Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 14, 2013 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2013 | |
Entity Registrant Name | Allied World Assurance Co Holdings, AG | |
Entity Central Index Key | 1163348 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 33,761,646 |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS: | ||
Fixed maturity investments trading, at fair value (amortized cost: 2013: $5,996,065; 2012: $6,473,429) | $6,047,883 | $6,626,454 |
Equity securities trading, at fair value (cost: 2013: $679,228; 2012: $480,312) | 708,929 | 523,949 |
Other invested assets | 905,025 | 783,534 |
Total investments | 7,661,837 | 7,933,937 |
Cash and cash equivalents | 953,047 | 681,879 |
Restricted cash | 257,517 | 183,485 |
Insurance balances receivable | 740,112 | 510,532 |
Funds held | 375,131 | 336,368 |
Prepaid reinsurance | 327,052 | 277,406 |
Reinsurance recoverable | 1,226,034 | 1,141,110 |
Accrued investment income | 25,471 | 29,135 |
Net deferred acquisition costs | 145,951 | 108,010 |
Goodwill | 268,376 | 268,376 |
Intangible assets | 49,464 | 51,365 |
Balances receivable on sale of investments | 237,031 | 418,879 |
Net deferred tax assets | 41,832 | 25,580 |
Other assets | 68,665 | 63,884 |
Total assets | 12,377,520 | 12,029,946 |
LIABILITIES: | ||
Reserve for losses and loss expenses | 5,780,781 | 5,645,549 |
Unearned premiums | 1,515,746 | 1,218,021 |
Reinsurance balances payable | 193,643 | 136,264 |
Balances due on purchases of investments | 497,974 | 759,934 |
Senior notes | 798,426 | 798,215 |
Dividends payable | 16,952 | 0 |
Accounts payable and accrued liabilities | 130,070 | 145,628 |
Total liabilities | 8,933,592 | 8,703,611 |
Commitments and contingencies | ||
SHAREHOLDERS' EQUITY: | ||
Common shares, 2013: par value CHF 12.30 per share and 2012: par value CHF 12.64 per share, (2013: 34,972,795; 2012: 36,369,868 shares issued and 2013: 33,814,920; 2012: 34,797,781 shares outstanding) | 424,837 | 454,980 |
Treasury shares, at cost (2013: 1,157,875; 2012: 1,572,087) | -85,845 | -113,818 |
Retained earnings | 3,104,936 | 2,985,173 |
Total shareholders' equity | 3,443,928 | 3,326,335 |
Total liabilities and shareholders' equity | $12,377,520 | $12,029,946 |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Balance Sheets (Parenthetical)(USD ($)) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Fixed maturity investments trading, amortized cost | $5,996,065 | $6,473,429 |
Equity securities trading, cost | $679,228 | $480,312 |
Common shares, issued | 34,972,795 | 36,369,868 |
Common shares, outstanding | 33,814,920 | 34,797,781 |
Treasury stock, shares | 1,157,875 | 1,572,087 |
Unaudited_Condensed_Consolidat2
Unaudited Condensed Consolidated Statements Of Operations And Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUES: | ||||
Gross premiums written | $580,893 | $504,420 | $2,183,174 | $1,832,219 |
Premiums ceded | -127,816 | -112,883 | -453,823 | -357,019 |
Net premiums written | 453,077 | 391,537 | 1,729,351 | 1,475,200 |
Change in unearned premiums | 57,696 | 49,480 | -248,079 | -202,546 |
Net premiums earned | 510,773 | 441,017 | 1,481,272 | 1,272,654 |
Net investment income | 39,271 | 39,121 | 110,294 | 128,781 |
Net realized investment gains (losses) | 27,487 | 149,813 | -8,074 | 292,057 |
Total revenues | 577,531 | 629,951 | 1,583,492 | 1,693,492 |
EXPENSES: | ||||
Net losses and loss expenses | 276,970 | 258,948 | 807,276 | 724,530 |
Acquisition costs | 65,114 | 51,086 | 186,416 | 149,812 |
General and administrative expenses | 88,553 | 78,572 | 251,818 | 222,917 |
Amortization of intangible assets | 633 | 633 | 1,900 | 1,900 |
Interest expense | 14,094 | 13,822 | 42,416 | 41,579 |
Foreign exchange loss (gain) | 4,353 | 1,023 | 7,361 | -77 |
Total expenses | 449,717 | 404,084 | 1,297,187 | 1,140,661 |
Income before income taxes | 127,814 | 225,867 | 286,305 | 552,831 |
Income tax expense | 4,971 | 6,220 | 6,332 | 18,677 |
NET INCOME | 122,843 | 219,647 | 279,973 | 534,154 |
Other comprehensive loss: | ||||
Unrealized gains on investments arising during the period net of applicable deferred income tax benefit for three and nine months ended September 30, 2012: $15 and ($81), respectively | 0 | -29 | 0 | 150 |
Reclassification adjustment for net realized investment gains included in net income, net of applicable income tax | 0 | 0 | 0 | -13,249 |
Other comprehensive loss | 0 | -29 | 0 | -13,099 |
COMPREHENSIVE INCOME | $122,843 | $219,618 | $279,973 | $521,055 |
PER SHARE DATA | ||||
Basic earnings per share | $3.61 | $6.16 | $8.15 | $14.68 |
Diluted earnings per share | $3.54 | $6 | $7.97 | $14.28 |
Weighted average common shares outstanding | 33,991,359 | 35,652,768 | 34,340,227 | 36,379,514 |
Weighted average common shares and common share equivalents outstanding | 34,728,193 | 36,616,734 | 35,131,092 | 37,393,093 |
Dividends paid per share | $0.50 | $0.75 | $0.88 | $1.50 |
Unaudited_Condensed_Consolidat3
Unaudited Condensed Consolidated Statements Of Operations And Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Deferred income tax benefit (expense) for unrealized (losses) gains on investments arising during the period | $0 | ($15) | $0 | $81 |
Unaudited_Condensed_Consolidat4
Unaudited Condensed Consolidated Statements Of Shareholders' Equity (USD $) | Total | Share Capital [Member] | Additional Paid-In Capital [Member] | Treasury Shares [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | |||
In Thousands | |||||||||
Balance, at beginning of period at Dec. 31, 2011 | $3,149,022 | $557,153 | $78,225 | ($136,590) | $14,484 | $2,635,750 | |||
Net income | 534,154 | 534,154 | |||||||
Dividends - par value reduction | -40,419 | -40,419 | |||||||
Other comprehensive loss | -13,099 | -13,099 | |||||||
Stock compensation | 13,176 | -23,050 | [1] | 36,226 | [1] | ||||
Share repurchases | -207,048 | -207,048 | |||||||
Shares cancelled | 0 | -39,488 | -55,175 | 186,468 | -91,805 | ||||
Balance, at end of period at Sep. 30, 2012 | 3,435,786 | 477,246 | 0 | -120,944 | 1,385 | 3,078,099 | |||
Balance, at beginning of period at Dec. 31, 2012 | 3,326,335 | 454,980 | 0 | -113,818 | 0 | 2,985,173 | |||
Net income | 279,973 | 279,973 | |||||||
Dividends - par value reduction | -12,981 | -12,981 | |||||||
Dividends | -34,069 | -34,069 | |||||||
Other comprehensive loss | 0 | ||||||||
Stock compensation | 7,815 | 0 | [1] | 26,093 | [1] | -18,278 | [1] | ||
Share repurchases | -123,145 | -123,145 | |||||||
Shares cancelled | 0 | -17,162 | 0 | 125,025 | -107,863 | ||||
Balance, at end of period at Sep. 30, 2013 | $3,443,928 | $424,837 | $0 | ($85,845) | $0 | $3,104,936 | |||
[1] | Includes stock compensation expense for the period and shares issued out of treasury for awards exercised or vested. |
Unaudited_Condensed_Consolidat5
Unaudited Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES: | ||
Net income | $279,973 | $534,154 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Net realized gains on sales of investments | -76,104 | -63,625 |
Mark to market adjustments | 80,136 | -225,425 |
Stock compensation expense | 9,282 | 13,118 |
Undistributed income of equity method investments | -4,313 | 0 |
Changes in: | ||
Reserve for losses and loss expenses, net of reinsurance recoverables | 50,308 | 151,041 |
Unearned premiums, net of prepaid reinsurance | 248,079 | 202,545 |
Insurance balances receivable | -229,580 | -121,422 |
Funds held | -38,763 | 18,602 |
Reinsurance balances payable | 57,379 | -4,107 |
Net deferred acquisition costs | -37,941 | -27,193 |
Net deferred tax assets | -16,252 | 1,850 |
Accounts payable and accrued liabilities | -18,540 | -2,996 |
Other items, net | 34,508 | 23,677 |
Net cash provided by operating activities | 338,172 | 500,219 |
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: | ||
Purchases of trading securities | -4,955,817 | -6,328,719 |
Purchases of other invested assets | -211,501 | -52,578 |
Sales of available for sale securities | 0 | 215,318 |
Sales of trading securities | 5,137,280 | 5,778,138 |
Sales of other invested assets | 189,155 | 110,429 |
Purchases of fixed assets | -4,171 | -2,041 |
Change in restricted cash | -74,032 | 35,685 |
Net cash provided by (used in) investing activities | 80,914 | -243,768 |
CASH FLOWS USED IN FINANCING ACTIVITIES: | ||
Dividends paid - partial par value reduction | -12,981 | -54,721 |
Dividends paid | -17,117 | 0 |
Proceeds from the exercise of stock options | 8,465 | 9,104 |
Share repurchases | -120,163 | -204,746 |
Net cash used in financing activities | -141,796 | -250,363 |
Effect of exchange rate changes on foreign currency cash | -6,122 | -567 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 271,168 | 5,521 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 681,879 | 633,996 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 953,047 | 639,517 |
Supplemental disclosure of cash flow information: | ||
- Cash paid for income taxes | 17,249 | 18,912 |
- Cash paid for interest expense | $45,750 | $45,750 |
General
General | 9 Months Ended |
Sep. 30, 2013 | |
General [Abstract] | |
General | 1. 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 through operations in Bermuda, the United States, Europe, Hong Kong and Singapore. References to $ are to the lawful currency of the United States and to CHF are to the lawful currency of Switzerland. | |
Basis_of_Preparation_and_Conso
Basis of Preparation and Consolidation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Preparation and Consolidation | 2. 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. To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation. | |
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, 2012. | |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | 3. NEW ACCOUNTING PRONOUNCEMENTS |
In December 2011 (with a clarification amendment issued in January 2013), the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2011-11, “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). The objective of ASU 2011-11 was to enhance disclosures about derivatives, repurchase agreements and reverse repurchase agreements, securities borrowing and securities lending transactions to the extent they are subject to master netting arrangements or similar agreements. The Company adopted ASU 2011-11 on January 1, 2013. The adoption of ASU 2011-11 did not have an impact on the presentation of the financial statements. | |
In July 2013, the FASB issued Accounting Standards Update 2013-10, “Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes” (“ASU 2013-10”). Prior to the issuance of ASU 2013-10, only interest rates on U.S. Treasury securities and the London Interbank Offered Rate (“LIBOR”) swap rate were considered benchmark interest rates in the application of hedge accounting under U.S. GAAP. ASU 2013-10 permits the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes in addition to U.S. Treasury securities and LIBOR. ASU 2013-10 was effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. ASU 2013-10 did not have any impact on the financial statements upon adoption, as the Company does not apply hedge accounting. | |
Investments
Investments | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||
Investments | 4. INVESTMENTS | |||||||||||||||||||
a) Trading Securities | ||||||||||||||||||||
Securities accounted for at fair value with changes in fair value recognized in the unaudited condensed consolidated statements of operations and comprehensive income (“consolidated income statements”) by category are as follows: | ||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||
Fair Value | Amortized Cost | Fair Value | Amortized Cost | |||||||||||||||||
U.S. Government and Government agencies | $ | 1,850,335 | $ | 1,851,002 | $ | 1,865,913 | $ | 1,854,198 | ||||||||||||
Non-U.S. Government and Government agencies | 209,625 | 214,114 | 261,627 | 253,657 | ||||||||||||||||
States, municipalities and political subdivisions | 95,381 | 95,661 | 40,444 | 39,342 | ||||||||||||||||
Corporate debt: | ||||||||||||||||||||
Financial institutions | 841,930 | 826,763 | 866,140 | 835,587 | ||||||||||||||||
Industrials | 1,146,793 | 1,140,636 | 1,153,909 | 1,139,706 | ||||||||||||||||
Utilities | 74,764 | 74,865 | 69,153 | 67,463 | ||||||||||||||||
Mortgage-backed | 1,373,161 | 1,341,303 | 1,958,373 | 1,877,854 | ||||||||||||||||
Asset-backed | 455,894 | 451,721 | 410,895 | 405,622 | ||||||||||||||||
Total fixed maturity investments | $ | 6,047,883 | $ | 5,996,065 | $ | 6,626,454 | $ | 6,473,429 | ||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||
Fair Value | Original Cost | Fair Value | Original Cost | |||||||||||||||||
Equity securities | $ | 708,929 | $ | 679,228 | $ | 523,949 | $ | 480,312 | ||||||||||||
Other invested assets | 767,071 | 680,986 | 655,888 | 606,521 | ||||||||||||||||
$ | 1,476,000 | $ | 1,360,214 | $ | 1,179,837 | $ | 1,086,833 | |||||||||||||
Other invested assets, included in the table above, include investments in private equity funds, hedge funds and a high yield loan fund that are accounted for at fair value, but excludes other private securities described below in Note 4(b) that are accounted for using the equity method of accounting. | ||||||||||||||||||||
b) Other Invested Assets | ||||||||||||||||||||
Details regarding the carrying value, redemption characteristics and unfunded investment commitments of the other invested assets portfolio as of September 30, 2013 were as follows: | ||||||||||||||||||||
Carrying | Investments | Estimated | Investments | |||||||||||||||||
Value as of | with | Remaining | without | Redemption | ||||||||||||||||
September 30, | Redemption | Restriction | Redemption | Redemption | Notice | Unfunded | ||||||||||||||
Fund Type | 2013 | Restrictions | Period | Restrictions(1) | Frequency(1) | Period(1) | Commitments | |||||||||||||
Private equity | $ | 131,449 | $ | 131,449 | 3 - 10 Years | $ | 0 | $ | 252,571 | |||||||||||
Mezzanine debt | 58,116 | 58,116 | 8 - 10 Years | 0 | 203,969 | |||||||||||||||
Distressed | 8,991 | 8,991 | 4 -5 Years | 0 | 5,102 | |||||||||||||||
Total private equity structures | 198,556 | 198,556 | 0 | 461,642 | ||||||||||||||||
Distressed | 150,775 | 134,127 | 1 - 2 Years | 16,648 | Quarterly | 45 - 65 Days | 0 | |||||||||||||
Equity long/short | 116,019 | 0 | 116,019 | Quarterly | 30 - 60 Days | 0 | ||||||||||||||
Multi-strategy | 131,224 | 0 | 131,224 | Quarterly | 45 - 90 Days | 0 | ||||||||||||||
Global macro | 19,641 | 0 | 19,641 | Monthly | 3 Days | 0 | ||||||||||||||
Event driven | 18,445 | 0 | 18,445 | Annual | 60 Days | 0 | ||||||||||||||
Relative value credit | 101,311 | 0 | 101,311 | Quarterly | 60 Days | 0 | ||||||||||||||
Total hedge funds | 537,415 | 134,127 | 403,288 | 0 | ||||||||||||||||
Other private securities | 137,954 | 0 | 137,954 | 5,000 | ||||||||||||||||
High yield loan fund | 31,100 | 0 | 31,100 | Monthly | 30 Days | 0 | ||||||||||||||
Total other invested assets | $ | 905,025 | $ | 332,683 | $ | 572,342 | $ | 466,642 | ||||||||||||
____________ | ||||||||||||||||||||
(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. | ||||||||||||||||||||
In general, the Company has invested in hedge funds that require at least 30 days' notice of redemption and may be redeemed on a monthly, quarterly, semi-annual, annual or longer basis, depending on the fund. Certain hedge funds have lock-up periods ranging from one to three years from initial investment. A lock-up period refers to the initial amount of time an investor is contractually required to invest before having the ability to redeem. Funds that provide for periodic redemptions may, depending on the funds' governing documents, have the ability to deny or delay a redemption request, called a “gate.” The fund may implement this restriction because the aggregate amount of redemption requests as of a particular date exceeds a specified level, generally ranging from 15% to 25% of the fund's net assets. The gate is a method for executing an orderly redemption process to reduce the possibility of adversely affecting investors in the fund. Typically, the imposition of a gate delays a portion of the requested redemption, with the remaining portion settled in cash sometime after the redemption date. Certain funds may impose a redemption fee on early redemptions. Interests in private equity funds cannot be redeemed because the investments include restrictions that do not allow for redemption until termination of the fund. | ||||||||||||||||||||
The following describes each investment type: | ||||||||||||||||||||
Private equity funds: Primary funds may invest in companies and general partnership interests. Secondary funds buy limited partnership interests from existing limited partners of primary private equity funds. As owners of private equity funds seek liquidity, they can sell their existing investments, plus any remaining commitment, to secondary market participants. These funds cannot be redeemed because the investments include restrictions that do not allow for redemption until termination of the fund. | ||||||||||||||||||||
Mezzanine debt funds: Mezzanine debt funds primarily focus on providing capital to upper middle market and middle market companies and private equity sponsors, in connection with leveraged buyouts, mergers and acquisitions, recapitalizations, growth financings and other corporate transactions. The most common position in the capital structure will be between the senior secured debt holder and the equity; however, the funds will utilize a flexible approach when structuring investments, which may include secured debt, subordinated debt, preferred stock and/or private equity. These funds cannot be redeemed because the investments include restrictions that do not allow for redemption until termination of the fund. | ||||||||||||||||||||
Distressed funds: In distressed debt investing, managers take positions in the debt of companies experiencing significant financial difficulties, including bankruptcy, or in certain positions of the capital structure of structured securities. The manager relies on the fundamental analysis of these securities, including the claims on the assets and the likely return to bondholders. Certain funds cannot be redeemed because the investments include restrictions that do not allow for redemption until termination of the fund. | ||||||||||||||||||||
