ratio	17.50%	19.10%	18.00%	19.70%
Expense ratio	28.20%	28.80%	28.30%	29.20%
Combined ratio	95.00%	94.00%	95.60%	93.60%
Operating Segments [Member] | Global Markets Insurance [Member]
Segment Reporting Information [Line Items]
Gross premiums written	$ 132,664	$ 64,125	$ 328,223	$ 196,086
Net premiums written	104,075	44,794	216,230	126,574
Net premiums earned	110,327	41,574	262,993	114,584
Net losses and loss expenses	(70,935)	(28,142)	(157,200)	(35,204)
Acquisition costs	(22,731)	(5,313)	(54,076)	(12,615)
General and administrative expenses	(29,344)	(16,802)	(78,093)	(48,861)
Underwriting income (loss)	(12,683)	(8,683)	(26,376)	17,904
Other insurance-related income	0	0	0	0
Other insurance-related expenses	(614)	(5,305)	(2,227)	(5,305)
Segment (loss) income	$ (13,297)	$ (13,988)	$ (28,603)	$ 12,599
Loss and loss expense ratio	64.30%	67.70%	59.80%	30.70%
Acquisition cost ratio	20.60%	12.80%	20.60%	11.00%
General and administrative expense ratio	26.60%	40.40%	29.70%	42.60%
Expense ratio	47.20%	53.20%	50.30%	53.60%
Combined ratio	111.50%	120.90%	110.10%	84.30%
Operating Segments [Member] | Reinsurance [Member]
Segment Reporting Information [Line Items]
Gross premiums written	$ 161,012	$ 176,967	$ 773,787	$ 888,552
Net premiums written	152,126	159,209	747,093	862,427
Net premiums earned	207,604	222,960	628,352	686,232
Net losses and loss expenses	(123,696)	(127,266)	(360,903)	(370,441)
Acquisition costs	(41,785)	(40,063)	(124,524)	(125,258)
General and administrative expenses	(18,153)	(18,571)	(57,474)	(56,898)
Underwriting income (loss)	23,970	37,060	85,451	133,635
Other insurance-related income	0	0	0	0
Other insurance-related expenses	0	0	0	0
Segment (loss) income	$ 23,970	$ 37,060	$ 85,451	$ 133,635
Loss and loss expense ratio	59.60%	57.10%	57.40%	54.00%
Acquisition cost ratio	20.10%	18.00%	19.80%	18.30%
General and administrative expense ratio	8.70%	8.30%	9.10%	8.30%
Expense ratio	28.80%	26.30%	28.90%	26.60%
Combined ratio	88.40%	83.40%	86.30%	80.60%

Segment Information (Gross Prem

Segment Information (Gross Premiums Written By Geographic Location) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross premiums written	$ 754,062	$ 707,884	$ 2,460,646	$ 2,369,682
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross premiums written	489,562	483,992	1,509,314	1,447,652
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross premiums written	106,039	45,070	239,323	142,798
Bermuda
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross premiums written	84,486	109,503	448,988	525,005
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross premiums written	70,814	64,947	251,042	245,931
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross premiums written	3,161	4,372	11,979	8,296
Switzerland
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross premiums written	$ 12,209	$ 11,130	$ 56,876	$ 65,684