Equity long/short funds: In equity long/short funds, managers take long positions in companies they deem to be undervalued and short positions in companies they deem to be overvalued. Long/short managers may invest in countries, regions or sectors and vary by their use of leverage and by their targeted net long position. | ||||||||||||||||||||
Multi-strategy funds: These funds may utilize many strategies employed by specialized funds including distressed investing, equity long/short, merger arbitrage, convertible arbitrage, fixed income arbitrage and macro trading. | ||||||||||||||||||||
Global macro funds: These funds focus on a top-down analysis of global markets as influenced by major political and economic trends or events. Global macro managers develop investment strategies that aim to forecast movements in interest rates, fund flows, political changes and other wide-ranging systematic factors. The portfolios of these funds can include long or short positions in equities, fixed-income securities, currencies and commodities in the form of cash or derivatives instruments. | ||||||||||||||||||||
Event driven funds: Event driven strategies seek to deploy capital into specific securities whose returns are affected by a specific event that affects the value of one or more securities of a company. Returns for such securities are linked primarily to the specific outcome of the events and not by the overall direction of the bond or stock markets. Examples could include mergers and acquisitions (arbitrage), corporate restructurings and spin-offs, and capital structure arbitrage. | ||||||||||||||||||||
Relative value credit funds: These funds seek to take exposure to credit-sensitive securities, long and/or short, based upon credit analysis of issuers and securities and credit market views. | ||||||||||||||||||||
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. | ||||||||||||||||||||
High yield loan fund: A long-only private mutual fund that invests in high yield fixed income securities. | ||||||||||||||||||||
c) Net Investment Income | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Fixed maturity investments | $ | 31,179 | $ | 36,778 | $ | 96,366 | $ | 120,883 | ||||||||||||
Equity securities | 6,110 | 5,211 | 13,718 | 13,706 | ||||||||||||||||
Other invested assets | 5,809 | 164 | 11,116 | 4,387 | ||||||||||||||||
Cash and cash equivalents | 302 | 640 | 1,319 | 1,797 | ||||||||||||||||
Expenses | -4,129 | -3,672 | -12,225 | -11,992 | ||||||||||||||||
Net investment income | $ | 39,271 | $ | 39,121 | $ | 110,294 | $ | 128,781 | ||||||||||||
Net investment income from other invested assets included the distributed and undistributed net income from investments accounted for using the equity method of accounting for the three and nine months ended September 30, 2013. | ||||||||||||||||||||
d) Components of Realized Gains and Losses | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Gross realized gains on sale of invested assets | $ | 51,915 | $ | 27,210 | $ | 154,387 | $ | 119,154 | ||||||||||||
Gross realized losses on sale of invested assets | -40,770 | -6,686 | -82,812 | -43,355 | ||||||||||||||||
Net realized and unrealized (losses) gains on derivatives | -4,169 | -962 | 3,392 | -192 | ||||||||||||||||
Mark-to-market gains (losses): | ||||||||||||||||||||
Fixed maturity investments, trading | 30,383 | 99,821 | -101,205 | 144,024 | ||||||||||||||||
Equity securities, trading | -17,198 | 18,913 | -18,555 | 38,516 | ||||||||||||||||
Other invested assets, trading | 7,326 | 11,517 | 36,719 | 33,910 | ||||||||||||||||
Net realized investment gains (losses) | $ | 27,487 | $ | 149,813 | $ | -8,074 | $ | 292,057 | ||||||||||||
Proceeds from sale of available for sale securities | $ | 0 | $ | 1,000 | $ | 0 | $ | 214,716 | ||||||||||||
e) Pledged Assets | ||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, $ 2,556,660 and $2,141,249, 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, 2013 and December 31, 2012, a further $ 1,063,086 and $1,225,155, respectively, of cash and cash equivalents and investments were pledged as collateral for the Company's letter of credit facilities. See Note 8(d) to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 for details on the Company's credit facilities. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivative Instruments [Abstract] | |||||||||||||||||||||||||
Derivative Instruments | 5. DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, 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”): | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||||||||||
Derivative | Asset | Derivative | Liability | Derivative | Asset | Derivative | Liability | ||||||||||||||||||
Notional | Derivative | Notional | Derivative | Notional | Derivative | Notional | Derivative | ||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||
Put options | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 5,152 | $ | 532 | $ | 0 | $ | 0 | |||||||||
Foreign exchange contracts | 197,811 | 2,493 | 279,050 | 7,062 | 127,712 | 1,713 | 194,566 | 2,656 | |||||||||||||||||
Interest rate swaps | 33,000 | 5 | 327,000 | 172 | 0 | 0 | 0 | 0 | |||||||||||||||||
Total derivatives | $ | 230,811 | $ | 2,498 | $ | 606,050 | $ | 7,234 | $ | 132,864 | $ | 2,245 | $ | 194,566 | $ | 2,656 | |||||||||
Derivative assets and derivative liabilities relating to the put options are classified within “equity securities trading, at fair value” on the consolidated balance sheets. All other asset and liability derivatives are classified within “other assets” or “accounts payable and accrued liabilities” on the consolidated balance sheets. | |||||||||||||||||||||||||
The following table provides the net realized and unrealized gains (losses) on derivatives not designated as hedges recorded on the consolidated income statements: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Foreign exchange contracts | $ | -2,336 | $ | -676 | $ | -1,091 | $ | -96 | |||||||||||||||||
Total included in foreign exchange (loss) gain | -2,336 | -676 | -1,091 | -96 | |||||||||||||||||||||
Put options | 0 | 0 | -3,822 | -336 | |||||||||||||||||||||
Foreign exchange contracts | -4,164 | -2,751 | 1,925 | -641 | |||||||||||||||||||||
Interest rate futures and swaps | -5 | 1,789 | 5,289 | 785 | |||||||||||||||||||||
Total included in net realized investment gains | -4,169 | -962 | 3,392 | -192 | |||||||||||||||||||||
Total realized and unrealized (losses) gains on derivatives | $ | -6,505 | $ | -1,638 | $ | 2,301 | $ | -288 | |||||||||||||||||
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 the Company's equity portfolio. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value Of Financial Instruments [Abstract] | |||||||||||||||||||
Fair Value Of Financial Instruments | 6. 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: | |||||||||||||||||||
Carrying | Total | ||||||||||||||||||
30-Sep-13 | Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fixed maturity investments: | |||||||||||||||||||
U.S. Government and Government agencies | $ | 1,850,335 | $ | 1,850,335 | $ | 1,522,185 | $ | 328,150 | $ | 0 | |||||||||
Non-U.S. Government and Government agencies | 209,625 | 209,625 | 0 | 209,625 | 0 | ||||||||||||||
States, municipalities and political subdivisions | 95,381 | 95,381 | 0 | 95,381 | 0 | ||||||||||||||
Corporate debt | 2,063,487 | 2,063,487 | 0 | 2,063,487 | 0 | ||||||||||||||
Mortgage-backed | 1,373,161 | 1,373,161 | 0 | 1,183,907 | 189,254 | ||||||||||||||
Asset-backed | 455,894 | 455,894 | 0 | 375,861 | 80,033 | ||||||||||||||
Total fixed maturity investments | 6,047,883 | 6,047,883 | 1,522,185 | 4,256,411 | 269,287 | ||||||||||||||
Equity securities | 708,929 | 708,929 | 641,458 | 0 | 67,471 | ||||||||||||||
Other invested assets | 767,071 | 767,071 | 0 | 0 | 767,071 | ||||||||||||||
Total investments | $ | 7,523,883 | $ | 7,523,883 | $ | 2,163,643 | $ | 4,256,411 | $ | 1,103,829 | |||||||||
Derivative assets: | |||||||||||||||||||
Foreign exchange contracts | $ | 2,493 | $ | 2,493 | $ | 0 | $ | 2,493 | $ | 0 | |||||||||
Interest rate futures | 5 | 5 | 0 | 5 | 0 | ||||||||||||||
Derivative liabilities: | |||||||||||||||||||
Foreign exchange contracts | $ | 7,062 | $ | 7,062 | $ | 0 | $ | 7,062 | $ | 0 | |||||||||
Interest rate swaps | 172 | 172 | 0 | 172 | 0 | ||||||||||||||
Senior notes | $ | 798,426 | $ | 904,010 | $ | 0 | $ | 904,010 | $ | 0 | |||||||||
Carrying | Total | ||||||||||||||||||
31-Dec-12 | Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fixed maturity investments: | |||||||||||||||||||
U.S. Government and Government agencies | $ | 1,865,913 | $ | 1,865,913 | $ | 1,529,158 | $ | 336,755 | $ | 0 | |||||||||
Non-U.S. Government and Government agencies | 261,627 | 261,627 | 0 | 261,627 | 0 | ||||||||||||||
States, municipalities and political subdivisions | 40,444 | 40,444 | 0 | 40,444 | 0 | ||||||||||||||
Corporate debt | 2,089,202 | 2,089,202 | 0 | 2,089,202 | 0 | ||||||||||||||
Mortgage-backed | 1,958,373 | 1,958,373 | 0 | 1,790,548 | 167,825 | ||||||||||||||
Asset-backed | 410,895 | 410,895 | 0 | 348,649 | 62,246 | ||||||||||||||
Total fixed maturity investments | 6,626,454 | 6,626,454 | 1,529,158 | 4,867,225 | 230,071 | ||||||||||||||
Equity securities | 523,949 | 523,949 | 469,269 | 0 | 54,680 | ||||||||||||||
Other invested assets | 655,888 | 655,888 | 0 | 0 | 655,888 | ||||||||||||||
Total investments | $ | 7,806,291 | $ | 7,806,291 | $ | 1,998,427 | $ | 4,867,225 | $ | 940,639 | |||||||||
Derivative assets: | |||||||||||||||||||
Foreign exchange contracts | $ | 1,713 | $ | 1,713 | $ | 0 | $ | 1,713 | $ | 0 | |||||||||
Derivative liabilities: | |||||||||||||||||||
Foreign exchange contracts | $ | 2,656 | $ | 2,656 | $ | 0 | $ | 2,656 | $ | 0 | |||||||||
Senior notes | $ | 798,215 | $ | 918,627 | $ | 0 | $ | 918,627 | $ | 0 | |||||||||
“Other invested assets” excluded other private securities that the Company did not measure at fair value, but are accounted for using the equity method of accounting. Derivative assets and derivative liabilities relating to foreign exchange contracts and interest rate swaps are classified within “other assets” or “accounts payable and accrued liabilities” on the consolidated balance sheets. | |||||||||||||||||||
The following describes the valuation techniques used by the Company to determine the fair value of financial instruments held as of the balance sheet date. | |||||||||||||||||||
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 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 that the Company believes is an unobservable input, and as such, the fair values of those funds are included in the Level 3 fair value hierarchy. | |||||||||||||||||||
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. | |||||||||||||||||||
The Company measures the fair value of certain assets on a non-recurring basis, generally quarterly, annually or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets include investments accounted for using the equity method, goodwill and intangible assets. The Company uses a variety of techniques to measure the fair value of these assets when appropriate, as described below: | |||||||||||||||||||
Investments accounted for using the equity method: When the Company determines that the carrying value of these assets may not be recoverable, the Company records the assets at fair value with the loss recognized in income. In such cases, the Company measures the fair value of these assets using discounted cash flow models. | |||||||||||||||||||
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. | |||||||||||||||||||
The following is a reconciliation of the beginning and ending balance of financial instruments using significant unobservable inputs (Level 3): | |||||||||||||||||||
Other invested assets | Mortgage-backed | Asset-backed | Equities | ||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||
Opening balance | $ | 714,391 | $ | 198,003 | $ | 61,285 | $ | 53,499 | |||||||||||
Realized and unrealized gains (losses) included in net income | 9,403 | 464 | -313 | 3,972 | |||||||||||||||
Purchases | 67,554 | 69,775 | 16,969 | 10,000 | |||||||||||||||
Sales | -24,277 | -79,001 | -1,302 | 0 | |||||||||||||||
Transfers into Level 3 from Level 2 | 0 | 13 | 3,394 | 0 | |||||||||||||||
Transfers out of Level 3 into Level 2 (1) | 0 | 0 | 0 | 0 | |||||||||||||||
Ending balance | $ | 767,071 | $ | 189,254 | $ | 80,033 | $ | 67,471 | |||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||
Opening balance | $ | 520,890 | $ | 157,959 | $ | 117,586 | $ | 0 | |||||||||||
Realized and unrealized gains included in net income | 11,871 | 4,855 | 988 | 0 | |||||||||||||||
Purchases | 34,800 | 40,481 | 7,466 | 0 | |||||||||||||||
Sales | -2,859 | -48,728 | -7,326 | 0 | |||||||||||||||
Transfers into Level 3 from Level 2 | 0 | 14,730 | 12,495 | 0 | |||||||||||||||
Transfers out of Level 3 into Level 2 (1) | 0 | -27 | -55,442 | 0 | |||||||||||||||
Ending balance | $ | 564,702 | $ | 169,270 | $ | 75,767 | $ | 0 | |||||||||||
Other invested assets | Mortgage-backed | Asset-backed | Equities | ||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||
Opening balance | $ | 655,888 | $ | 167,825 | $ | 62,246 | $ | 54,680 | |||||||||||
Realized and unrealized gains (losses) included in net income | 53,365 | -5,910 | -791 | 2,791 | |||||||||||||||
Purchases | 237,506 | 102,369 | 42,956 | 10,000 | |||||||||||||||
Sales | -179,688 | -69,968 | -26,728 | 0 | |||||||||||||||
Transfers into Level 3 from Level 2 | 0 | 5,073 | 2,350 | 0 | |||||||||||||||
Transfers out of Level 3 into Level 2 (1) | 0 | -10,135 | 0 | 0 | |||||||||||||||
Ending balance | $ | 767,071 | $ | 189,254 | $ | 80,033 | $ | 67,471 | |||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||
Opening balance | $ | 540,409 | $ | 249,204 | $ | 94,745 | $ | 0 | |||||||||||
Realized and unrealized gains included in net income | 26,753 | 10,951 | 1,643 | 0 | |||||||||||||||
Purchases | 52,578 | 50,302 | 32,573 | 0 | |||||||||||||||
Sales | -55,038 | -124,940 | -57,325 | 0 | |||||||||||||||
Transfers into Level 3 from Level 2 | 0 | 18,461 | 15,835 | 0 | |||||||||||||||
Transfers out of Level 3 into Level 2 (1) | 0 | -34,708 | -11,704 | 0 | |||||||||||||||
Ending balance | $ | 564,702 | $ | 169,270 | $ | 75,767 | $ | 0 | |||||||||||
____________ | |||||||||||||||||||
(1) Transfers out of Level 3 are primarily attributable to the availability of market observable information. | |||||||||||||||||||
The Company attempts to verify the significant inputs used by broker-dealers in determining the fair value of the securities priced by them. If the Company could not obtain sufficient information to determine if the broker-dealers were using significant observable inputs, then such securities have been transferred to the Level 3 fair value hierarchy. The Company believes the prices obtained from the broker-dealers are the best estimate of fair value of the securities being priced as the broker-dealers are typically involved in the initial pricing of the security, and the Company has compared the price per the broker-dealer to other pricing sources and noted no material differences. The Company recognizes transfers between levels at the end of the reporting period. There were no transfers between Level 1 and Level 2 during the period. | |||||||||||||||||||
The Company's external investment accounting service provider receives prices from internationally recognized independent pricing services to measure the fair values of its fixed maturity investments. Pricing sources are evaluated and selected in a manner to ensure that the most reliable sources are used. The Company uses a pricing service ranking to consistently select the most appropriate pricing service in instances where it receives multiple quotes on the same security. The Company obtains multiple quotes for the majority of its securities. The independent pricing sources obtain market quotations and actual transaction prices for securities that have quoted prices in active markets. Each pricing service has its own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of “matrix pricing” in which the independent pricing service uses observable market inputs, including, but not limited to, reported trades, benchmark yields, broker-dealer quotes, interest rates, prepayment speeds, default rates and such other inputs as are available from market sources to determine a reasonable fair value. | |||||||||||||||||||
All of the Company's securities classified as Level 3, other than investments in other invested assets, are valued based on unadjusted broker-dealer quotes. This includes less liquid securities such as lower quality asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The primary valuation inputs include monthly payment information, the probability of default, loss severity rates and estimated prepayment rates. Significant changes in these inputs in isolation would result in a significantly lower or higher fair value measurement. In general, a change in the assumption of the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity in an event of default and prepayment rates. | |||||||||||||||||||
The Company records the unadjusted price provided and validates this price through a process that includes, but is not limited to, monthly and/or quarterly: (i) comparison of prices between two independent sources, with significant differences requiring additional price sources; (ii) quantitative analysis (e.g., comparing the quarterly return for each managed portfolio to their target benchmark, with significant differences identified and investigated); (iii) evaluation of methodologies used by external parties to calculate fair value, including a review of the inputs used for pricing; (iv) comparing the price to the Company's knowledge of the current investment market; and (v) back-testing, which includes randomly selecting purchased or sold securities and comparing the executed prices to the fair value estimates from the pricing service. In addition to internal controls, management relies on the effectiveness of the valuation controls in place at the Company's external investment accounting service provider (supported by a Statement on Standards for Attestation Engagements No. 16 report) in conjunction with regular discussion and analysis of the investment portfolio's structure and performance. | |||||||||||||||||||
Reserve_For_Losses_And_Loss_Ex
Reserve For Losses And Loss Expenses | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Reserve For Losses And Loss Expenses [Abstract] | |||||||||||||
Reserve For Losses And Loss Expenses | 7. RESERVE FOR LOSSES AND LOSS EXPENSES | ||||||||||||
The reserve for losses and loss expenses consists of the following: | |||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Outstanding loss reserves | $ | 1,517,049 | $ | 1,539,114 | |||||||||
Reserves for losses incurred but not reported | 4,263,732 | 4,106,435 | |||||||||||
Reserve for losses and loss expenses | $ | 5,780,781 | $ | 5,645,549 | |||||||||
The table below is a reconciliation of the beginning and ending liability for unpaid losses and loss expenses. Losses incurred and paid are reflected net of reinsurance recoverables. | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Gross liability at beginning of period | $ | 5,696,865 | $ | 5,377,518 | $ | 5,645,549 | $ | 5,225,143 | |||||
Reinsurance recoverable at beginning of period | -1,179,525 | -1,073,612 | -1,141,110 | -1,002,919 | |||||||||
Net liability at beginning of period | 4,517,340 | 4,303,906 | 4,504,439 | 4,222,224 | |||||||||
Net losses incurred related to: | |||||||||||||
Current year | 338,420 | 315,102 | 961,224 | 862,088 | |||||||||
Prior years | -61,450 | -56,154 | -153,948 | -137,558 | |||||||||
Total incurred | 276,970 | 258,948 | 807,276 | 724,530 | |||||||||
Net paid losses related to: | |||||||||||||
Current year | 30,399 | 16,323 | 54,983 | 36,163 | |||||||||
Prior years | 213,252 | 179,666 | 696,137 | 542,077 | |||||||||
Total paid | 243,651 | 195,989 | 751,120 | 578,240 | |||||||||
Foreign exchange revaluation | 4,088 | 6,400 | -5,848 | 4,751 | |||||||||
Net liability at end of period | 4,554,747 | 4,373,265 | 4,554,747 | 4,373,265 | |||||||||
Reinsurance recoverable at end of period | 1,226,034 | 1,077,522 | 1,226,034 | 1,077,522 | |||||||||
Gross liability at end of period | $ | 5,780,781 | $ | 5,450,787 | $ | 5,780,781 | $ | 5,450,787 | |||||
For the three months ended September 30, 2013, the Company had net favorable reserve development in its international insurance and reinsurance segments due to actual loss emergence being lower than initially expected. The majority of the net favorable reserve development was recognized in the 2007 through 2011 loss years across most lines of business. In addition, the reinsurance segment recognized net favorable reserve development for the 2012 loss year due to the low level of reported property losses. This was partially offset by adverse development in the U.S. insurance segment in the 2011 and 2012 loss years primarily caused by adverse development on reported claims for certain healthcare, errors and omissions and private/not for profit directors' and officers'. | |||||||||||||
For the nine months ended September 30, 2013, the Company had net favorable reserve development in its international insurance and reinsurance segments due to actual loss emergence being lower than initially expected, for most loss years. The reinsurance segment recognized net favorable reserve development for the 2012 loss year due to the low level of reported property losses. This was partially offset by adverse development in the U.S. insurance segment in the 2011 and 2012 loss years for certain healthcare, errors and omissions and not-for-profit director's and officers' classes of business. | |||||||||||||
For the three months ended September 30, 2012, the Company had net favorable reserve development in each of its segments due to actual loss emergence being lower than initially expected. The majority of the net favorable reserve development was recognized by each segment in the 2004 through 2008 loss years. The Company had net unfavorable reserve development in its U.S. insurance segment in the 2010 and 2011 loss years, primarily due to higher than expected losses on a terminated program, and in its international insurance segment in the 2011 loss year, primarily due to an individual full-limit general casualty claim. | |||||||||||||
For the nine months ended September 30, 2012, the Company had net favorable reserve development in each of its segments due to actual loss emergence being lower than initially expected. The majority of the net favorable reserve development was recognized in the international insurance and reinsurance segments in the 2004 through 2008 loss years. | |||||||||||||
While the Company 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, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. 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 the taxable equity of Allied World Switzerland. Allied World Switzerland has a Swiss operating company 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 the United Kingdom, Ireland, Switzerland, Hong Kong and Singapore. To the best of the Company's knowledge, there are no income tax examinations pending by any tax authority. | |
Management has deemed all material tax positions to have a greater than 50% likelihood of being sustained based on technical merits if challenged. The Company does not expect any material unrecognized tax benefits within 12 months of September 30, 2013. | |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Shareholders' Equity [Abstract] | ||||||||||||
Shareholders' Equity | 9. SHAREHOLDERS' EQUITY | |||||||||||
a) Authorized shares | ||||||||||||
The issued share capital consists of the following: | ||||||||||||
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Common shares issued and fully paid, 2013: CHF 12.30 per share; 2012: CHF 12.64 per share | 34,972,795 | 36,369,868 | ||||||||||
Share capital at end of period | $ | 424,837 | $ | 454,980 | ||||||||
Nine Months | ||||||||||||
Ended | ||||||||||||
September 30, | ||||||||||||
2013 | ||||||||||||
Shares issued at beginning of period | 36,369,868 | |||||||||||
Shares cancelled | -1,397,073 | |||||||||||
Total shares issued at end of period | 34,972,795 | |||||||||||
Treasury shares issued at beginning of period | 1,572,087 | |||||||||||
Shares repurchased | 1,367,833 | |||||||||||
Shares issued out of treasury | -384,972 | |||||||||||
Shares cancelled | -1,397,073 | |||||||||||
Total treasury shares at end of period | 1,157,875 | |||||||||||
Total shares outstanding at end of period | 33,814,920 | |||||||||||
During the nine months ended September 30, 2013, 1,367,833 voting shares repurchased and designated for cancellation were constructively retired and cancelled. | ||||||||||||
Effective July 9, 2013, the Company cancelled 29,240 non-voting shares held in treasury and 1,538,686 shares previously repurchased and constructively retired, following a required filing with the Swiss Commercial Register in Zug. | ||||||||||||
Allied World Switzerland's articles of association authorized its Board of Directors to increase the share capital by a maximum of up to CHF 92,259 or 7,500,728 voting shares. | ||||||||||||
b) Dividends | ||||||||||||
The Company paid the following dividends during the nine months ended September 30, 2013: | ||||||||||||
Partial | ||||||||||||
Par Value | Dividend | Total | ||||||||||
Reduction | Per | Amount | ||||||||||
Dividend Paid | Per Share | Share | Paid | |||||||||
12-Mar-13 | CHF | 0.34 | $ | 0.375 | $ | 12,981 | ||||||
3-Jul-13 | - | - | $ | 0.5 | $ | 17,117 | ||||||
On May 3, 2012, the shareholders approved the Company's proposal to pay cash dividends in the form of a distribution by way of par value reductions. The aggregate reduction amount was paid to shareholders in four installments of $0.375 per share, with the last of such quarterly dividend payments being made on March 12, 2013. | ||||||||||||
On May 2, 2013, the shareholders approved the Company's proposal to pay cash dividends in the form of a distribution out of general legal reserve from capital contributions. The distribution amount will be paid to shareholders in quarterly dividends of $0.50 per share. The first dividend was paid on July 3, 2013. The second dividend was paid on October 3, 2013. The Company expects to pay the remaining dividends in January 2014 and April 2014. | ||||||||||||
c) Share Repurchases | ||||||||||||
In May 2012, the Company established a new share repurchase program in order 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 this new share repurchase program, common shares repurchased shall be designated for cancellation at acquisition and shall be cancelled upon shareholder approval. | ||||||||||||
Shares repurchased by the Company and not designated for cancellation are classified as “Treasury shares, at cost” on the consolidated balance sheets. The Company will issue shares out of treasury principally related to the Company's employee benefit plans. Shares repurchased and designated for cancellation are constructively retired and recorded as a share cancellation. | ||||||||||||
The Company's share repurchases were as follows: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Common shares repurchased | 427,388 | 605,898 | 1,367,833 | 2,942,085 | ||||||||
Total cost of shares repurchased | $ | 40,574 | $ | 47,590 | $ | 123,145 | $ | 207,048 | ||||
Average price per share | $ | 94.93 | $ | 78.54 | $ | 90.03 | $ | 70.37 |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | 10. EARNINGS PER SHARE | ||||||||||||
The following table sets forth the comparison of basic and diluted earnings per share: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Basic earnings per share: | |||||||||||||
Net income | $ | 122,843 | $ | 219,647 | $ | 279,973 | $ | 534,154 | |||||
Weighted average common shares outstanding | 33,991,359 | 35,652,768 | 34,340,227 | 36,379,514 | |||||||||
Basic earnings per share | $ | 3.61 | $ | 6.16 | $ | 8.15 | $ | 14.68 | |||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Diluted earnings per share: | |||||||||||||
Net income | $ | 122,843 | $ | 219,647 | $ | 279,973 | $ | 534,154 | |||||
Weighted average common shares outstanding | 33,991,359 | 35,652,768 | 34,340,227 | 36,379,514 | |||||||||
Share equivalents: | |||||||||||||
Options | 500,114 | 461,373 | 497,458 | 429,393 | |||||||||
Restricted stock units and performance-based equity awards | 236,133 | 501,633 | 292,369 | 583,226 | |||||||||
Employee share purchase plan | 587 | 960 | 1,038 | 960 | |||||||||
Weighted average common shares and common share equivalents | |||||||||||||
outstanding - diluted | 34,728,193 | 36,616,734 | 35,131,092 | 37,393,093 | |||||||||
Diluted earnings per share | $ | 3.54 | $ | 6 | $ | 7.97 | $ | 14.28 | |||||
For the three and nine months ended September 30, 2013, no employee stock options and restricted stock units (“RSUs”) were considered anti-dilutive. | |||||||||||||
For the three and nine months ended September 30, 2012, a weighted average of 221,008 and 338,395 employee stock options and RSUs were considered anti-dilutive and were therefore excluded from the calculation of the diluted earnings per share, respectively. | |||||||||||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Information [Abstract] | |||||||||||||
Segment Information | 11. SEGMENT INFORMATION | ||||||||||||
The determination of reportable segments is based on how senior management monitors the Company's underwriting operations. Management monitors the performance of its direct underwriting operations based on the geographic location of the Company's offices, the markets and customers served and the type of accounts written. The Company is currently organized into three operating segments: U.S. insurance, international insurance and reinsurance. All product lines fall within these classifications. | |||||||||||||
The U.S. insurance segment includes the Company's direct specialty insurance operations in the United States. This segment provides both direct property and specialty casualty insurance primarily to non-Fortune 1000 North American domiciled accounts. The international insurance segment includes the Company's direct insurance operations in Bermuda, Europe, Singapore and Hong Kong. This segment provides both direct property and casualty insurance primarily to Fortune 1000 North American domiciled accounts from the Bermuda office and direct property and specialty casualty insurance to our non-North American domiciled accounts from the European, Singapore and Hong Kong offices. The reinsurance segment includes the Company's reinsurance operations in the United States, Bermuda, Europe, Singapore and Hong Kong. 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. | |||||||||||||
Management measures results for each segment on the basis of the “loss and loss expense ratio,” “acquisition cost ratio,” “general and administrative 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 “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: | |||||||||||||
International | |||||||||||||
Three Months Ended September 30, 2013 | U.S. Insurance | Insurance | Reinsurance | Total | |||||||||
Gross premiums written | $ | 308,709 | $ | 132,881 | $ | 139,303 | $ | 580,893 | |||||
Net premiums written | 238,792 | 75,632 | 138,653 | 453,077 | |||||||||
Net premiums earned | 207,602 | 87,554 | 215,617 | 510,773 | |||||||||
Net losses and loss expenses | -141,222 | -31,094 | -104,654 | -276,970 | |||||||||
Acquisition costs | -28,426 | 282 | -36,970 | -65,114 | |||||||||
General and administrative expenses | -41,616 | -26,450 | -20,487 | -88,553 | |||||||||
Underwriting (loss) income | -3,662 | 30,292 | 53,506 | 80,136 | |||||||||
Net investment income | 39,271 | ||||||||||||
Net realized investment gains | 27,487 | ||||||||||||
Amortization of intangible assets | -633 | ||||||||||||
Interest expense | -14,094 | ||||||||||||
Foreign exchange loss | -4,353 | ||||||||||||
Income before income taxes | $ | 127,814 | |||||||||||
Loss and loss expense ratio | 68.00% | 35.50% | 48.50% | 54.20% | |||||||||
Acquisition cost ratio | 13.70% | -0.30% | 17.10% | 12.70% | |||||||||
General and administrative expense ratio | 20.00% | 30.20% | 9.50% | 17.30% | |||||||||
Combined ratio | 101.70% | 65.40% | 75.10% | 84.20% | |||||||||
International | |||||||||||||
Three Months Ended September 30, 2012 | U.S. Insurance | Insurance | Reinsurance | Total | |||||||||
Gross premiums written | $ | 263,129 | $ | 121,315 | $ | 119,976 | $ | 504,420 | |||||
Net premiums written | 200,779 | 71,199 | 119,559 | 391,537 | |||||||||
Net premiums earned | 173,948 | 85,329 | 181,740 | 441,017 | |||||||||
Net losses and loss expenses | -109,111 | -15,099 | -134,738 | -258,948 | |||||||||
Acquisition costs | -22,696 | 266 | -28,656 | -51,086 | |||||||||
General and administrative expenses | -37,388 | -22,920 | -18,264 | -78,572 | |||||||||
Underwriting income | 4,753 | 47,576 | 82 | 52,411 | |||||||||
Net investment income | 39,121 | ||||||||||||
Net realized investment gains | 149,813 | ||||||||||||
Amortization of intangible assets | -633 | ||||||||||||
Interest expense | -13,822 | ||||||||||||
Foreign exchange loss | -1,023 | ||||||||||||
Income before income taxes | $ | 225,867 | |||||||||||
Loss and loss expense ratio | 62.70% | 17.70% | 74.10% | 58.70% | |||||||||
Acquisition cost ratio | 13.00% | -0.30% | 15.80% | 11.60% | |||||||||
General and administrative expense ratio | 21.50% | 26.90% | 10.00% | 17.80% | |||||||||
Combined ratio | 97.20% | 44.30% | 99.90% | 88.10% | |||||||||
International | |||||||||||||
Nine Months Ended September 30, 2013 | U.S. Insurance | Insurance | Reinsurance | Total | |||||||||
Gross premiums written | $ | 872,024 | $ | 453,990 | $ | 857,160 | $ | 2,183,174 | |||||
Net premiums written | 652,464 | 259,771 | 817,116 | 1,729,351 | |||||||||
Net premiums earned | 593,477 | 258,809 | 628,986 | 1,481,272 | |||||||||
Net losses and loss expenses | -398,910 | -90,997 | -317,369 | -807,276 | |||||||||
Acquisition costs | -78,824 | 1,489 | -109,081 | -186,416 | |||||||||
General and administrative expenses | -119,514 | -75,374 | -56,930 | -251,818 | |||||||||
Underwriting (loss) income | -3,771 | 93,927 | 145,606 | 235,762 | |||||||||
Net investment income | 110,294 | ||||||||||||
Net realized investment losses | -8,074 | ||||||||||||
Amortization of intangible assets | -1,900 | ||||||||||||
Interest expense | -42,416 | ||||||||||||
Foreign exchange loss | -7,361 | ||||||||||||
Income before income taxes | $ | 286,305 | |||||||||||
Loss and loss expense ratio | 67.20% | 35.20% | 50.50% | 54.50% | |||||||||
Acquisition cost ratio | 13.30% | -0.60% | 17.30% | 12.60% | |||||||||
General and administrative expense ratio | 20.10% | 29.10% | 9.10% | 17.00% | |||||||||
Combined ratio | 100.60% | 63.70% | 76.90% | 84.10% | |||||||||
International | |||||||||||||
Nine Months Ended September 30, 2012 | U.S. Insurance | Insurance | Reinsurance | Total | |||||||||
Gross premiums written | $ | 733,314 | $ | 418,498 | $ | 680,407 | $ | 1,832,219 | |||||
Net premiums written | 551,286 | 255,150 | 668,764 | 1,475,200 | |||||||||
Net premiums earned | 490,091 | 247,805 | 534,758 | 1,272,654 | |||||||||
Net losses and loss expenses | -309,889 | -75,432 | -339,209 | -724,530 | |||||||||
Acquisition costs | -63,918 | 1,376 | -87,270 | -149,812 | |||||||||
General and administrative expenses | -103,162 | -66,969 | -52,786 | -222,917 | |||||||||
Underwriting income | 13,122 | 106,780 | 55,493 | 175,395 | |||||||||
Net investment income | 128,781 | ||||||||||||
Net realized investment gains | 292,057 | ||||||||||||
Amortization of intangible assets | -1,900 | ||||||||||||
Interest expense | -41,579 | ||||||||||||
Foreign exchange gain | 77 | ||||||||||||
Income before income taxes | $ | 552,831 | |||||||||||
Loss and loss expense ratio | 63.20% | 30.40% | 63.40% | 56.90% | |||||||||
Acquisition cost ratio | 13.00% | -0.60% | 16.30% | 11.80% | |||||||||
General and administrative expense ratio | 21.00% | 27.00% | 9.90% | 17.50% | |||||||||
Combined ratio | 97.20% | 56.80% | 89.60% | 86.20% | |||||||||
The following table shows an analysis of the Company's gross premiums written by geographic location of the Company's subsidiaries and branches. All intercompany premiums have been eliminated. | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
United States | $ | 377,618 | $ | 312,807 | $ | 1,296,212 | $ | 1,051,355 | |||||
Bermuda | 111,103 | 108,955 | 550,815 | 484,313 | |||||||||
Europe | 52,004 | 46,836 | 198,747 | 182,220 | |||||||||
Singapore | 35,515 | 31,902 | 122,546 | 101,213 | |||||||||
Hong Kong | 4,653 | 3,920 | 14,854 | 13,118 | |||||||||
Total gross premiums written | $ | 580,893 | $ | 504,420 | $ | 2,183,174 | $ | 1,832,219 | |||||