Segment Information (Net Premiu

Segment Information (Net Premiums Earned by Line of Business) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Net premiums earned	$ 650,653	$ 541,737	$ 1,865,577	$ 1,609,269
Operating Segments [Member] | North American Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums earned	332,722	277,203	974,232	808,453
Operating Segments [Member] | North American Insurance [Member] | Casualty [Member]
Segment Reporting Information [Line Items]
Net premiums earned	112,093	86,114	326,236	240,981
Operating Segments [Member] | North American Insurance [Member] | Professional Liability [Member]
Segment Reporting Information [Line Items]
Net premiums earned	87,678	68,512	251,005	197,042
Operating Segments [Member] | North American Insurance [Member] | Property [Member]
Segment Reporting Information [Line Items]
Net premiums earned	39,333	42,457	123,201	127,402
Operating Segments [Member] | North American Insurance [Member] | Programs [Member]
Segment Reporting Information [Line Items]
Net premiums earned	38,306	28,933	109,163	88,109
Operating Segments [Member] | North American Insurance [Member] | Healthcare [Member]
Segment Reporting Information [Line Items]
Net premiums earned	35,322	40,775	111,759	126,591
Operating Segments [Member] | North American Insurance [Member] | Specialty and Other [Member]
Segment Reporting Information [Line Items]
Net premiums earned	19,990	10,412	52,868	28,328
Operating Segments [Member] | Global Markets Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums earned	110,327	41,574	262,993	114,584
Operating Segments [Member] | Global Markets Insurance [Member] | Casualty [Member]
Segment Reporting Information [Line Items]
Net premiums earned	32,033	4,396	68,979	10,298
Operating Segments [Member] | Global Markets Insurance [Member] | Professional Liability [Member]
Segment Reporting Information [Line Items]
Net premiums earned	27,719	17,001	76,976	47,091
Operating Segments [Member] | Global Markets Insurance [Member] | Property [Member]
Segment Reporting Information [Line Items]
Net premiums earned	20,623	8,262	47,152	25,260
Operating Segments [Member] | Global Markets Insurance [Member] | Specialty and Other [Member]
Segment Reporting Information [Line Items]
Net premiums earned	29,952	11,915	69,886	31,935
Operating Segments [Member] | Reinsurance [Member]
Segment Reporting Information [Line Items]
Net premiums earned	207,604	222,960	628,352	686,232
Operating Segments [Member] | Reinsurance [Member] | Property [Member]
Segment Reporting Information [Line Items]
Net premiums earned	102,329	113,560	311,498	379,575
Operating Segments [Member] | Reinsurance [Member] | Casualty [Member]
Segment Reporting Information [Line Items]
Net premiums earned	58,170	65,915	173,953	163,591
Operating Segments [Member] | Reinsurance [Member] | Specialty [Member]
Segment Reporting Information [Line Items]
Net premiums earned	$ 47,105	$ 43,485	$ 142,901	$ 143,066