Europe includes gross premiums written attributable to Switzerland of $10,509 and $7,039 for the three months ended September 30, 2013 and 2012, respectively, and $57,183 and $40,474 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 12. 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, 2013, the Company was not a party to any material legal proceedings arising outside the ordinary course of business that management believes will have a material adverse effect on the Company's results of operations, financial position or cash flow. | |
Condensed_Consolidated_Guarant
Condensed Consolidated Guarantor Financial Statements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Condensed Consolidated Guarantor Financial Statements [Abstract] | ||||||||||||||||
Condensed consolidated guarantor financial statements | 13. CONDENSED CONSOLIDATED GUARANTOR FINANCIAL STATEMENTS | |||||||||||||||
The following tables present unaudited condensed consolidating financial information as of September 30, 2013 and December 31, 2012 and for the three and nine months ended September 30, 2013 and 2012 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: | ||||||||||||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
As of September 30, 2013 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
ASSETS: | ||||||||||||||||
Investments | $ | 0 | $ | 0 | $ | 7,661,837 | $ | 0 | $ | 7,661,837 | ||||||
Cash and cash equivalents | 56,060 | 8,388 | 888,599 | 0 | 953,047 | |||||||||||
Insurance balances receivable | 0 | 0 | 740,112 | 0 | 740,112 | |||||||||||
Funds held | 0 | 0 | 375,131 | 0 | 375,131 | |||||||||||
Reinsurance recoverable | 0 | 0 | 1,226,034 | 0 | 1,226,034 | |||||||||||
Net deferred acquisition costs | 0 | 0 | 145,951 | 0 | 145,951 | |||||||||||
Goodwill and intangible assets | 0 | 0 | 317,840 | 0 | 317,840 | |||||||||||
Balances receivable on sale of investments | 0 | 0 | 237,031 | 0 | 237,031 | |||||||||||
Investments in subsidiaries | 3,407,988 | 4,509,074 | 0 | -7,917,062 | 0 | |||||||||||
Due (to) from subsidiaries | -967 | -14,679 | 15,646 | 0 | 0 | |||||||||||
Other assets | 1,897 | 5,038 | 713,602 | 0 | 720,537 | |||||||||||
Total assets | $ | 3,464,978 | $ | 4,507,821 | $ | 12,321,783 | $ | -7,917,062 | $ | 12,377,520 | ||||||
LIABILITIES: | ||||||||||||||||
Reserve for losses and loss expenses | $ | 0 | $ | 0 | $ | 5,780,781 | $ | 0 | $ | 5,780,781 | ||||||
Unearned premiums | 0 | 0 | 1,515,746 | 0 | 1,515,746 | |||||||||||
Reinsurance balances payable | 0 | 0 | 193,643 | 0 | 193,643 | |||||||||||
Balances due on purchases of investments | 0 | 0 | 497,974 | 0 | 497,974 | |||||||||||
Senior notes | 0 | 798,426 | 0 | 0 | 798,426 | |||||||||||
Other liabilities | 21,050 | 17,457 | 108,515 | 0 | 147,022 | |||||||||||
Total liabilities | 21,050 | 815,883 | 8,096,659 | 0 | 8,933,592 | |||||||||||
Total shareholders’ equity | 3,443,928 | 3,691,938 | 4,225,124 | -7,917,062 | 3,443,928 | |||||||||||
Total liabilities and shareholders’ equity | $ | 3,464,978 | $ | 4,507,821 | $ | 12,321,783 | $ | -7,917,062 | $ | 12,377,520 | ||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
As of December 31, 2012 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
ASSETS: | ||||||||||||||||
Investments | $ | 0 | $ | 0 | $ | 7,933,937 | $ | 0 | $ | 7,933,937 | ||||||
Cash and cash equivalents | 19,997 | 11,324 | 650,558 | 0 | 681,879 | |||||||||||
Insurance balances receivable | 0 | 0 | 510,532 | 0 | 510,532 | |||||||||||
Funds held | 0 | 0 | 336,368 | 0 | 336,368 | |||||||||||
Reinsurance recoverable | 0 | 0 | 1,141,110 | 0 | 1,141,110 | |||||||||||
Net deferred acquisition costs | 0 | 0 | 108,010 | 0 | 108,010 | |||||||||||
Goodwill and intangible assets | 0 | 0 | 319,741 | 0 | 319,741 | |||||||||||
Balances receivable on sale of investments | 0 | 0 | 418,879 | 0 | 418,879 | |||||||||||
Investments in subsidiaries | 3,337,446 | 4,768,769 | 0 | -8,106,215 | 0 | |||||||||||
Due (to) from subsidiaries | -23,864 | -7,173 | 31,037 | 0 | 0 | |||||||||||
Other assets | 1,499 | 6,081 | 571,910 | 0 | 579,490 | |||||||||||
Total assets | $ | 3,335,078 | $ | 4,779,001 | $ | 12,022,082 | $ | -8,106,215 | $ | 12,029,946 | ||||||
LIABILITIES: | ||||||||||||||||
Reserve for losses and loss expenses | $ | 0 | $ | 0 | $ | 5,645,549 | $ | 0 | $ | 5,645,549 | ||||||
Unearned premiums | 0 | 0 | 1,218,021 | 0 | 1,218,021 | |||||||||||
Reinsurance balances payable | 0 | 0 | 136,264 | 0 | 136,264 | |||||||||||
Balances due on purchases of investments | 0 | 0 | 759,934 | 0 | 759,934 | |||||||||||
Senior notes | 0 | 798,215 | 0 | 0 | 798,215 | |||||||||||
Other liabilities | 8,743 | 17,727 | 119,158 | 0 | 145,628 | |||||||||||
Total liabilities | 8,743 | 815,942 | 7,878,926 | 0 | 8,703,611 | |||||||||||
Total shareholders’ equity | 3,326,335 | 3,963,059 | 4,143,156 | -8,106,215 | 3,326,335 | |||||||||||
Total liabilities and shareholders’ equity | $ | 3,335,078 | $ | 4,779,001 | $ | 12,022,082 | $ | -8,106,215 | $ | 12,029,946 | ||||||
Unaudited Condensed Consolidating Income Statement: | ||||||||||||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
Three Months Ended September 30, 2013 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
Net premiums earned | $ | 0 | $ | 0 | $ | 510,773 | $ | 0 | $ | 510,773 | ||||||
Net investment income | 3 | 0 | 39,268 | 0 | 39,271 | |||||||||||
Net realized investment losses | 0 | 0 | 27,487 | 0 | 27,487 | |||||||||||
Net losses and loss expenses | 0 | 0 | -276,970 | 0 | -276,970 | |||||||||||
Acquisition costs | 0 | 0 | -65,114 | 0 | -65,114 | |||||||||||
General and administrative expenses | -7,323 | -4,961 | -76,269 | 0 | -88,553 | |||||||||||
Amortization of intangible assets | 0 | 0 | -633 | 0 | -633 | |||||||||||
Interest expense | 0 | -13,838 | -256 | 0 | -14,094 | |||||||||||
Foreign exchange gain (loss) | -13 | -212 | -4,128 | 0 | -4,353 | |||||||||||
Income tax (expense) benefit | 0 | 0 | -4,971 | 0 | -4,971 | |||||||||||
Equity in earnings of consolidated subsidiaries | 130,176 | 150,653 | 0 | -280,829 | 0 | |||||||||||
NET INCOME (LOSS) | $ | 122,843 | $ | 131,642 | $ | 149,187 | $ | -280,829 | $ | 122,843 | ||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 122,843 | $ | 131,642 | $ | 149,187 | $ | -280,829 | $ | 122,843 | ||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
Three Months Ended September 30, 2012 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
Net premiums earned | $ | 0 | $ | 0 | $ | 441,017 | $ | 0 | $ | 441,017 | ||||||
Net investment income | 7 | 6 | 39,108 | 0 | 39,121 | |||||||||||
Net realized investment gains | 0 | 0 | 149,813 | 0 | 149,813 | |||||||||||
Net losses and loss expenses | 0 | 0 | -258,948 | 0 | -258,948 | |||||||||||
Acquisition costs | 0 | 0 | -51,086 | 0 | -51,086 | |||||||||||
General and administrative expenses | -6,013 | -235 | -72,324 | 0 | -78,572 | |||||||||||
Amortization of intangible assets | 0 | 0 | -633 | 0 | -633 | |||||||||||
Interest expense | 0 | -13,822 | 0 | 0 | -13,822 | |||||||||||
Foreign exchange gain (loss) | -206 | -83 | -734 | 0 | -1,023 | |||||||||||
Income tax (expense) benefit | 0 | 0 | -6,220 | 0 | -6,220 | |||||||||||
Equity in earnings of consolidated subsidiaries | 225,859 | 231,471 | 0 | -457,330 | 0 | |||||||||||
NET INCOME (LOSS) | $ | 219,647 | $ | 217,337 | $ | 239,993 | $ | -457,330 | $ | 219,647 | ||||||
Unrealized losses on investments arising during the period | ||||||||||||||||
net of applicable deferred income tax benefit of $15 | -29 | 0 | -29 | 29 | -29 | |||||||||||
Reclassification adjustment for net realized investment | ||||||||||||||||
gains included in net income, net of applicable income tax | 0 | 0 | 0 | 0 | 0 | |||||||||||
Other comprehensive loss | -29 | 0 | -29 | 29 | -29 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 219,618 | $ | 217,337 | $ | 239,964 | $ | -457,301 | $ | 219,618 | ||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
Nine Months Ended September 30, 2013 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
Net premiums earned | $ | 0 | $ | 0 | $ | 1,481,272 | $ | 0 | $ | 1,481,272 | ||||||
Net investment income | 11 | 4 | 110,279 | 0 | 110,294 | |||||||||||
Net realized investment losses | 0 | 0 | -8,074 | 0 | -8,074 | |||||||||||
Net losses and loss expenses | 0 | 0 | -807,276 | 0 | -807,276 | |||||||||||
Acquisition costs | 0 | 0 | -186,416 | 0 | -186,416 | |||||||||||
General and administrative expenses | -26,875 | -5,873 | -219,070 | 0 | -251,818 | |||||||||||
Amortization of intangible assets | 0 | 0 | -1,900 | 0 | -1,900 | |||||||||||
Interest expense | 0 | -41,503 | -913 | 0 | -42,416 | |||||||||||
Foreign exchange loss (gain) | 261 | -935 | -6,687 | 0 | -7,361 | |||||||||||
Income tax (expense) benefit | 0 | 0 | -6,332 | 0 | -6,332 | |||||||||||
Equity in earnings of consolidated subsidiaries | 306,576 | 353,280 | 0 | -659,856 | 0 | |||||||||||
NET INCOME (LOSS) | $ | 279,973 | $ | 304,973 | $ | 354,883 | $ | -659,856 | $ | 279,973 | ||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 279,973 | $ | 304,973 | $ | 354,883 | $ | -659,856 | $ | 279,973 | ||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
Nine Months Ended September 30, 2012 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
Net premiums earned | $ | 0 | $ | 0 | $ | 1,272,654 | $ | 0 | $ | 1,272,654 | ||||||
Net investment income | 21 | 17 | 128,743 | 0 | 128,781 | |||||||||||
Net realized investment gains | 0 | 0 | 292,057 | 0 | 292,057 | |||||||||||
Net losses and loss expenses | 0 | 0 | -724,530 | 0 | -724,530 | |||||||||||
Acquisition costs | 0 | 0 | -149,812 | 0 | -149,812 | |||||||||||
General and administrative expenses | -14,247 | -2,689 | -205,981 | 0 | -222,917 | |||||||||||
Amortization of intangible assets | 0 | 0 | -1,900 | 0 | -1,900 | |||||||||||
Interest expense | 0 | -41,579 | 0 | 0 | -41,579 | |||||||||||
Foreign exchange gain (loss) | 343 | -150 | -116 | 0 | 77 | |||||||||||
Income tax (expense) benefit | 71 | 0 | -18,748 | 0 | -18,677 | |||||||||||
Equity in earnings of consolidated subsidiaries | 547,966 | 580,880 | 0 | -1,128,846 | 0 | |||||||||||
NET INCOME (LOSS) | $ | 534,154 | $ | 536,479 | $ | 592,367 | $ | -1,128,846 | $ | 534,154 | ||||||
Unrealized gains on investments arising during the period | ||||||||||||||||
net of applicable deferred income tax expense of $81 | 150 | 0 | 150 | -150 | 150 | |||||||||||
Reclassification adjustment for net realized investment | ||||||||||||||||
gains included in net income, net of applicable income tax | -13,249 | 0 | -13,249 | 13,249 | -13,249 | |||||||||||
Other comprehensive loss | -13,099 | 0 | -13,099 | 13,099 | -13,099 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 521,055 | $ | 536,479 | $ | 579,268 | $ | -1,115,747 | $ | 521,055 | ||||||
Unaudited Condensed Consolidating Cash Flows: | ||||||||||||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
Nine Months Ended September 30, 2013 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
CASH FLOWS PROVIDED BY (USED IN) | ||||||||||||||||
OPERATING ACTIVITIES | $ | 177,859 | $ | -2,936 | $ | 157,127 | $ | 0 | $ | 332,050 | ||||||
CASH FLOWS PROVIDED BY (USED IN) | ||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases trading securities | 0 | 0 | -4,955,817 | 0 | -4,955,817 | |||||||||||
Purchases of other invested assets | 0 | 0 | -211,501 | 0 | -211,501 | |||||||||||
Sales of available for sale securities | 0 | 0 | 0 | 0 | 0 | |||||||||||
Sales of trading securities | 0 | 0 | 5,137,280 | 0 | 5,137,280 | |||||||||||
Sales of other invested assets | 0 | 0 | 189,155 | 0 | 189,155 | |||||||||||
Other | 0 | 0 | -78,203 | 0 | -78,203 | |||||||||||
Net cash provided by (used in) investing activities | 0 | 0 | 80,914 | 0 | 80,914 | |||||||||||
CASH FLOWS PROVIDED BY (USED IN) | ||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Dividends paid - partial par value reduction | -12,981 | 0 | 0 | 0 | -12,981 | |||||||||||
Dividends paid | -17,117 | 0 | 0 | 0 | -17,117 | |||||||||||
Proceeds from the exercise of stock options | 8,465 | 0 | 0 | 0 | 8,465 | |||||||||||
Share repurchases | -120,163 | 0 | 0 | 0 | -120,163 | |||||||||||
Net cash provided by (used in) financing activities | -141,796 | 0 | 0 | 0 | -141,796 | |||||||||||
NET INCREASE (DECREASE) IN CASH AND | ||||||||||||||||
CASH EQUIVALENTS | 36,063 | -2,936 | 238,041 | 0 | 271,168 | |||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING | ||||||||||||||||
OF PERIOD | 19,997 | 11,324 | 650,558 | 0 | 681,879 | |||||||||||
CASH AND CASH EQUIVALENTS, END OF | ||||||||||||||||
PERIOD | $ | 56,060 | $ | 8,388 | $ | 888,599 | $ | 0 | $ | 953,047 | ||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
Nine Months Ended September 30, 2012 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
CASH FLOWS PROVIDED BY (USED IN) | ||||||||||||||||
OPERATING ACTIVITIES: | $ | 162,141 | $ | 687 | $ | 336,824 | $ | 0 | $ | 499,652 | ||||||
CASH FLOWS PROVIDED BY (USED IN) | ||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of available for sale securities | 0 | 0 | 0 | 0 | 0 | |||||||||||
Purchases of trading securities | 0 | 0 | -6,328,719 | 0 | -6,328,719 | |||||||||||
Purchases of other invested assets | 0 | 0 | -52,578 | 0 | -52,578 | |||||||||||
Sales of available for sale securities | 0 | 0 | 215,318 | 0 | 215,318 | |||||||||||
Sales of trading securities | 0 | 0 | 5,778,138 | 0 | 5,778,138 | |||||||||||
Sales of other invested assets | 0 | 0 | 110,429 | 0 | 110,429 | |||||||||||
Other | 0 | 0 | 33,644 | 0 | 33,644 | |||||||||||
Net cash provided by (used in) investing activities | 0 | 0 | -243,768 | 0 | -243,768 | |||||||||||
CASH FLOWS PROVIDED BY (USED IN) | ||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Partial par value reduction | -54,721 | 0 | 0 | 0 | -54,721 | |||||||||||
Proceeds from the exercise of stock options | 9,104 | 0 | 0 | 0 | 9,104 | |||||||||||
Share repurchases | -204,746 | 0 | 0 | 0 | -204,746 | |||||||||||
Net cash provided by (used in) financing activities | -250,363 | 0 | 0 | 0 | -250,363 | |||||||||||
NET INCREASE (DECREASE) IN CASH AND | ||||||||||||||||
CASH EQUIVALENTS | -88,222 | 687 | 93,056 | 0 | 5,521 | |||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING | ||||||||||||||||
OF PERIOD | 112,672 | 8,886 | 512,438 | 0 | 633,996 | |||||||||||
CASH AND CASH EQUIVALENTS, END OF | ||||||||||||||||
PERIOD | $ | 24,450 | $ | 9,573 | $ | 605,494 | $ | 0 | $ | 639,517 | ||||||
Notes to Parent Company Condensed Financial Information | ||||||||||||||||
a) Dividends | ||||||||||||||||
Allied World Switzerland received cash dividends from its subsidiaries of $237,000 and $285,000 for the nine months ended September 30, 2013 and 2012, 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, 2013 | |
Subsequent Events [Abstract] | |
Subsequent events | 14. SUBSEQUENT EVENTS |
On October 3, 2013, the Company paid a quarterly dividend of $0.50 per share to shareholders of record on September 24, 2013. | |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Significant Accounting Policies [Abstract] | |
Basis of Accounting | 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. |
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. To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation. | |
Use Of Estimates | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates reflected in the Company's financial statements include, but are not limited to: |
• The premium estimates for certain reinsurance agreements, | |
• Recoverability of deferred acquisition costs, | |
• The reserve for outstanding losses and loss expenses, | |
• Valuation of ceded reinsurance recoverables, | |
• Determination of impairment of goodwill and other intangible assets, and | |
• Valuation of financial instruments. | |
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||
Schedule of trading securities | 30-Sep-13 | 31-Dec-12 | ||||||||||||||||||
Fair Value | Amortized Cost | Fair Value | Amortized Cost | |||||||||||||||||
U.S. Government and Government agencies | $ | 1,850,335 | $ | 1,851,002 | $ | 1,865,913 | $ | 1,854,198 | ||||||||||||
Non-U.S. Government and Government agencies | 209,625 | 214,114 | 261,627 | 253,657 | ||||||||||||||||
States, municipalities and political subdivisions | 95,381 | 95,661 | 40,444 | 39,342 | ||||||||||||||||
Corporate debt: | ||||||||||||||||||||
Financial institutions | 841,930 | 826,763 | 866,140 | 835,587 | ||||||||||||||||
Industrials | 1,146,793 | 1,140,636 | 1,153,909 | 1,139,706 | ||||||||||||||||
Utilities | 74,764 | 74,865 | 69,153 | 67,463 | ||||||||||||||||
Mortgage-backed | 1,373,161 | 1,341,303 | 1,958,373 | 1,877,854 | ||||||||||||||||
Asset-backed | 455,894 | 451,721 | 410,895 | 405,622 | ||||||||||||||||
Total fixed maturity investments | $ | 6,047,883 | $ | 5,996,065 | $ | 6,626,454 | $ | 6,473,429 | ||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||
Fair Value | Original Cost | Fair Value | Original Cost | |||||||||||||||||
Equity securities | $ | 708,929 | $ | 679,228 | $ | 523,949 | $ | 480,312 | ||||||||||||
Other invested assets | 767,071 | 680,986 | 655,888 | 606,521 | ||||||||||||||||
$ | 1,476,000 | $ | 1,360,214 | $ | 1,179,837 | $ | 1,086,833 | |||||||||||||
Schedule of other invested assets | Carrying | Investments | Estimated | Investments | ||||||||||||||||
Value as of | with | Remaining | without | Redemption | ||||||||||||||||
September 30, | Redemption | Restriction | Redemption | Redemption | Notice | Unfunded | ||||||||||||||
Fund Type | 2013 | Restrictions | Period | Restrictions(1) | Frequency(1) | Period(1) | Commitments | |||||||||||||
Private equity | $ | 131,449 | $ | 131,449 | 3 - 10 Years | $ | 0 | $ | 252,571 | |||||||||||
Mezzanine debt | 58,116 | 58,116 | 8 - 10 Years | 0 | 203,969 | |||||||||||||||
Distressed | 8,991 | 8,991 | 4 -5 Years | 0 | 5,102 | |||||||||||||||
Total private equity structures | 198,556 | 198,556 | 0 | 461,642 | ||||||||||||||||
Distressed | 150,775 | 134,127 | 1 - 2 Years | 16,648 | Quarterly | 45 - 65 Days | 0 | |||||||||||||
Equity long/short | 116,019 | 0 | 116,019 | Quarterly | 30 - 60 Days | 0 | ||||||||||||||
Multi-strategy | 131,224 | 0 | 131,224 | Quarterly | 45 - 90 Days | 0 | ||||||||||||||
Global macro | 19,641 | 0 | 19,641 | Monthly | 3 Days | 0 | ||||||||||||||
Event driven | 18,445 | 0 | 18,445 | Annual | 60 Days | 0 | ||||||||||||||
Relative value credit | 101,311 | 0 | 101,311 | Quarterly | 60 Days | 0 | ||||||||||||||
Total hedge funds | 537,415 | 134,127 | 403,288 | 0 | ||||||||||||||||
Other private securities | 137,954 | 0 | 137,954 | 5,000 | ||||||||||||||||
High yield loan fund | 31,100 | 0 | 31,100 | Monthly | 30 Days | 0 | ||||||||||||||
Total other invested assets | $ | 905,025 | $ | 332,683 | $ | 572,342 | $ | 466,642 | ||||||||||||
(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. | ||||||||||||||||||||
Schedule of net investment income | Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Fixed maturity investments | $ | 31,179 | $ | 36,778 | $ | 96,366 | $ | 120,883 | ||||||||||||
Equity securities | 6,110 | 5,211 | 13,718 | 13,706 | ||||||||||||||||
Other invested assets | 5,809 | 164 | 11,116 | 4,387 | ||||||||||||||||
Cash and cash equivalents | 302 | 640 | 1,319 | 1,797 | ||||||||||||||||
Expenses | -4,129 | -3,672 | -12,225 | -11,992 | ||||||||||||||||
Net investment income | $ | 39,271 | $ | 39,121 | $ | 110,294 | $ | 128,781 | ||||||||||||
Components of realized gains and losses | Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Gross realized gains on sale of invested assets | $ | 51,915 | $ | 27,210 | $ | 154,387 | $ | 119,154 | ||||||||||||
Gross realized losses on sale of invested assets | -40,770 | -6,686 | -82,812 | -43,355 | ||||||||||||||||
Net realized and unrealized (losses) gains on derivatives | -4,169 | -962 | 3,392 | -192 | ||||||||||||||||
Mark-to-market gains (losses): | ||||||||||||||||||||
Fixed maturity investments, trading | 30,383 | 99,821 | -101,205 | 144,024 | ||||||||||||||||
Equity securities, trading | -17,198 | 18,913 | -18,555 | 38,516 | ||||||||||||||||
Other invested assets, trading | 7,326 | 11,517 | 36,719 | 33,910 | ||||||||||||||||
Net realized investment gains (losses) | $ | 27,487 | $ | 149,813 | $ | -8,074 | $ | 292,057 | ||||||||||||
Proceeds from sale of available for sale securities | $ | 0 | $ | 1,000 | $ | 0 | $ | 214,716 |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivative Instruments [Abstract] | |||||||||||||||||||||||||
Location and amounts of derivative fair values on the unaudited condensed consolidated balance sheets | 30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||||||||||
Derivative | Asset | Derivative | Liability | Derivative | Asset | Derivative | Liability | ||||||||||||||||||
Notional | Derivative | Notional | Derivative | Notional | Derivative | Notional | Derivative | ||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||
Put options | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 5,152 | $ | 532 | $ | 0 | $ | 0 | |||||||||
Foreign exchange contracts | 197,811 | 2,493 | 279,050 | 7,062 | 127,712 | 1,713 | 194,566 | 2,656 | |||||||||||||||||
Interest rate swaps | 33,000 | 5 | 327,000 | 172 | 0 | 0 | 0 | 0 | |||||||||||||||||
Total derivatives | $ | 230,811 | $ | 2,498 | $ | 606,050 | $ | 7,234 | $ | 132,864 | $ | 2,245 | $ | 194,566 | $ | 2,656 | |||||||||
Unrealized and realized gains (losses) on derivatives recorded in the unaudited condensed consolidated income statements | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Foreign exchange contracts | $ | -2,336 | $ | -676 | $ | -1,091 | $ | -96 | |||||||||||||||||
Total included in foreign exchange (loss) gain | -2,336 | -676 | -1,091 | -96 | |||||||||||||||||||||
Put options | 0 | 0 | -3,822 | -336 | |||||||||||||||||||||
Foreign exchange contracts | -4,164 | -2,751 | 1,925 | -641 | |||||||||||||||||||||
Interest rate futures and swaps | -5 | 1,789 | 5,289 | 785 | |||||||||||||||||||||
Total included in net realized investment gains | -4,169 | -962 | 3,392 | -192 | |||||||||||||||||||||
Total realized and unrealized (losses) gains on derivatives | $ | -6,505 | $ | -1,638 | $ | 2,301 | $ | -288 |
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value Of Financial Instruments [Abstract] | |||||||||||||||||||
Fair value hierarchy and related disclosures | Carrying | Total | |||||||||||||||||
30-Sep-13 | Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fixed maturity investments: | |||||||||||||||||||
U.S. Government and Government agencies | $ | 1,850,335 | $ | 1,850,335 | $ | 1,522,185 | $ | 328,150 | $ | 0 | |||||||||
Non-U.S. Government and Government agencies | 209,625 | 209,625 | 0 | 209,625 | 0 | ||||||||||||||
States, municipalities and political subdivisions | 95,381 | 95,381 | 0 | 95,381 | 0 | ||||||||||||||
Corporate debt | 2,063,487 | 2,063,487 | 0 | 2,063,487 | 0 | ||||||||||||||
Mortgage-backed | 1,373,161 | 1,373,161 | 0 | 1,183,907 | 189,254 | ||||||||||||||
Asset-backed | 455,894 | 455,894 | 0 | 375,861 | 80,033 | ||||||||||||||
Total fixed maturity investments | 6,047,883 | 6,047,883 | 1,522,185 | 4,256,411 | 269,287 | ||||||||||||||
Equity securities | 708,929 | 708,929 | 641,458 | 0 | 67,471 | ||||||||||||||
Other invested assets | 767,071 | 767,071 | 0 | 0 | 767,071 | ||||||||||||||
Total investments | $ | 7,523,883 | $ | 7,523,883 | $ | 2,163,643 | $ | 4,256,411 | $ | 1,103,829 | |||||||||
Derivative assets: | |||||||||||||||||||
Foreign exchange contracts | $ | 2,493 | $ | 2,493 | $ | 0 | $ | 2,493 | $ | 0 | |||||||||
Interest rate futures | 5 | 5 | 0 | 5 | 0 | ||||||||||||||
Derivative liabilities: | |||||||||||||||||||
Foreign exchange contracts | $ | 7,062 | $ | 7,062 | $ | 0 | $ | 7,062 | $ | 0 | |||||||||
Interest rate swaps | 172 | 172 | 0 | 172 | 0 | ||||||||||||||
Senior notes | $ | 798,426 | $ | 904,010 | $ | 0 | $ | 904,010 | $ | 0 | |||||||||
Carrying | Total | ||||||||||||||||||
31-Dec-12 | Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fixed maturity investments: | |||||||||||||||||||
U.S. Government and Government agencies | $ | 1,865,913 | $ | 1,865,913 | $ | 1,529,158 | $ | 336,755 | $ | 0 | |||||||||
Non-U.S. Government and Government agencies | 261,627 | 261,627 | 0 | 261,627 | 0 | ||||||||||||||
States, municipalities and political subdivisions | 40,444 | 40,444 | 0 | 40,444 | 0 | ||||||||||||||
Corporate debt | 2,089,202 | 2,089,202 | 0 | 2,089,202 | 0 | ||||||||||||||
Mortgage-backed | 1,958,373 | 1,958,373 | 0 | 1,790,548 | 167,825 | ||||||||||||||
Asset-backed | 410,895 | 410,895 | 0 | 348,649 | 62,246 | ||||||||||||||
Total fixed maturity investments | 6,626,454 | 6,626,454 | 1,529,158 | 4,867,225 | 230,071 | ||||||||||||||
Equity securities | 523,949 | 523,949 | 469,269 | 0 | 54,680 | ||||||||||||||
Other invested assets | 655,888 | 655,888 | 0 | 0 | 655,888 | ||||||||||||||
Total investments | $ | 7,806,291 | $ | 7,806,291 | $ | 1,998,427 | $ | 4,867,225 | $ | 940,639 | |||||||||
Derivative assets: | |||||||||||||||||||
Foreign exchange contracts | $ | 1,713 | $ | 1,713 | $ | 0 | $ | 1,713 | $ | 0 | |||||||||
Derivative liabilities: | |||||||||||||||||||
Foreign exchange contracts | $ | 2,656 | $ | 2,656 | $ | 0 | $ | 2,656 | $ | 0 | |||||||||
Senior notes | $ | 798,215 | $ | 918,627 | $ | 0 | $ | 918,627 | $ | 0 | |||||||||
Fair value measurements using significant unobservable inputs (Level 3) | Other invested assets | Mortgage-backed | Asset-backed | Equities | |||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||
Opening balance | $ | 714,391 | $ | 198,003 | $ | 61,285 | $ | 53,499 | |||||||||||
Realized and unrealized gains (losses) included in net income | 9,403 | 464 | -313 | 3,972 | |||||||||||||||
Purchases | 67,554 | 69,775 | 16,969 | 10,000 | |||||||||||||||
Sales | -24,277 | -79,001 | -1,302 | 0 | |||||||||||||||
Transfers into Level 3 from Level 2 | 0 | 13 | 3,394 | 0 | |||||||||||||||
Transfers out of Level 3 into Level 2 (1) | 0 | 0 | 0 | 0 | |||||||||||||||
Ending balance | $ | 767,071 | $ | 189,254 | $ | 80,033 | $ | 67,471 | |||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||
Opening balance | $ | 520,890 | $ | 157,959 | $ | 117,586 | $ | 0 | |||||||||||
Realized and unrealized gains included in net income | 11,871 | 4,855 | 988 | 0 | |||||||||||||||
Purchases | 34,800 | 40,481 | 7,466 | 0 | |||||||||||||||
Sales | -2,859 | -48,728 | -7,326 | 0 | |||||||||||||||
Transfers into Level 3 from Level 2 | 0 | 14,730 | 12,495 | 0 | |||||||||||||||
Transfers out of Level 3 into Level 2 (1) | 0 | -27 | -55,442 | 0 | |||||||||||||||
Ending balance | $ | 564,702 | $ | 169,270 | $ | 75,767 | $ | 0 | |||||||||||
Other invested assets | Mortgage-backed | Asset-backed | Equities | ||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||
Opening balance | $ | 655,888 | $ | 167,825 | $ | 62,246 | $ | 54,680 | |||||||||||
Realized and unrealized gains (losses) included in net income | 53,365 | -5,910 | -791 | 2,791 | |||||||||||||||
Purchases | 237,506 | 102,369 | 42,956 | 10,000 | |||||||||||||||
Sales | -179,688 | -69,968 | -26,728 | 0 | |||||||||||||||
Transfers into Level 3 from Level 2 | 0 | 5,073 | 2,350 | 0 | |||||||||||||||
Transfers out of Level 3 into Level 2 (1) | 0 | -10,135 | 0 | 0 | |||||||||||||||
Ending balance | $ | 767,071 | $ | 189,254 | $ | 80,033 | $ | 67,471 | |||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||
Opening balance | $ | 540,409 | $ | 249,204 | $ | 94,745 | $ | 0 | |||||||||||
Realized and unrealized gains included in net income | 26,753 | 10,951 | 1,643 | 0 | |||||||||||||||
Purchases | 52,578 | 50,302 | 32,573 | 0 | |||||||||||||||
Sales | -55,038 | -124,940 | -57,325 | 0 | |||||||||||||||
Transfers into Level 3 from Level 2 | 0 | 18,461 | 15,835 | 0 | |||||||||||||||
Transfers out of Level 3 into Level 2 (1) | 0 | -34,708 | -11,704 | 0 | |||||||||||||||
Ending balance | $ | 564,702 | $ | 169,270 | $ | 75,767 | $ | 0 | |||||||||||
(1) Transfers out of Level 3 are primarily attributable to the availability of market observable information. | |||||||||||||||||||
Reserve_For_Losses_And_Loss_Ex1
Reserve For Losses And Loss Expenses (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Reserve For Losses And Loss Expenses [Abstract] | |||||||||||||
Components of liabilty for unpaid losses and loss expenses | September 30, | December 31, | |||||||||||
2013 | 2012 | ||||||||||||
Outstanding loss reserves | $ | 1,517,049 | $ | 1,539,114 | |||||||||
Reserves for losses incurred but not reported | 4,263,732 | 4,106,435 | |||||||||||
Reserve for losses and loss expenses | $ | 5,780,781 | $ | 5,645,549 | |||||||||
Reconciliation of beginning and ending liability for unpaid losses and loss expenses | Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Gross liability at beginning of period | $ | 5,696,865 | $ | 5,377,518 | $ | 5,645,549 | $ | 5,225,143 | |||||
Reinsurance recoverable at beginning of period | -1,179,525 | -1,073,612 | -1,141,110 | -1,002,919 | |||||||||
Net liability at beginning of period | 4,517,340 | 4,303,906 | 4,504,439 | 4,222,224 | |||||||||
Net losses incurred related to: | |||||||||||||
Current year | 338,420 | 315,102 | 961,224 | 862,088 | |||||||||
Prior years | -61,450 | -56,154 | -153,948 | -137,558 | |||||||||
Total incurred | 276,970 | 258,948 | 807,276 | 724,530 | |||||||||
Net paid losses related to: | |||||||||||||
Current year | 30,399 | 16,323 | 54,983 | 36,163 | |||||||||
Prior years | 213,252 | 179,666 | 696,137 | 542,077 | |||||||||
Total paid | 243,651 | 195,989 | 751,120 | 578,240 | |||||||||
Foreign exchange revaluation | 4,088 | 6,400 | -5,848 | 4,751 | |||||||||
Net liability at end of period | 4,554,747 | 4,373,265 | 4,554,747 | 4,373,265 | |||||||||
Reinsurance recoverable at end of period | 1,226,034 | 1,077,522 | 1,226,034 | 1,077,522 | |||||||||
Gross liability at end of period | $ | 5,780,781 | $ | 5,450,787 | $ | 5,780,781 | $ | 5,450,787 |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Shareholders' Equity [Abstract] | ||||||||||||
Issued share capital | September 30, | December 31, | ||||||||||
2013 | 2012 | |||||||||||
Common shares issued and fully paid, 2013: CHF 12.30 per share; 2012: CHF 12.64 per share | 34,972,795 | 36,369,868 | ||||||||||
Share capital at end of period | $ | 424,837 | $ | 454,980 | ||||||||
Schedule of common stock outstanding roll forward | Nine Months | |||||||||||
Ended | ||||||||||||
September 30, | ||||||||||||
2013 | ||||||||||||
Shares issued at beginning of period | 36,369,868 | |||||||||||
Shares cancelled | -1,397,073 | |||||||||||
Total shares issued at end of period | 34,972,795 | |||||||||||
Treasury shares issued at beginning of period | 1,572,087 | |||||||||||
Shares repurchased | 1,367,833 | |||||||||||
Shares issued out of treasury | -384,972 | |||||||||||
Shares cancelled | -1,397,073 | |||||||||||
Total treasury shares at end of period | 1,157,875 | |||||||||||
Total shares outstanding at end of period | 33,814,920 | |||||||||||
Dividends paid | Partial | |||||||||||
Par Value | Dividend | Total | ||||||||||
Reduction | Per | Amount | ||||||||||
Dividend Paid | Per Share | Share | Paid | |||||||||
12-Mar-13 | CHF | 0.34 | $ | 0.375 | $ | 12,981 | ||||||
3-Jul-13 | - | - | $ | 0.5 | $ | 17,117 | ||||||
Share repurchases | Three Months Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Common shares repurchased | 427,388 | 605,898 | 1,367,833 | 2,942,085 | ||||||||
Total cost of shares repurchased | $ | 40,574 | $ | 47,590 | $ | 123,145 | $ | 207,048 | ||||
Average price per share | $ | 94.93 | $ | 78.54 | $ | 90.03 | $ | 70.37 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Comparison Of Basic And Diluted Earnings Per Share | Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Basic earnings per share: | |||||||||||||
Net income | $ | 122,843 | $ | 219,647 | $ | 279,973 | $ | 534,154 | |||||
Weighted average common shares outstanding | 33,991,359 | 35,652,768 | 34,340,227 | 36,379,514 | |||||||||
Basic earnings per share | $ | 3.61 | $ | 6.16 | $ | 8.15 | $ | 14.68 | |||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Diluted earnings per share: | |||||||||||||
Net income | $ | 122,843 | $ | 219,647 | $ | 279,973 | $ | 534,154 | |||||
Weighted average common shares outstanding | 33,991,359 | 35,652,768 | 34,340,227 | 36,379,514 | |||||||||
Share equivalents: | |||||||||||||
Options | 500,114 | 461,373 | 497,458 | 429,393 | |||||||||
Restricted stock units and performance-based equity awards | 236,133 | 501,633 | 292,369 | 583,226 | |||||||||
Employee share purchase plan | 587 | 960 | 1,038 | 960 | |||||||||
Weighted average common shares and common share equivalents | |||||||||||||
outstanding - diluted | 34,728,193 | 36,616,734 | 35,131,092 | 37,393,093 | |||||||||
Diluted earnings per share | $ | 3.54 | $ | 6 | $ | 7.97 | $ | 14.28 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Information [Abstract] | |||||||||||||
Summary of segment results | International | ||||||||||||
Three Months Ended September 30, 2013 | U.S. Insurance | Insurance | Reinsurance | Total | |||||||||
Gross premiums written | $ | 308,709 | $ | 132,881 | $ | 139,303 | $ | 580,893 | |||||
Net premiums written | 238,792 | 75,632 | 138,653 | 453,077 | |||||||||
Net premiums earned | 207,602 | 87,554 | 215,617 | 510,773 | |||||||||
Net losses and loss expenses | -141,222 | -31,094 | -104,654 | -276,970 | |||||||||
Acquisition costs | -28,426 | 282 | -36,970 | -65,114 | |||||||||
General and administrative expenses | -41,616 | -26,450 | -20,487 | -88,553 | |||||||||
Underwriting (loss) income | -3,662 | 30,292 | 53,506 | 80,136 | |||||||||
Net investment income | 39,271 | ||||||||||||
Net realized investment gains | 27,487 | ||||||||||||
Amortization of intangible assets | -633 | ||||||||||||
Interest expense | -14,094 | ||||||||||||
Foreign exchange loss | -4,353 | ||||||||||||
Income before income taxes | $ | 127,814 | |||||||||||
Loss and loss expense ratio | 68.00% | 35.50% | 48.50% | 54.20% | |||||||||
Acquisition cost ratio | 13.70% | -0.30% | 17.10% | 12.70% | |||||||||
General and administrative expense ratio | 20.00% | 30.20% | 9.50% | 17.30% | |||||||||
Combined ratio | 101.70% | 65.40% | 75.10% | 84.20% | |||||||||
International | |||||||||||||
Three Months Ended September 30, 2012 | U.S. Insurance | Insurance | Reinsurance | Total | |||||||||
Gross premiums written | $ | 263,129 | $ | 121,315 | $ | 119,976 | $ | 504,420 | |||||
Net premiums written | 200,779 | 71,199 | 119,559 | 391,537 | |||||||||
Net premiums earned | 173,948 | 85,329 | 181,740 | 441,017 | |||||||||
Net losses and loss expenses | -109,111 | -15,099 | -134,738 | -258,948 | |||||||||
Acquisition costs | -22,696 | 266 | -28,656 | -51,086 | |||||||||
General and administrative expenses | -37,388 | -22,920 | -18,264 | -78,572 | |||||||||
Underwriting income | 4,753 | 47,576 | 82 | 52,411 | |||||||||
Net investment income | 39,121 | ||||||||||||
Net realized investment gains | 149,813 | ||||||||||||
Amortization of intangible assets | -633 | ||||||||||||
Interest expense | -13,822 | ||||||||||||
Foreign exchange loss | -1,023 | ||||||||||||
Income before income taxes | $ | 225,867 | |||||||||||
Loss and loss expense ratio | 62.70% | 17.70% | 74.10% | 58.70% | |||||||||
Acquisition cost ratio | 13.00% | -0.30% | 15.80% | 11.60% | |||||||||
General and administrative expense ratio | 21.50% | 26.90% | 10.00% | 17.80% | |||||||||
Combined ratio | 97.20% | 44.30% | 99.90% | 88.10% | |||||||||
International | |||||||||||||
Nine Months Ended September 30, 2013 | U.S. Insurance | Insurance | Reinsurance | Total | |||||||||
Gross premiums written | $ | 872,024 | $ | 453,990 | $ | 857,160 | $ | 2,183,174 | |||||
Net premiums written | 652,464 | 259,771 | 817,116 | 1,729,351 | |||||||||
Net premiums earned | 593,477 | 258,809 | 628,986 | 1,481,272 | |||||||||
Net losses and loss expenses | -398,910 | -90,997 | -317,369 | -807,276 | |||||||||
Acquisition costs | -78,824 | 1,489 | -109,081 | -186,416 | |||||||||
General and administrative expenses | -119,514 | -75,374 | -56,930 | -251,818 | |||||||||
Underwriting (loss) income | -3,771 | 93,927 | 145,606 | 235,762 | |||||||||
Net investment income | 110,294 | ||||||||||||
Net realized investment losses | -8,074 | ||||||||||||
Amortization of intangible assets | -1,900 | ||||||||||||
Interest expense | -42,416 | ||||||||||||
Foreign exchange loss | -7,361 | ||||||||||||
Income before income taxes | $ | 286,305 | |||||||||||
Loss and loss expense ratio | 67.20% | 35.20% | 50.50% | 54.50% | |||||||||
Acquisition cost ratio | 13.30% | -0.60% | 17.30% | 12.60% | |||||||||
General and administrative expense ratio | 20.10% | 29.10% | 9.10% | 17.00% | |||||||||
Combined ratio | 100.60% | 63.70% | 76.90% | 84.10% | |||||||||
International | |||||||||||||
Nine Months Ended September 30, 2012 | U.S. Insurance | Insurance | Reinsurance | Total | |||||||||