Condensed Consolidated Guaran57

Condensed Consolidated Guarantor Financial Statements (Schedule Of Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
ASSETS:
Investments	$ 8,179,810		$ 7,868,682
Cash and cash equivalents	603,810		589,339	$ 831,270		$ 531,936
Insurance balances receivable	905,401		664,815
Funds held	443,670		724,021
Reinsurance recoverable	1,449,832	$ 1,433,109	1,340,256	1,349,009	$ 1,301,742	1,234,504
Reinsurance recoverable on paid losses	117,110		86,075
Net deferred acquisition costs	201,313		151,546
Goodwill and intangible assets	485,393		324,556
Balances receivable on sale of investments	29,461		47,149
Investments in subsidiaries	0		0
Due from subsidiaries	0		0
Other assets	781,779		625,124
Total assets	13,197,579		12,421,563
LIABILITIES:
Reserve for losses and loss expenses	6,436,579	$ 6,363,948	5,881,165	6,052,263	$ 5,935,678	5,766,529
Unearned premiums	1,835,527		1,555,313
Reinsurance balances payable	260,225		180,060
Balances due on purchases of investments	108,337		5,428
Senior notes	799,043		798,802
Other long-term debt	23,328		19,213
Due to subsidiaries	0		0
Other liabilities	179,135		203,291
Total liabilities	9,642,174		8,643,272
Total shareholders’ equity	3,555,405		3,778,291	3,673,599		3,519,826
Total liabilities and shareholders’ equity	$ 13,197,579		12,421,563
Percentage ownership of Subsidiary Issuer	100.00%
Consolidation, Eliminations [Member]
ASSETS:
Investments	$ 0		0
Cash and cash equivalents	0		0	0		0
Insurance balances receivable	0		0
Funds held	0		0
Reinsurance recoverable	0		0
Reinsurance recoverable on paid losses	0		0
Net deferred acquisition costs	0		0
Goodwill and intangible assets	0		0
Balances receivable on sale of investments	0		0
Investments in subsidiaries	(7,219,643)		(7,847,329)
Due from subsidiaries	(276,097)		(180,658)
Other assets	0		0
Total assets	(7,495,740)		(8,027,987)
LIABILITIES:
Reserve for losses and loss expenses	0		0
Unearned premiums	0		0
Reinsurance balances payable	0		0
Balances due on purchases of investments	0		0
Senior notes	0		0
Other long-term debt	0		0
Due to subsidiaries	(276,097)		(180,658)
Other liabilities	0		0
Total liabilities	(276,097)		(180,658)
Total shareholders’ equity	(7,219,643)		(7,847,329)
Total liabilities and shareholders’ equity	(7,495,740)		(8,027,987)
Allied World Switzerland (Parent Guarantor) [Member]
ASSETS:
Investments	0		0
Cash and cash equivalents	30,561		32,579	38,196		10,790
Insurance balances receivable	0		0
Funds held	0		0
Reinsurance recoverable	0		0
Reinsurance recoverable on paid losses	0		0
Net deferred acquisition costs	0		0
Goodwill and intangible assets	0		0
Balances receivable on sale of investments	0		0
Investments in subsidiaries	3,337,480		3,629,301
Due from subsidiaries	216,992		147,072
Other assets	2,402		1,470
Total assets	3,587,435		3,810,422
LIABILITIES:
Reserve for losses and loss expenses	0		0
Unearned premiums	0		0
Reinsurance balances payable	0		0
Balances due on purchases of investments	0		0
Senior notes	0		0
Other long-term debt	0		0
Due to subsidiaries	6,559		7,599
Other liabilities	25,471		24,532
Total liabilities	32,030		32,131
Total shareholders’ equity	3,555,405		3,778,291
Total liabilities and shareholders’ equity	3,587,435		3,810,422
Allied World Bermuda (Subsidiary Issuer) [Member]
ASSETS:
Investments	0		0
Cash and cash equivalents	1,462		1,734	2,329		2,775
Insurance balances receivable	0		0
Funds held	0		0
Reinsurance recoverable	0		0
Reinsurance recoverable on paid losses	0		0
Net deferred acquisition costs	0		0
Goodwill and intangible assets	0		0
Balances receivable on sale of investments	0		0
Investments in subsidiaries	3,882,163		4,218,028
Due from subsidiaries	45,005		19,190
Other assets	2,298		3,192
Total assets	3,930,928		4,242,144
LIABILITIES:
Reserve for losses and loss expenses	0		0
Unearned premiums	0		0
Reinsurance balances payable	0		0
Balances due on purchases of investments	0		0
Senior notes	799,043		798,802
Other long-term debt	0		0
Due to subsidiaries	7,541		6,797
Other liabilities	12,477		19,618
Total liabilities	819,061		825,217
Total shareholders’ equity	3,111,867		3,416,927
Total liabilities and shareholders’ equity	3,930,928		4,242,144
Other Allied World Subsidiaries [Member]
ASSETS:
Investments	8,179,810		7,868,682
Cash and cash equivalents	571,787		555,026	$ 790,745		$ 518,371
Insurance balances receivable	905,401		664,815
Funds held	443,670		724,021
Reinsurance recoverable	1,449,832		1,340,256
Reinsurance recoverable on paid losses	117,110		86,075
Net deferred acquisition costs	201,313		151,546
Goodwill and intangible assets	485,393		324,556
Balances receivable on sale of investments	29,461		47,149
Investments in subsidiaries	0		0
Due from subsidiaries	14,100		14,396
Other assets	777,079		620,462
Total assets	13,174,956		12,396,984
LIABILITIES:
Reserve for losses and loss expenses	6,436,579		5,881,165
Unearned premiums	1,835,527		1,555,313
Reinsurance balances payable	260,225		180,060
Balances due on purchases of investments	108,337		5,428
Senior notes	0		0
Other long-term debt	23,328		19,213
Due to subsidiaries	261,997		166,262
Other liabilities	141,187		159,141
Total liabilities	9,067,180		7,966,582
Total shareholders’ equity	4,107,776		4,430,402
Total liabilities and shareholders’ equity	$ 13,174,956		$ 12,396,984