Gross premiums written | $ | 733,314 | $ | 418,498 | $ | 680,407 | $ | 1,832,219 | |||||
Net premiums written | 551,286 | 255,150 | 668,764 | 1,475,200 | |||||||||
Net premiums earned | 490,091 | 247,805 | 534,758 | 1,272,654 | |||||||||
Net losses and loss expenses | -309,889 | -75,432 | -339,209 | -724,530 | |||||||||
Acquisition costs | -63,918 | 1,376 | -87,270 | -149,812 | |||||||||
General and administrative expenses | -103,162 | -66,969 | -52,786 | -222,917 | |||||||||
Underwriting income | 13,122 | 106,780 | 55,493 | 175,395 | |||||||||
Net investment income | 128,781 | ||||||||||||
Net realized investment gains | 292,057 | ||||||||||||
Amortization of intangible assets | -1,900 | ||||||||||||
Interest expense | -41,579 | ||||||||||||
Foreign exchange gain | 77 | ||||||||||||
Income before income taxes | $ | 552,831 | |||||||||||
Loss and loss expense ratio | 63.20% | 30.40% | 63.40% | 56.90% | |||||||||
Acquisition cost ratio | 13.00% | -0.60% | 16.30% | 11.80% | |||||||||
General and administrative expense ratio | 21.00% | 27.00% | 9.90% | 17.50% | |||||||||
Combined ratio | 97.20% | 56.80% | 89.60% | 86.20% | |||||||||
Gross premiums written by geographic location | Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
United States | $ | 377,618 | $ | 312,807 | $ | 1,296,212 | $ | 1,051,355 | |||||
Bermuda | 111,103 | 108,955 | 550,815 | 484,313 | |||||||||
Europe | 52,004 | 46,836 | 198,747 | 182,220 | |||||||||
Singapore | 35,515 | 31,902 | 122,546 | 101,213 | |||||||||
Hong Kong | 4,653 | 3,920 | 14,854 | 13,118 | |||||||||
Total gross premiums written | $ | 580,893 | $ | 504,420 | $ | 2,183,174 | $ | 1,832,219 |
Condensed_Consolidated_Guarant1
Condensed Consolidated Guarantor Financial Statements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Condensed Consolidated Guarantor Financial Statements [Abstract] | ||||||||||||||||
Schedule of condensed consolidating balance sheet | Unaudited Condensed Consolidating Balance Sheet: | |||||||||||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
As of September 30, 2013 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
ASSETS: | ||||||||||||||||
Investments | $ | 0 | $ | 0 | $ | 7,661,837 | $ | 0 | $ | 7,661,837 | ||||||
Cash and cash equivalents | 56,060 | 8,388 | 888,599 | 0 | 953,047 | |||||||||||
Insurance balances receivable | 0 | 0 | 740,112 | 0 | 740,112 | |||||||||||
Funds held | 0 | 0 | 375,131 | 0 | 375,131 | |||||||||||
Reinsurance recoverable | 0 | 0 | 1,226,034 | 0 | 1,226,034 | |||||||||||
Net deferred acquisition costs | 0 | 0 | 145,951 | 0 | 145,951 | |||||||||||
Goodwill and intangible assets | 0 | 0 | 317,840 | 0 | 317,840 | |||||||||||
Balances receivable on sale of investments | 0 | 0 | 237,031 | 0 | 237,031 | |||||||||||
Investments in subsidiaries | 3,407,988 | 4,509,074 | 0 | -7,917,062 | 0 | |||||||||||
Due (to) from subsidiaries | -967 | -14,679 | 15,646 | 0 | 0 | |||||||||||
Other assets | 1,897 | 5,038 | 713,602 | 0 | 720,537 | |||||||||||
Total assets | $ | 3,464,978 | $ | 4,507,821 | $ | 12,321,783 | $ | -7,917,062 | $ | 12,377,520 | ||||||
LIABILITIES: | ||||||||||||||||
Reserve for losses and loss expenses | $ | 0 | $ | 0 | $ | 5,780,781 | $ | 0 | $ | 5,780,781 | ||||||
Unearned premiums | 0 | 0 | 1,515,746 | 0 | 1,515,746 | |||||||||||
Reinsurance balances payable | 0 | 0 | 193,643 | 0 | 193,643 | |||||||||||
Balances due on purchases of investments | 0 | 0 | 497,974 | 0 | 497,974 | |||||||||||
Senior notes | 0 | 798,426 | 0 | 0 | 798,426 | |||||||||||
Other liabilities | 21,050 | 17,457 | 108,515 | 0 | 147,022 | |||||||||||
Total liabilities | 21,050 | 815,883 | 8,096,659 | 0 | 8,933,592 | |||||||||||
Total shareholders’ equity | 3,443,928 | 3,691,938 | 4,225,124 | -7,917,062 | 3,443,928 | |||||||||||
Total liabilities and shareholders’ equity | $ | 3,464,978 | $ | 4,507,821 | $ | 12,321,783 | $ | -7,917,062 | $ | 12,377,520 | ||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
As of December 31, 2012 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
ASSETS: | ||||||||||||||||
Investments | $ | 0 | $ | 0 | $ | 7,933,937 | $ | 0 | $ | 7,933,937 | ||||||
Cash and cash equivalents | 19,997 | 11,324 | 650,558 | 0 | 681,879 | |||||||||||
Insurance balances receivable | 0 | 0 | 510,532 | 0 | 510,532 | |||||||||||
Funds held | 0 | 0 | 336,368 | 0 | 336,368 | |||||||||||
Reinsurance recoverable | 0 | 0 | 1,141,110 | 0 | 1,141,110 | |||||||||||
Net deferred acquisition costs | 0 | 0 | 108,010 | 0 | 108,010 | |||||||||||
Goodwill and intangible assets | 0 | 0 | 319,741 | 0 | 319,741 | |||||||||||
Balances receivable on sale of investments | 0 | 0 | 418,879 | 0 | 418,879 | |||||||||||
Investments in subsidiaries | 3,337,446 | 4,768,769 | 0 | -8,106,215 | 0 | |||||||||||
Due (to) from subsidiaries | -23,864 | -7,173 | 31,037 | 0 | 0 | |||||||||||
Other assets | 1,499 | 6,081 | 571,910 | 0 | 579,490 | |||||||||||
Total assets | $ | 3,335,078 | $ | 4,779,001 | $ | 12,022,082 | $ | -8,106,215 | $ | 12,029,946 | ||||||
LIABILITIES: | ||||||||||||||||
Reserve for losses and loss expenses | $ | 0 | $ | 0 | $ | 5,645,549 | $ | 0 | $ | 5,645,549 | ||||||
Unearned premiums | 0 | 0 | 1,218,021 | 0 | 1,218,021 | |||||||||||
Reinsurance balances payable | 0 | 0 | 136,264 | 0 | 136,264 | |||||||||||
Balances due on purchases of investments | 0 | 0 | 759,934 | 0 | 759,934 | |||||||||||
Senior notes | 0 | 798,215 | 0 | 0 | 798,215 | |||||||||||
Other liabilities | 8,743 | 17,727 | 119,158 | 0 | 145,628 | |||||||||||
Total liabilities | 8,743 | 815,942 | 7,878,926 | 0 | 8,703,611 | |||||||||||
Total shareholders’ equity | 3,326,335 | 3,963,059 | 4,143,156 | -8,106,215 | 3,326,335 | |||||||||||
Total liabilities and shareholders’ equity | $ | 3,335,078 | $ | 4,779,001 | $ | 12,022,082 | $ | -8,106,215 | $ | 12,029,946 | ||||||
Schedule of condensed consolidating income statement | Unaudited Condensed Consolidating Income Statement: | |||||||||||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
Three Months Ended September 30, 2013 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
Net premiums earned | $ | 0 | $ | 0 | $ | 510,773 | $ | 0 | $ | 510,773 | ||||||
Net investment income | 3 | 0 | 39,268 | 0 | 39,271 | |||||||||||
Net realized investment losses | 0 | 0 | 27,487 | 0 | 27,487 | |||||||||||
Net losses and loss expenses | 0 | 0 | -276,970 | 0 | -276,970 | |||||||||||
Acquisition costs | 0 | 0 | -65,114 | 0 | -65,114 | |||||||||||
General and administrative expenses | -7,323 | -4,961 | -76,269 | 0 | -88,553 | |||||||||||
Amortization of intangible assets | 0 | 0 | -633 | 0 | -633 | |||||||||||
Interest expense | 0 | -13,838 | -256 | 0 | -14,094 | |||||||||||
Foreign exchange gain (loss) | -13 | -212 | -4,128 | 0 | -4,353 | |||||||||||
Income tax (expense) benefit | 0 | 0 | -4,971 | 0 | -4,971 | |||||||||||
Equity in earnings of consolidated subsidiaries | 130,176 | 150,653 | 0 | -280,829 | 0 | |||||||||||
NET INCOME (LOSS) | $ | 122,843 | $ | 131,642 | $ | 149,187 | $ | -280,829 | $ | 122,843 | ||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 122,843 | $ | 131,642 | $ | 149,187 | $ | -280,829 | $ | 122,843 | ||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
Three Months Ended September 30, 2012 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
Net premiums earned | $ | 0 | $ | 0 | $ | 441,017 | $ | 0 | $ | 441,017 | ||||||
Net investment income | 7 | 6 | 39,108 | 0 | 39,121 | |||||||||||
Net realized investment gains | 0 | 0 | 149,813 | 0 | 149,813 | |||||||||||
Net losses and loss expenses | 0 | 0 | -258,948 | 0 | -258,948 | |||||||||||
Acquisition costs | 0 | 0 | -51,086 | 0 | -51,086 | |||||||||||
General and administrative expenses | -6,013 | -235 | -72,324 | 0 | -78,572 | |||||||||||
Amortization of intangible assets | 0 | 0 | -633 | 0 | -633 | |||||||||||
Interest expense | 0 | -13,822 | 0 | 0 | -13,822 | |||||||||||
Foreign exchange gain (loss) | -206 | -83 | -734 | 0 | -1,023 | |||||||||||
Income tax (expense) benefit | 0 | 0 | -6,220 | 0 | -6,220 | |||||||||||
Equity in earnings of consolidated subsidiaries | 225,859 | 231,471 | 0 | -457,330 | 0 | |||||||||||
NET INCOME (LOSS) | $ | 219,647 | $ | 217,337 | $ | 239,993 | $ | -457,330 | $ | 219,647 | ||||||
Unrealized losses on investments arising during the period | ||||||||||||||||
net of applicable deferred income tax benefit of $15 | -29 | 0 | -29 | 29 | -29 | |||||||||||
Reclassification adjustment for net realized investment | ||||||||||||||||
gains included in net income, net of applicable income tax | 0 | 0 | 0 | 0 | 0 | |||||||||||
Other comprehensive loss | -29 | 0 | -29 | 29 | -29 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 219,618 | $ | 217,337 | $ | 239,964 | $ | -457,301 | $ | 219,618 | ||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
Nine Months Ended September 30, 2013 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
Net premiums earned | $ | 0 | $ | 0 | $ | 1,481,272 | $ | 0 | $ | 1,481,272 | ||||||
Net investment income | 11 | 4 | 110,279 | 0 | 110,294 | |||||||||||
Net realized investment losses | 0 | 0 | -8,074 | 0 | -8,074 | |||||||||||
Net losses and loss expenses | 0 | 0 | -807,276 | 0 | -807,276 | |||||||||||
Acquisition costs | 0 | 0 | -186,416 | 0 | -186,416 | |||||||||||
General and administrative expenses | -26,875 | -5,873 | -219,070 | 0 | -251,818 | |||||||||||
Amortization of intangible assets | 0 | 0 | -1,900 | 0 | -1,900 | |||||||||||
Interest expense | 0 | -41,503 | -913 | 0 | -42,416 | |||||||||||
Foreign exchange loss (gain) | 261 | -935 | -6,687 | 0 | -7,361 | |||||||||||
Income tax (expense) benefit | 0 | 0 | -6,332 | 0 | -6,332 | |||||||||||
Equity in earnings of consolidated subsidiaries | 306,576 | 353,280 | 0 | -659,856 | 0 | |||||||||||
NET INCOME (LOSS) | $ | 279,973 | $ | 304,973 | $ | 354,883 | $ | -659,856 | $ | 279,973 | ||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 279,973 | $ | 304,973 | $ | 354,883 | $ | -659,856 | $ | 279,973 | ||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
Nine Months Ended September 30, 2012 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
Net premiums earned | $ | 0 | $ | 0 | $ | 1,272,654 | $ | 0 | $ | 1,272,654 | ||||||
Net investment income | 21 | 17 | 128,743 | 0 | 128,781 | |||||||||||
Net realized investment gains | 0 | 0 | 292,057 | 0 | 292,057 | |||||||||||
Net losses and loss expenses | 0 | 0 | -724,530 | 0 | -724,530 | |||||||||||
Acquisition costs | 0 | 0 | -149,812 | 0 | -149,812 | |||||||||||
General and administrative expenses | -14,247 | -2,689 | -205,981 | 0 | -222,917 | |||||||||||
Amortization of intangible assets | 0 | 0 | -1,900 | 0 | -1,900 | |||||||||||
Interest expense | 0 | -41,579 | 0 | 0 | -41,579 | |||||||||||
Foreign exchange gain (loss) | 343 | -150 | -116 | 0 | 77 | |||||||||||
Income tax (expense) benefit | 71 | 0 | -18,748 | 0 | -18,677 | |||||||||||
Equity in earnings of consolidated subsidiaries | 547,966 | 580,880 | 0 | -1,128,846 | 0 | |||||||||||
NET INCOME (LOSS) | $ | 534,154 | $ | 536,479 | $ | 592,367 | $ | -1,128,846 | $ | 534,154 | ||||||
Unrealized gains on investments arising during the period | ||||||||||||||||
net of applicable deferred income tax expense of $81 | 150 | 0 | 150 | -150 | 150 | |||||||||||
Reclassification adjustment for net realized investment | ||||||||||||||||
gains included in net income, net of applicable income tax | -13,249 | 0 | -13,249 | 13,249 | -13,249 | |||||||||||
Other comprehensive loss | -13,099 | 0 | -13,099 | 13,099 | -13,099 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 521,055 | $ | 536,479 | $ | 579,268 | $ | -1,115,747 | $ | 521,055 | ||||||
Schedule of condensed consolidating cash flows | Unaudited Condensed Consolidating Cash Flows: | |||||||||||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
Nine Months Ended September 30, 2013 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
CASH FLOWS PROVIDED BY (USED IN) | ||||||||||||||||
OPERATING ACTIVITIES | $ | 177,859 | $ | -2,936 | $ | 157,127 | $ | 0 | $ | 332,050 | ||||||
CASH FLOWS PROVIDED BY (USED IN) | ||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases trading securities | 0 | 0 | -4,955,817 | 0 | -4,955,817 | |||||||||||
Purchases of other invested assets | 0 | 0 | -211,501 | 0 | -211,501 | |||||||||||
Sales of available for sale securities | 0 | 0 | 0 | 0 | 0 | |||||||||||
Sales of trading securities | 0 | 0 | 5,137,280 | 0 | 5,137,280 | |||||||||||
Sales of other invested assets | 0 | 0 | 189,155 | 0 | 189,155 | |||||||||||
Other | 0 | 0 | -78,203 | 0 | -78,203 | |||||||||||
Net cash provided by (used in) investing activities | 0 | 0 | 80,914 | 0 | 80,914 | |||||||||||
CASH FLOWS PROVIDED BY (USED IN) | ||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Dividends paid - partial par value reduction | -12,981 | 0 | 0 | 0 | -12,981 | |||||||||||
Dividends paid | -17,117 | 0 | 0 | 0 | -17,117 | |||||||||||
Proceeds from the exercise of stock options | 8,465 | 0 | 0 | 0 | 8,465 | |||||||||||
Share repurchases | -120,163 | 0 | 0 | 0 | -120,163 | |||||||||||
Net cash provided by (used in) financing activities | -141,796 | 0 | 0 | 0 | -141,796 | |||||||||||
NET INCREASE (DECREASE) IN CASH AND | ||||||||||||||||
CASH EQUIVALENTS | 36,063 | -2,936 | 238,041 | 0 | 271,168 | |||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING | ||||||||||||||||
OF PERIOD | 19,997 | 11,324 | 650,558 | 0 | 681,879 | |||||||||||
CASH AND CASH EQUIVALENTS, END OF | ||||||||||||||||
PERIOD | $ | 56,060 | $ | 8,388 | $ | 888,599 | $ | 0 | $ | 953,047 | ||||||
Allied World | Allied World | |||||||||||||||
Switzerland | Bermuda | Other Allied | Allied World | |||||||||||||
(Parent | (Subsidiary | World | Consolidating | Switzerland | ||||||||||||
Nine Months Ended September 30, 2012 | Guarantor) | Issuer) | Subsidiaries | Adjustments | Consolidated | |||||||||||
CASH FLOWS PROVIDED BY (USED IN) | ||||||||||||||||
OPERATING ACTIVITIES: | $ | 162,141 | $ | 687 | $ | 336,824 | $ | 0 | $ | 499,652 | ||||||
CASH FLOWS PROVIDED BY (USED IN) | ||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of available for sale securities | 0 | 0 | 0 | 0 | 0 | |||||||||||
Purchases of trading securities | 0 | 0 | -6,328,719 | 0 | -6,328,719 | |||||||||||
Purchases of other invested assets | 0 | 0 | -52,578 | 0 | -52,578 | |||||||||||
Sales of available for sale securities | 0 | 0 | 215,318 | 0 | 215,318 | |||||||||||
Sales of trading securities | 0 | 0 | 5,778,138 | 0 | 5,778,138 | |||||||||||
Sales of other invested assets | 0 | 0 | 110,429 | 0 | 110,429 | |||||||||||
Other | 0 | 0 | 33,644 | 0 | 33,644 | |||||||||||
Net cash provided by (used in) investing activities | 0 | 0 | -243,768 | 0 | -243,768 | |||||||||||
CASH FLOWS PROVIDED BY (USED IN) | ||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Partial par value reduction | -54,721 | 0 | 0 | 0 | -54,721 | |||||||||||
Proceeds from the exercise of stock options | 9,104 | 0 | 0 | 0 | 9,104 | |||||||||||
Share repurchases | -204,746 | 0 | 0 | 0 | -204,746 | |||||||||||
Net cash provided by (used in) financing activities | -250,363 | 0 | 0 | 0 | -250,363 | |||||||||||
NET INCREASE (DECREASE) IN CASH AND | ||||||||||||||||
CASH EQUIVALENTS | -88,222 | 687 | 93,056 | 0 | 5,521 | |||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING | ||||||||||||||||
OF PERIOD | 112,672 | 8,886 | 512,438 | 0 | 633,996 | |||||||||||
CASH AND CASH EQUIVALENTS, END OF | ||||||||||||||||
PERIOD | $ | 24,450 | $ | 9,573 | $ | 605,494 | $ | 0 | $ | 639,517 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Compliance With Reinsurance Contract Provisions Or Insurance Laws [Member] | Compliance With Reinsurance Contract Provisions Or Insurance Laws [Member] | Pledged As Collateral For Letter Of Credit Facilities [Member] | Pledged As Collateral For Letter Of Credit Facilities [Member] | |
Subject To Redemption Restriction [Member] | Not Subject To Redemption Restriction [Member] | Subject To Redemption Restriction [Member] | Not Subject To Redemption Restriction [Member] | |||||
Hedge Funds [Member] | Hedge Funds [Member] | |||||||
Pledged assets: | ||||||||
Pledged assets | $2,556,660 | $2,141,249 | $1,063,086 | $1,225,155 | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||||||
Period of redemption restriction | 1 year | 3 years | ||||||
Required notification period for redemption | P30D | |||||||
Gate trigger, percentage | 15.00% | 25.00% |
Investments_Schedule_Of_Tradin
Investments (Schedule Of Trading Securities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading fixed maturity investments | $6,047,883 | $6,626,454 |
Fixed Maturities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities, Amortized Cost | 5,996,065 | 6,473,429 |
U.S. Government And Government Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading fixed maturity investments | 1,850,335 | 1,865,913 |
Trading securities, Amortized Cost | 1,851,002 | 1,854,198 |
Non-U.S. Government And Government Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading fixed maturity investments | 209,625 | 261,627 |
Trading securities, Amortized Cost | 214,114 | 253,657 |
States, Municipalities And Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading fixed maturity investments | 95,381 | 40,444 |
Trading securities, Amortized Cost | 95,661 | 39,342 |
Corporate Debt, Financial Institutions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading fixed maturity investments | 841,930 | 866,140 |
Trading securities, Amortized Cost | 826,763 | 835,587 |
Corporate Debt, Industrials [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading fixed maturity investments | 1,146,793 | 1,153,909 |
Trading securities, Amortized Cost | 1,140,636 | 1,139,706 |
Corporate Debt, Utilities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading fixed maturity investments | 74,764 | 69,153 |
Trading securities, Amortized Cost | 74,865 | 67,463 |
Mortgage-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading fixed maturity investments | 1,373,161 | 1,958,373 |
Trading securities, Amortized Cost | 1,341,303 | 1,877,854 |
Asset-Backed [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading fixed maturity investments | 455,894 | 410,895 |
Trading securities, Amortized Cost | 451,721 | 405,622 |
Equity securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities, Fair Value | 708,929 | 523,949 |
Trading securities, Amortized Cost | 679,228 | 480,312 |
Other Invested Assets [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities, Fair Value | 767,071 | 655,888 |