Condensed Consolidated Guaran58

Condensed Consolidated Guarantor Financial Statements (Schedule Of Condensed Consolidating Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Income Statements, Captions [Line Items]
Net premiums earned	$ 650,653	$ 541,737	$ 1,865,577	$ 1,609,269
Net investment income	45,667	43,412	132,978	127,824
Net realized investment gains (losses)	(113,626)	(35,136)	(88,783)	104,286
Other income	735	1,032	2,513	1,032
Net losses and loss expenses	(416,881)	(336,090)	(1,173,578)	(926,231)
Acquisition costs	(100,101)	(72,403)	(279,418)	(214,404)
General and administrative expenses	(105,798)	(88,294)	(311,299)	(264,822)
Other expense	(1,245)	(6,575)	(4,303)	(6,575)
Amortization of intangible assets	(2,639)	(633)	(6,091)	(1,900)
Interest expense	(14,469)	(14,325)	(43,272)	(43,451)
Foreign exchange gain (loss)	793	(278)	(10,369)	(978)
Income tax (expense) benefit	5,281	(1,532)	(1,771)	(24,300)
Equity in earnings of consolidated subsidiaries	0	0	0	0
NET (LOSS) INCOME	(51,630)	30,915	82,184	359,750
Other comprehensive loss: foreign currency translation adjustment, net of tax	(993)	0	(4,265)	0
COMPREHENSIVE INCOME (LOSS)	(52,623)	30,915	77,919	359,750
Consolidation, Eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Net premiums earned	0	0	0	0
Net investment income	0	0	0	0
Net realized investment gains (losses)	0	0	0	0
Other income	0	0	0	0
Net losses and loss expenses	0	0	0	0
Acquisition costs	0	0	0	0
General and administrative expenses	0	0	0	0
Other expense	0	0	0	0
Amortization of intangible assets	0	0	0	0
Interest expense	0	0	0	0
Foreign exchange gain (loss)	0	0	0	0
Income tax (expense) benefit	0	0	0	0
Equity in earnings of consolidated subsidiaries	80,743	(88,673)	(248,379)	(807,124)
NET (LOSS) INCOME	80,743	(88,673)	(248,379)	(807,124)
Other comprehensive loss: foreign currency translation adjustment, net of tax	993	0	4,265	0
COMPREHENSIVE INCOME (LOSS)	81,736	(88,673)	(244,114)	(807,124)
Allied World Switzerland (Parent Guarantor) [Member]
Condensed Income Statements, Captions [Line Items]
Net premiums earned	0	0	0	0
Net investment income	0	2	5	6
Net realized investment gains (losses)	0	0	0	0
Other income	0	0	0	0
Net losses and loss expenses	0	0	0	0
Acquisition costs	0	0	0	0
General and administrative expenses	(7,438)	(8,285)	(27,053)	(28,012)
Other expense	0	0	0	0
Amortization of intangible assets	0	0	0	0
Interest expense	0	0	0	0
Foreign exchange gain (loss)	2	16	9	12
Income tax (expense) benefit	(472)	0	(553)	(86)
Equity in earnings of consolidated subsidiaries	(43,722)	39,182	109,776	387,830
NET (LOSS) INCOME	(51,630)	30,915	82,184	359,750
Other comprehensive loss: foreign currency translation adjustment, net of tax	(993)	0	(4,265)	0
COMPREHENSIVE INCOME (LOSS)	(52,623)	30,915	77,919	359,750
Allied World Bermuda (Subsidiary Issuer) [Member]
Condensed Income Statements, Captions [Line Items]
Net premiums earned	0	0	0	0
Net investment income	0	0	0	0
Net realized investment gains (losses)	0	0	0	0
Other income	0	0	0	0
Net losses and loss expenses	0	0	0	0
Acquisition costs	0	0	0	0
General and administrative expenses	590	(182)	405	(919)
Other expense	0	0	0	0
Amortization of intangible assets	0	0	0	0
Interest expense	(13,876)	(13,855)	(41,613)	(41,556)
Foreign exchange gain (loss)	0	47	13	68
Income tax (expense) benefit	0	0	0	0
Equity in earnings of consolidated subsidiaries	(37,021)	49,491	138,603	419,294
NET (LOSS) INCOME	(50,307)	35,501	97,408	376,887
Other comprehensive loss: foreign currency translation adjustment, net of tax	0	0	0	0
COMPREHENSIVE INCOME (LOSS)	(50,307)	35,501	97,408	376,887
Other Allied World Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Net premiums earned	650,653	541,737	1,865,577	1,609,269
Net investment income	45,667	43,410	132,973	127,818
Net realized investment gains (losses)	(113,626)	(35,136)	(88,783)	104,286
Other income	735	1,032	2,513	1,032
Net losses and loss expenses	(416,881)	(336,090)	(1,173,578)	(926,231)
Acquisition costs	(100,101)	(72,403)	(279,418)	(214,404)
General and administrative expenses	(98,950)	(79,827)	(284,651)	(235,891)
Other expense	(1,245)	(6,575)	(4,303)	(6,575)
Amortization of intangible assets	(2,639)	(633)	(6,091)	(1,900)
Interest expense	(593)	(470)	(1,659)	(1,895)
Foreign exchange gain (loss)	791	(341)	(10,391)	(1,058)
Income tax (expense) benefit	5,753	(1,532)	(1,218)	(24,214)
Equity in earnings of consolidated subsidiaries	0	0	0	0
NET (LOSS) INCOME	(30,436)	53,172	150,971	430,237
Other comprehensive loss: foreign currency translation adjustment, net of tax	(993)	0	(4,265)	0
COMPREHENSIVE INCOME (LOSS)	$ (31,429)	$ 53,172	$ 146,706	$ 430,237