Trading securities, Amortized Cost | 680,986 | 606,521 |
Equity Securities And Other Invested Assets [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Trading securities, Fair Value | 1,476,000 | 1,179,837 |
Trading securities, Amortized Cost | $1,360,214 | $1,086,833 |
Investments_Schedule_Of_Other_
Investments (Schedule Of Other Investments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||||||||||||
In Thousands, unless otherwise specified | Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | Total Private Equity Structures [Member] | Total Private Equity Structures [Member] | Total Private Equity Structures [Member] | Private Equity [Member] | Private Equity [Member] | Private Equity [Member] | Private Equity [Member] | Private Equity [Member] | Mezzanine Debt [Member] | Mezzanine Debt [Member] | Mezzanine Debt [Member] | Mezzanine Debt [Member] | Mezzanine Debt [Member] | Distressed [Member] | Distressed [Member] | Distressed [Member] | Distressed [Member] | Distressed [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Distressed Funds [Member] | Distressed Funds [Member] | Distressed Funds [Member] | Distressed Funds [Member] | Distressed Funds [Member] | Distressed Funds [Member] | Distressed Funds [Member] | Equity Long/Short [Member] | Equity Long/Short [Member] | Equity Long/Short [Member] | Equity Long/Short [Member] | Equity Long/Short [Member] | Multi-Strategy Funds [Member] | Multi-Strategy Funds [Member] | Multi-Strategy Funds [Member] | Multi-Strategy Funds [Member] | Multi-Strategy Funds [Member] | Global Macro [Member] | Global Macro [Member] | Global Macro [Member] | Event Driven Funds [Member] | Event Driven Funds [Member] | Event Driven Funds [Member] | Event Driven Funds [Member] | Relative Value Credit [Member] | Relative Value Credit [Member] | Relative Value Credit [Member] | Other Private Securities [Member] | Other Private Securities [Member] | Other Private Securities [Member] | High Yield Loan Fund [Member] | High Yield Loan Fund [Member] | High Yield Loan Fund [Member] | |||||||||||||||||||||||
Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | Investments with redemption restrictions [Member] | Investments without redemption restrictions [Member] | |||||||||||||||||||||||||||||||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other invested assets | $905,025 | $783,534 | $332,683 | $572,342 | [1] | $198,556 | $198,556 | $0 | [1] | $131,449 | $131,449 | $0 | [1] | $58,116 | $58,116 | $0 | [1] | $8,991 | $8,991 | $0 | [1] | $537,415 | $134,127 | $403,288 | [1] | $150,775 | $134,127 | $16,648 | [1] | $116,019 | $0 | $116,019 | [1] | $131,224 | $0 | $131,224 | [1] | $19,641 | $0 | $19,641 | [1] | $18,445 | $0 | $18,445 | [1] | $101,311 | $0 | $101,311 | [1] | $137,954 | $0 | $137,954 | [1] | $31,100 | $0 | $31,100 | [1] | |||||||||||||||||||||||
Estimated remaining restriction period | 3 years | 10 years | 8 years | 10 years | 4 years | 5 years | 1 year | 2 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption frequency | Quarterly | [1] | Quarterly | [1] | Quarterly | [1] | Monthly | [1] | Annual | [1] | Quarterly | [1] | Monthly | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Required notification period for redemption | P30D | P45D | [1] | P65D | [1] | P30D | [1] | P60D | [1] | P45D | [1] | P90D | [1] | P3D | [1] | P60D | [1] | [1] | P60D | [1] | P30D | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded Commitments | $466,642 | $461,642 | $252,571 | $203,969 | $5,102 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5,000 | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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. |
Investments_Schedule_Of_Net_In
Investments (Schedule Of Net Investment Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Net investment income | $39,271 | $39,121 | $110,294 | $128,781 |
Fixed maturity investments [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Net investment income | 31,179 | 36,778 | 96,366 | 120,883 |
Equity securities [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Net investment income | 6,110 | 5,211 | 13,718 | 13,706 |
Other invested assets [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Net investment income | 5,809 | 164 | 11,116 | 4,387 |
Cash and cash equivalents [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Net investment income | 302 | 640 | 1,319 | 1,797 |
Expenses [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Net investment income | ($4,129) | ($3,672) | ($12,225) | ($11,992) |
Investments_Components_Of_Real
Investments (Components Of Realized Gains And Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Gain (Loss) on Investments [Line Items] | ||||
Gross realized gains on sale of invested assets | $51,915 | $27,210 | $154,387 | $119,154 |
Gross realized losses on sale of invested assets | -40,770 | -6,686 | -82,812 | -43,355 |
Net realized and unrealized (losses) gains on derivatives | -4,169 | -962 | 3,392 | -192 |
Net realized investment gains (losses) | 27,487 | 149,813 | -8,074 | 292,057 |
Proceeds from sale of available for sale securities | 0 | 1,000 | 0 | 214,716 |
Fixed maturity investments, trading | ||||
Gain (Loss) on Investments [Line Items] | ||||
Mark to market changes gains (losses) | 30,383 | 99,821 | -101,205 | 144,024 |
Equity securities [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Mark to market changes gains (losses) | -17,198 | 18,913 | -18,555 | 38,516 |
Other invested assets [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Mark to market changes gains (losses) | $7,326 | $11,517 | $36,719 | $33,910 |
Derivative_Instruments_Locatio
Derivative Instruments (Location and Amounts of Derivative Fair Values On The Condensed Consolidated Balance Sheets) (Details) (Derivatives not designated as hedging instruments [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative Notional Amount | $230,811 | $132,864 |
Asset Derivative Fair Value | 2,498 | 2,245 |
Liability Derivative Notional Amount | 606,050 | 194,566 |
Liability Derivative Fair Value | 7,234 | 2,656 |
Put options [Member] | Equity securities trading, at fair value [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative Notional Amount | 0 | 5,152 |
Asset Derivative Fair Value | 0 | 532 |
Liability Derivative Notional Amount | 0 | 0 |
Liability Derivative Fair Value | 0 | 0 |
Foreign exchange contracts | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative Notional Amount | 197,811 | 127,712 |
Asset Derivative Fair Value | 2,493 | 1,713 |
Foreign exchange contracts | Accounts payable and accrued liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivative Notional Amount | 279,050 | 194,566 |
Liability Derivative Fair Value | 7,062 | 2,656 |
Interest rate swaps | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative Notional Amount | 33,000 | 0 |
Asset Derivative Fair Value | 5 | 0 |
Interest rate swaps | Accounts payable and accrued liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivative Notional Amount | 327,000 | 0 |
Liability Derivative Fair Value | $172 | $0 |
Derivative_Instruments_Locatio1
Derivative Instruments (Location and Amounts of Unrealized And Realized Gains (Losses) On Derivatives Recorded In The Condensed Consolidated Income Statements) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total realized and unrealized (losses) gains on derivatives | ($6,505) | ($1,638) | $2,301 | ($288) |
Foreign exchange (loss) gain [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total realized and unrealized (losses) gains on derivatives | -2,336 | -676 | -1,091 | -96 |
Foreign exchange (loss) gain [Member] | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total realized and unrealized (losses) gains on derivatives | -2,336 | -676 | -1,091 | -96 |
Net realized investment gains [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total realized and unrealized (losses) gains on derivatives | -4,169 | -962 | 3,392 | -192 |
Net realized investment gains [Member] | Put options [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total realized and unrealized (losses) gains on derivatives | 0 | 0 | -3,822 | -336 |
Net realized investment gains [Member] | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total realized and unrealized (losses) gains on derivatives | -4,164 | -2,751 | 1,925 | -641 |
Net realized investment gains [Member] | Interest rate futures | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total realized and unrealized (losses) gains on derivatives | ($5) | $1,789 | $5,289 | $785 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Schedule Of Fair Value Of Financial Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading fixed maturity investments | $6,047,883 | $6,626,454 |
Equity securities | 708,929 | 523,949 |
Other invested assets | 905,025 | 783,534 |
Total investments | 7,661,837 | 7,933,937 |
Senior notes | 798,426 | 798,215 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading fixed maturity investments | 6,047,883 | 6,626,454 |
Equity securities | 708,929 | 523,949 |
Other invested assets | 767,071 | 655,888 |
Total investments | 7,523,883 | 7,806,291 |
Senior notes | 798,426 | 798,215 |
Fair Value, Measurements, Recurring [Member] | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,493 | 1,713 |
Derivative liabilities | 7,062 | 2,656 |
Fair Value, Measurements, Recurring [Member] | Interest rate futures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 5 | |
Fair Value, Measurements, Recurring [Member] | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 172 | |
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 | 1,850,335 | 1,865,913 |
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 | 209,625 | 261,627 |
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 | 95,381 | 40,444 |
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 | 2,063,487 | 2,089,202 |
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 | 1,373,161 | 1,958,373 |
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 | 455,894 | 410,895 |
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 | 6,047,883 | 6,626,454 |
Equity securities | 708,929 | 523,949 |
Other invested assets | 767,071 | 655,888 |
Total investments | 7,523,883 | 7,806,291 |
Senior notes | 904,010 | 918,627 |
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 | 2,493 | 1,713 |
Derivative liabilities | 7,062 | 2,656 |
Fair Value, Measurements, Recurring [Member] | Total Fair Value [Member] | Interest rate futures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 5 | |
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 liabilities | 172 | |
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 | 1,850,335 | 1,865,913 |
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 | 209,625 | 261,627 |
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 | 95,381 | 40,444 |
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 | 2,063,487 | 2,089,202 |
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 | 1,373,161 | 1,958,373 |
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 | 455,894 | 410,895 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading fixed maturity investments | 1,522,185 | 1,529,158 |
Equity securities | 641,458 | 469,269 |
Other invested assets | 0 | 0 |
Total investments | 2,163,643 | 1,998,427 |
Senior notes | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (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] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Interest rate futures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (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 | 1,522,185 | 1,529,158 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (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] | Quoted Prices In Active Markets For Identical Assets (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] | Quoted Prices In Active Markets For Identical Assets (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] | Quoted Prices In Active Markets For Identical Assets (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] | Quoted Prices In Active Markets For Identical Assets (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] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading fixed maturity investments | 4,256,411 | 4,867,225 |
Equity securities | 0 | 0 |
Other invested assets | 0 | 0 |
Total investments | 4,256,411 | 4,867,225 |
Senior notes | 904,010 | 918,627 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,493 | 1,713 |
Derivative liabilities | 7,062 | 2,656 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest rate futures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 5 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 172 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (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 | 328,150 | 336,755 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (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 | 209,625 | 261,627 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (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 | 95,381 | 40,444 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading fixed maturity investments | 2,063,487 | 2,089,202 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading fixed maturity investments | 1,183,907 | 1,790,548 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading fixed maturity investments | 375,861 | 348,649 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading fixed maturity investments | 269,287 | 230,071 |
Equity securities | 67,471 | 54,680 |
Other invested assets | 767,071 | 655,888 |
Total investments | 1,103,829 | 940,639 |
Senior notes | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (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] | Significant Unobservable Inputs (Level 3) [Member] | Interest rate futures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (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] | Significant Unobservable Inputs (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] | Significant Unobservable Inputs (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] | Significant Unobservable Inputs (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] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading fixed maturity investments | 189,254 | 167,825 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Asset-Backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading fixed maturity investments | $80,033 | $62,246 |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Schedule Of Fair Value Measurement Using Significant Unobservable Inputs Level Three) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Other Invested Assets [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Opening balance | $714,391 | $520,890 | $655,888 | $540,409 | ||||
Realized and unrealized gains (losses) included in net income | 9,403 | 11,871 | 53,365 | 26,753 | ||||
Purchases | 67,554 | 34,800 | 237,506 | 52,578 | ||||
Sales | -24,277 | -2,859 | -179,688 | -55,038 | ||||
Transfers into Level 3 from Level 2 | 0 | 0 | 0 | 0 | ||||
Transfers out of Level 3 to Level 2 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Ending balance | 767,071 | 564,702 | 767,071 | 564,702 | ||||
Mortgage Backed Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Opening balance | 198,003 | 157,959 | 167,825 | 249,204 | ||||
Realized and unrealized gains (losses) included in net income | 464 | 4,855 | -5,910 | 10,951 | ||||
Purchases | 69,775 | 40,481 | 102,369 | 50,302 | ||||
Sales | -79,001 | -48,728 | -69,968 | -124,940 | ||||
Transfers into Level 3 from Level 2 | 13 | 14,730 | 5,073 | 18,461 | ||||
Transfers out of Level 3 to Level 2 | 0 | [1] | -27 | [1] | -10,135 | [1] | -34,708 | [1] |
Ending balance | 189,254 | 169,270 | 189,254 | 169,270 | ||||
Asset Backed Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Opening balance | 61,285 | 117,586 | 62,246 | 94,745 | ||||
Realized and unrealized gains (losses) included in net income | -313 | 988 | -791 | 1,643 | ||||
Purchases | 16,969 | 7,466 | 42,956 | 32,573 | ||||
Sales | -1,302 | -7,326 | -26,728 | -57,325 | ||||
Transfers into Level 3 from Level 2 | 3,394 | 12,495 | 2,350 | 15,835 | ||||
Transfers out of Level 3 to Level 2 | 0 | [1] | -55,442 | [1] | 0 | [1] | -11,704 | [1] |
Ending balance | 80,033 | 75,767 | 80,033 | 75,767 | ||||
Equity Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Opening balance | 53,499 | 54,680 | ||||||
Realized and unrealized gains (losses) included in net income | 3,972 | 2,791 | ||||||
Purchases | 10,000 | 10,000 | ||||||
Ending balance | $67,471 | $67,471 | ||||||
[1] | Transfers out of Level 3 are primarily attributable to the availability of market observable information. |
Reserve_For_Losses_And_Loss_Ex2
Reserve For Losses And Loss Expenses (Schedule Of Reserve For Losses And Loss Expenses) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Reserve For Losses And Loss Expenses [Abstract] | ||||||
Outstanding loss reserves | $1,517,049 | $1,539,114 | ||||
Reserves for losses incurred but not reported | 4,263,732 | 4,106,435 | ||||
Reserve for losses and loss expenses | $5,780,781 | $5,696,865 | $5,645,549 | $5,450,787 | $5,377,518 | $5,225,143 |
Reserve_For_Losses_And_Loss_Ex3
Reserve For Losses And Loss Expenses (Schedule Of Reconciliation Of Unpaid Losses And Loss Expenses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reserve For Losses And Loss Expenses [Abstract] | ||||
Gross liability at beginning of year | $5,696,865 | $5,377,518 | $5,645,549 | $5,225,143 |
Reinsurance recoverable at beginning of year | -1,179,525 | -1,073,612 | -1,141,110 | -1,002,919 |
Net liability at beginning of year | 4,517,340 | 4,303,906 | 4,504,439 | 4,222,224 |
Net losses incurred related to: | ||||
Current year | 338,420 | 315,102 | 961,224 | 862,088 |
Prior years | -61,450 | -56,154 | -153,948 | -137,558 |
Total incurred | 276,970 | 258,948 | 807,276 | 724,530 |
Net paid losses related to: | ||||
Current year | 30,399 | 16,323 | 54,983 | 36,163 |
Prior years | 213,252 | 179,666 | 696,137 | 542,077 |
Total paid | 243,651 | 195,989 | 751,120 | 578,240 |
Foreign exchange revaluation | 4,088 | 6,400 | -5,848 | 4,751 |
Net liability at end of year | 4,554,747 | 4,373,265 | 4,554,747 | 4,373,265 |
Reinsurance recoverable at end of year | 1,226,034 | 1,077,522 | 1,226,034 | 1,077,522 |