Condensed Consolidated Guaran59

Condensed Consolidated Guarantor Financial Statements (Schedule Of Condensed Consolidating Cash Flows) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Condensed Cash Flow Statements, Captions [Line Items]
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	$ 583,323	$ 667,107
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of trading securities	(3,962,283)	(5,608,594)
Purchases of other invested assets	(110,851)	(242,227)
Sales of trading securities	3,888,416	5,500,176
Sales of other invested assets	160,253	243,123
Net cash paid for acquisitions	(141,503)	(2,565)
Other	(102,690)	(44,055)
Net cash used in investing activities	(268,658)	(154,142)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Dividends paid	(66,784)	(55,064)
Intercompany dividends paid	0	0
Proceeds from the exercise of stock options	9,184	7,640
Share repurchases	(246,443)	(166,207)
Proceeds from other long-term debt	4,003	0
Repayment of other long-term debt	(154)	0
Net cash used in financing activities	(300,194)	(213,631)
NET INCREASE IN CASH AND CASH EQUIVALENTS	14,471	299,334
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	589,339	531,936
CASH AND CASH EQUIVALENTS, END OF PERIOD	603,810	831,270
Consolidation, Eliminations [Member]
Condensed Cash Flow Statements, Captions [Line Items]
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	(712,850)	(575,000)
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of trading securities	0	0
Purchases of other invested assets	0	0
Sales of trading securities	0	0
Sales of other invested assets	0	0
Net cash paid for acquisitions	0	0
Other	0	0
Net cash used in investing activities	0	0
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Dividends paid	0	0
Intercompany dividends paid	712,850	575,000
Proceeds from the exercise of stock options	0	0
Share repurchases	0	0
Proceeds from other long-term debt	0
Repayment of other long-term debt	0
Net cash used in financing activities	712,850	575,000
NET INCREASE IN CASH AND CASH EQUIVALENTS	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	0
Allied World Switzerland (Parent Guarantor) [Member]
Condensed Cash Flow Statements, Captions [Line Items]
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	302,025	241,037
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of trading securities	0	0
Purchases of other invested assets	0	0
Sales of trading securities	0	0
Sales of other invested assets	0	0
Net cash paid for acquisitions	0	0
Other	0	0
Net cash used in investing activities	0	0
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Dividends paid	(66,784)	(55,064)
Intercompany dividends paid	0	0
Proceeds from the exercise of stock options	9,184	7,640
Share repurchases	(246,443)	(166,207)
Proceeds from other long-term debt	0
Repayment of other long-term debt	0
Net cash used in financing activities	(304,043)	(213,631)
NET INCREASE IN CASH AND CASH EQUIVALENTS	(2,018)	27,406
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	32,579	10,790
CASH AND CASH EQUIVALENTS, END OF PERIOD	30,561	38,196
Allied World Bermuda (Subsidiary Issuer) [Member]
Condensed Cash Flow Statements, Captions [Line Items]
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	333,128	263,554
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of trading securities	0	0
Purchases of other invested assets	0	0
Sales of trading securities	0	0
Sales of other invested assets	0	0
Net cash paid for acquisitions	0	0
Other	0	0
Net cash used in investing activities	0	0
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Dividends paid	0	0
Intercompany dividends paid	(333,400)	(264,000)
Proceeds from the exercise of stock options	0	0
Share repurchases	0	0
Proceeds from other long-term debt	0
Repayment of other long-term debt	0
Net cash used in financing activities	(333,400)	(264,000)
NET INCREASE IN CASH AND CASH EQUIVALENTS	(272)	(446)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,734	2,775
CASH AND CASH EQUIVALENTS, END OF PERIOD	1,462	2,329
Other Allied World Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:	661,020	737,516
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of trading securities	(3,962,283)	(5,608,594)
Purchases of other invested assets	(110,851)	(242,227)
Sales of trading securities	3,888,416	5,500,176
Sales of other invested assets	160,253	243,123
Net cash paid for acquisitions	(141,503)	(2,565)
Other	(102,690)	(44,055)
Net cash used in investing activities	(268,658)	(154,142)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Dividends paid	0	0
Intercompany dividends paid	(379,450)	(311,000)
Proceeds from the exercise of stock options	0	0
Share repurchases	0	0
Proceeds from other long-term debt	4,003
Repayment of other long-term debt	(154)
Net cash used in financing activities	(375,601)	(311,000)
NET INCREASE IN CASH AND CASH EQUIVALENTS	16,761	272,374
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	555,026	518,371
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 571,787	$ 790,745

Condensed Consolidated Guaran60

Condensed Consolidated Guarantor Financial Statements (Notes to Consolidated Guarantor Financial Statements) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries	$ 333,400	$ 264,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 02, 2015	Jul. 02, 2015	Apr. 02, 2015	Jan. 02, 2015	Oct. 02, 2014	Jul. 02, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Subsequent Event [Line Items]
Dividends paid per common share							$ 0.260	$ 0.225	$ 0.710	$ 0.559
Investment commitment							$ 623,941		$ 623,941		$ 483,214
Common shares
Subsequent Event [Line Items]
Dividends paid per common share		$ 0.26	$ 0.225	$ 0.225	$ 0.225	$ 0.225
Common shares | Subsequent event
Subsequent Event [Line Items]
Dividends paid per common share	$ 0.260