Gross liability at end of year | $5,780,781 | $5,450,787 | $5,780,781 | $5,450,787 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (CHF) | 0 Months Ended | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jul. 09, 2013 | Sep. 30, 2013 |
Class of Stock [Line Items] | ||
Shares cancelled, shares | 1,397,073 | |
Maximum authorized value increase of registered share capital | 92,259 | |
Voting Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares cancelled, shares | 940,445 | |
Maximum authorized increased voting shares | 7,500,728 | |
Nonvoting Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares cancelled, shares | 29,240 | |
Common Shares Repurchased And Constructively Retired [Member] | ||
Class of Stock [Line Items] | ||
Shares cancelled, shares | 1,538,686 | 1,367,833 |
Shareholders_Equity_Issued_Sha
Shareholders' Equity (Issued Share Capital) (Details) | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | USD ($) | CHF | USD ($) | CHF |
Shareholders' Equity [Abstract] | ||||
Common shares, issued | 34,972,795 | 34,972,795 | 36,369,868 | 36,369,868 |
Common shares, par value | 12.3 | 12.64 | ||
Common stock value | $424,837 | $454,980 |
Shareholders_Equity_Schedule_O
Shareholders' Equity (Schedule Of Common Stock Outstanding Roll Forward) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Shares issued: | |||||
Total shares issued at beginning of period | 36,369,868 | ||||
Shares cancelled, shares | -1,397,073 | ||||
Total shares issued at end of period | 34,972,795 | 34,972,795 | |||
Treasury shares: | |||||
Treasury shares issued, balance at beginning of period | 1,572,087 | ||||
Shares repurchased, shares | 427,388 | 605,898 | 1,367,833 | 2,942,085 | |
Shares issued out of treasury | -384,972 | ||||
Shares cancelled, shares | -1,397,073 | ||||
Total treasury shares at end of period | 1,157,875 | 1,157,875 | |||
Total shares outstanding at end of period | 33,814,920 | 33,814,920 | 34,797,781 |
Shareholders_Equity_Schedule_O1
Shareholders' Equity (Schedule Of Dividends Paid) (Details) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | 3-May-12 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 03, 2013 | 2-May-13 | Mar. 12, 2013 | Mar. 12, 2013 | 3-May-12 |
installments | USD ($) | USD ($) | USD ($) | USD ($) | Voting Common Stock [Member] | Voting Common Stock [Member] | Voting Common Stock [Member] | Voting Common Stock [Member] | Voting Common Stock [Member] | |
USD ($) | USD ($) | Par Value Reduction [Member] | Par Value Reduction [Member] | Par Value Reduction [Member] | ||||||
USD ($) | CHF | USD ($) | ||||||||
Dividends: | ||||||||||
Dividends declared per share | $0.50 | $0.38 | ||||||||
Dividends paid per common share | $0.50 | $0.75 | $0.88 | $1.50 | $0.50 | $0.38 | 0.34 | |||
Payment of quarterly dividends | $17,117 | $12,981 | ||||||||
Par value reductions, number of installments | 4 |
Shareholders_Equity_Schedule_O2
Shareholders' Equity (Schedule Of Share Repurchases) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share repurchases: | ||||
Shares repurchased, shares | 427,388 | 605,898 | 1,367,833 | 2,942,085 |
Cost of shares repurchased | $40,574,000 | $47,590,000 | $123,145,000 | $207,048,000 |
Shares repurchased, average price per share | $94.93 | $78.54 | $90.03 | $70.37 |
Repurchase authorization approved | $500,000,000 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (Stock Options And Rsus [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options And Rsus [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share | 0 | 221,008 | 0 | 338,395 |
Earnings_Per_Share_Comparison_
Earnings Per Share (Comparison Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic earnings per share: | ||||
Net income | $122,843 | $219,647 | $279,973 | $534,154 |
Weighted average common shares outstanding | 33,991,359 | 35,652,768 | 34,340,227 | 36,379,514 |
Basic earnings per share | $3.61 | $6.16 | $8.15 | $14.68 |
Diluted earnings per share: | ||||
Net income | $122,843 | $219,647 | $279,973 | $534,154 |
Weighted average common shares outstanding | 33,991,359 | 35,652,768 | 34,340,227 | 36,379,514 |
Share equivalents: | ||||
Options | 500,114 | 461,373 | 497,458 | 429,393 |
Restricted stock units and performance-based equity awards | 236,133 | 501,633 | 292,369 | 583,226 |
Employee share purchase plan | 587 | 960 | 1,038 | 960 |
Weighted average common shares and common share equivalents outstanding - diluted | 34,728,193 | 36,616,734 | 35,131,092 | 37,393,093 |
Diluted earnings per share | $3.54 | $6 | $7.97 | $14.28 |
Segment_Information_Summary_Of
Segment Information (Summary Of Segment Results) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Gross premiums written | $580,893 | $504,420 | $2,183,174 | $1,832,219 |
Net premiums written | 453,077 | 391,537 | 1,729,351 | 1,475,200 |
Net premiums earned | 510,773 | 441,017 | 1,481,272 | 1,272,654 |
Net losses and loss expenses | -276,970 | -258,948 | -807,276 | -724,530 |
Acquisition costs | -65,114 | -51,086 | -186,416 | -149,812 |
General and administrative expenses | -88,553 | -78,572 | -251,818 | -222,917 |
Underwriting (loss) income | 80,136 | 52,411 | 235,762 | 175,395 |
Net investment income | 39,271 | 39,121 | 110,294 | 128,781 |
Net realized investment gains (losses) | 27,487 | 149,813 | -8,074 | 292,057 |
Amortization of intangible assets | -633 | -633 | -1,900 | -1,900 |
Interest expense | -14,094 | -13,822 | -42,416 | -41,579 |
Foreign exchange (loss) gain | -4,353 | -1,023 | -7,361 | 77 |
Income before income taxes | 127,814 | 225,867 | 286,305 | 552,831 |
Loss and loss expense ratio | 54.20% | 58.70% | 54.50% | 56.90% |
Acquisition cost ratio | 12.70% | 11.60% | 12.60% | 11.80% |
General and administrative expense ratio | 17.30% | 17.80% | 17.00% | 17.50% |
Combined ratio | 84.20% | 88.10% | 84.10% | 86.20% |
U.S. Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross premiums written | 308,709 | 263,129 | 872,024 | 733,314 |
Net premiums written | 238,792 | 200,779 | 652,464 | 551,286 |
Net premiums earned | 207,602 | 173,948 | 593,477 | 490,091 |
Net losses and loss expenses | -141,222 | -109,111 | -398,910 | -309,889 |
Acquisition costs | -28,426 | -22,696 | -78,824 | -63,918 |
General and administrative expenses | -41,616 | -37,388 | -119,514 | -103,162 |
Underwriting (loss) income | -3,662 | 4,753 | -3,771 | 13,122 |
Loss and loss expense ratio | 68.00% | 62.70% | 67.20% | 63.20% |
Acquisition cost ratio | 13.70% | 13.00% | 13.30% | 13.00% |
General and administrative expense ratio | 20.00% | 21.50% | 20.10% | 21.00% |
Combined ratio | 101.70% | 97.20% | 100.60% | 97.20% |
International Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross premiums written | 132,881 | 121,315 | 453,990 | 418,498 |
Net premiums written | 75,632 | 71,199 | 259,771 | 255,150 |
Net premiums earned | 87,554 | 85,329 | 258,809 | 247,805 |
Net losses and loss expenses | -31,094 | -15,099 | -90,997 | -75,432 |
Acquisition costs | 282 | 266 | 1,489 | 1,376 |
General and administrative expenses | -26,450 | -22,920 | -75,374 | -66,969 |
Underwriting (loss) income | 30,292 | 47,576 | 93,927 | 106,780 |
Loss and loss expense ratio | 35.50% | 17.70% | 35.20% | 30.40% |
Acquisition cost ratio | -0.30% | -0.30% | -0.60% | -0.60% |
General and administrative expense ratio | 30.20% | 26.90% | 29.10% | 27.00% |
Combined ratio | 65.40% | 44.30% | 63.70% | 56.80% |
Reinsurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross premiums written | 139,303 | 119,976 | 857,160 | 680,407 |
Net premiums written | 138,653 | 119,559 | 817,116 | 668,764 |
Net premiums earned | 215,617 | 181,740 | 628,986 | 534,758 |
Net losses and loss expenses | -104,654 | -134,738 | -317,369 | -339,209 |
Acquisition costs | -36,970 | -28,656 | -109,081 | -87,270 |
General and administrative expenses | -20,487 | -18,264 | -56,930 | -52,786 |
Underwriting (loss) income | $53,506 | $82 | $145,606 | $55,493 |
Loss and loss expense ratio | 48.50% | 74.10% | 50.50% | 63.40% |
Acquisition cost ratio | 17.10% | 15.80% | 17.30% | 16.30% |
General and administrative expense ratio | 9.50% | 10.00% | 9.10% | 9.90% |
Combined ratio | 75.10% | 99.90% | 76.90% | 89.60% |
Segment_Information_Gross_Prem
Segment Information (Gross Premiums Written By Geographic Location) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Gross premiums written | $580,893 | $504,420 | $2,183,174 | $1,832,219 |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Gross premiums written | 377,618 | 312,807 | 1,296,212 | 1,051,355 |
Bermuda [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Gross premiums written | 111,103 | 108,955 | 550,815 | 484,313 |
Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Gross premiums written | 52,004 | 46,836 | 198,747 | 182,220 |
Singapore [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Gross premiums written | 35,515 | 31,902 | 122,546 | 101,213 |
Hong Kong [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Gross premiums written | 4,653 | 3,920 | 14,854 | 13,118 |
Switzerland [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Gross premiums written | $10,509 | $7,039 | $57,183 | $40,474 |
Condensed_Consolidated_Guarant2
Condensed Consolidated Guarantor Financial Statements (Schedule Of Condensed Consolidating Balance Sheet) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
ASSETS: | ||||||
Investments | $7,661,837 | $7,933,937 | ||||
Cash and cash equivalents | 953,047 | 681,879 | 639,517 | 633,996 | ||
Insurance balances receivable | 740,112 | 510,532 | ||||
Funds held | 375,131 | 336,368 | ||||
Reinsurance recoverable | 1,226,034 | 1,179,525 | 1,141,110 | 1,077,522 | 1,073,612 | 1,002,919 |
Net deferred acquisition costs | 145,951 | 108,010 | ||||
Goodwill and intangible assets | 317,840 | 319,741 | ||||
Balances receivable on sale of investments | 237,031 | 418,879 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Due (to) from subsidiaries | 0 | 0 | ||||
Other assets | 720,537 | 579,490 | ||||
Total assets | 12,377,520 | 12,029,946 | ||||
LIABILITIES | ||||||
Reserve for losses and loss expenses | 5,780,781 | 5,696,865 | 5,645,549 | 5,450,787 | 5,377,518 | 5,225,143 |
Unearned premiums | 1,515,746 | 1,218,021 | ||||
Reinsurance balances payable | 193,643 | 136,264 | ||||
Balances due on purchases of investments | 497,974 | 759,934 | ||||
Senior notes | 798,426 | 798,215 | ||||
Other liabilities | 147,022 | 145,628 | ||||
Total liabilities | 8,933,592 | 8,703,611 | ||||
Total shareholders' equity | 3,443,928 | 3,326,335 | 3,435,786 | 3,149,022 | ||
Total liabilities and shareholders' equity | 12,377,520 | 12,029,946 | ||||
Allied World Switzerland (Parent Guarantor) [Member] | ||||||
ASSETS: | ||||||
Investments | 0 | 0 | ||||
Cash and cash equivalents | 56,060 | 19,997 | 24,450 | 112,672 | ||
Insurance balances receivable | 0 | 0 | ||||
Funds held | 0 | 0 | ||||
Reinsurance recoverable | 0 | 0 | ||||
Net deferred acquisition costs | 0 | 0 | ||||
Goodwill and intangible assets | 0 | 0 | ||||
Balances receivable on sale of investments | 0 | 0 | ||||
Investments in subsidiaries | 3,407,988 | 3,337,446 | ||||
Due (to) from subsidiaries | -967 | -23,864 | ||||
Other assets | 1,897 | 1,499 | ||||
Total assets | 3,464,978 | 3,335,078 | ||||
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 liabilities | 21,050 | 8,743 | ||||
Total liabilities | 21,050 | 8,743 | ||||
Total shareholders' equity | 3,443,928 | 3,326,335 | ||||
Total liabilities and shareholders' equity | 3,464,978 | 3,335,078 | ||||
Allied World Bermuda (Subsidiary Issuer) [Member] | ||||||
ASSETS: | ||||||
Investments | 0 | 0 | ||||
Cash and cash equivalents | 8,388 | 11,324 | 9,573 | 8,886 | ||
Insurance balances receivable | 0 | 0 | ||||
Funds held | 0 | 0 | ||||
Reinsurance recoverable | 0 | 0 | ||||
Net deferred acquisition costs | 0 | 0 | ||||
Goodwill and intangible assets | 0 | 0 | ||||
Balances receivable on sale of investments | 0 | 0 | ||||
Investments in subsidiaries | 4,509,074 | 4,768,769 | ||||
Due (to) from subsidiaries | -14,679 | -7,173 | ||||
Other assets | 5,038 | 6,081 | ||||
Total assets | 4,507,821 | 4,779,001 | ||||
LIABILITIES | ||||||
Reserve for losses and loss expenses | 0 | 0 | ||||
Unearned premiums | 0 | 0 | ||||
Reinsurance balances payable | 0 | 0 | ||||
Balances due on purchases of investments | 0 | 0 | ||||
Senior notes | 798,426 | 798,215 | ||||
Other liabilities | 17,457 | 17,727 | ||||
Total liabilities | 815,883 | 815,942 | ||||
Total shareholders' equity | 3,691,938 | 3,963,059 | ||||
Total liabilities and shareholders' equity | 4,507,821 | 4,779,001 | ||||
Other Allied World Subsidiaries [Member] | ||||||
ASSETS: | ||||||
Investments | 7,661,837 | 7,933,937 | ||||
Cash and cash equivalents | 888,599 | 650,558 | 605,494 | 512,438 | ||
Insurance balances receivable | 740,112 | 510,532 | ||||
Funds held | 375,131 | 336,368 | ||||
Reinsurance recoverable | 1,226,034 | 1,141,110 | ||||
Net deferred acquisition costs | 145,951 | 108,010 | ||||
Goodwill and intangible assets | 317,840 | 319,741 | ||||
Balances receivable on sale of investments | 237,031 | 418,879 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Due (to) from subsidiaries | 15,646 | 31,037 | ||||
Other assets | 713,602 | 571,910 | ||||
Total assets | 12,321,783 | 12,022,082 | ||||
LIABILITIES | ||||||
Reserve for losses and loss expenses | 5,780,781 | 5,645,549 | ||||
Unearned premiums | 1,515,746 | 1,218,021 | ||||
Reinsurance balances payable | 193,643 | 136,264 | ||||
Balances due on purchases of investments | 497,974 | 759,934 | ||||
Senior notes | 0 | 0 | ||||
Other liabilities | 108,515 | 119,158 | ||||
Total liabilities | 8,096,659 | 7,878,926 | ||||
Total shareholders' equity | 4,225,124 | 4,143,156 | ||||
Total liabilities and shareholders' equity | 12,321,783 | 12,022,082 | ||||
Consolidating Adjustments [Member] | ||||||
ASSETS: | ||||||
Investments | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | ||||
Insurance balances receivable | 0 | 0 | ||||
Funds held | 0 | 0 | ||||
Reinsurance recoverable | 0 | 0 | ||||
Net deferred acquisition costs | 0 | 0 | ||||
Goodwill and intangible assets | 0 | 0 | ||||
Balances receivable on sale of investments | 0 | 0 | ||||
Investments in subsidiaries | -7,917,062 | -8,106,215 | ||||
Due (to) from subsidiaries | 0 | 0 | ||||
Other assets | 0 | 0 | ||||
Total assets | -7,917,062 | -8,106,215 | ||||
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 liabilities | 0 | 0 | ||||
Total liabilities | 0 | 0 | ||||
Total shareholders' equity | -7,917,062 | -8,106,215 | ||||
Total liabilities and shareholders' equity | ($7,917,062) | ($8,106,215) |
Condensed_Consolidated_Guarant3
Condensed Consolidated Guarantor Financial Statements (Schedule Of Condensed Consolidating Income Statement) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||||
Net premiums earned | $510,773 | $441,017 | $1,481,272 | $1,272,654 |
Net investment income | 39,271 | 39,121 | 110,294 | 128,781 |
Net realized investment losses | 27,487 | 149,813 | -8,074 | 292,057 |
Net losses and loss expenses | -276,970 | -258,948 | -807,276 | -724,530 |
Acquisition costs | -65,114 | -51,086 | -186,416 | -149,812 |
General and administrative expenses | -88,553 | -78,572 | -251,818 | -222,917 |
Amortization of intangible assets | -633 | -633 | -1,900 | -1,900 |
Interest expense | -14,094 | -13,822 | -42,416 | -41,579 |
Foreign exchange (loss) gain | -4,353 | -1,023 | -7,361 | 77 |
Income tax (expense) benefit | -4,971 | -6,220 | -6,332 | -18,677 |
Equity in earnings of consolidated subsidiaries | 0 | 0 | 0 | 0 |
NET INCOME | 122,843 | 219,647 | 279,973 | 534,154 |
Unrealized gains on investments arising during the period net of applicable deferred income tax benefit for three and nine months ended September 30, 2012: $15 and ($81), respectively | 0 | -29 | 0 | 150 |
Reclassification adjustment for net realized investment gains included in net income, net of applicable income tax | 0 | 0 | 0 | -13,249 |
Other comprehensive loss | 0 | -29 | 0 | -13,099 |
COMPREHENSIVE INCOME (LOSS) | 122,843 | 219,618 | 279,973 | 521,055 |
Parenthetical disclosures: | ||||
Deferred income tax (benefit) for unrealized gains on investments arising during the period | 0 | 15 | 0 | -81 |
Allied World Switzerland (Parent Guarantor) [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net premiums earned | 0 | 0 | 0 | 0 |
Net investment income | 3 | 7 | 11 | 21 |
Net realized investment losses | 0 | 0 | 0 | 0 |
Net losses and loss expenses | 0 | 0 | 0 | 0 |
Acquisition costs | 0 | 0 | 0 | 0 |
General and administrative expenses | -7,323 | -6,013 | -26,875 | -14,247 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Foreign exchange (loss) gain | -13 | -206 | 261 | 343 |
Income tax (expense) benefit | 0 | 0 | 0 | 71 |
Equity in earnings of consolidated subsidiaries | 130,176 | 225,859 | 306,576 | 547,966 |
NET INCOME | 122,843 | 219,647 | 279,973 | 534,154 |
Unrealized gains on investments arising during the period net of applicable deferred income tax benefit for three and nine months ended September 30, 2012: $15 and ($81), respectively | -29 | 150 | ||
Reclassification adjustment for net realized investment gains included in net income, net of applicable income tax | 0 | -13,249 | ||
Other comprehensive loss | 0 | -29 | 0 | -13,099 |
COMPREHENSIVE INCOME (LOSS) | 122,843 | 219,618 | 279,973 | 521,055 |
Allied World Bermuda (Subsidiary Issuer) [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net premiums earned | 0 | 0 | 0 | 0 |
Net investment income | 0 | 6 | 4 | 17 |
Net realized investment losses | 0 | 0 | 0 | 0 |
Net losses and loss expenses | 0 | 0 | 0 | 0 |
Acquisition costs | 0 | 0 | 0 | 0 |
General and administrative expenses | -4,961 | -235 | -5,873 | -2,689 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Interest expense | -13,838 | -13,822 | -41,503 | -41,579 |
Foreign exchange (loss) gain | -212 | -83 | -935 | -150 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Equity in earnings of consolidated subsidiaries | 150,653 | 231,471 | 353,280 | 580,880 |
NET INCOME | 131,642 | 217,337 | 304,973 | 536,479 |
Unrealized gains on investments arising during the period net of applicable deferred income tax benefit for three and nine months ended September 30, 2012: $15 and ($81), respectively | 0 | 0 | ||
Reclassification adjustment for net realized investment gains included in net income, net of applicable income tax | 0 | 0 | ||
Other comprehensive loss | 0 | 0 | 0 | 0 |
COMPREHENSIVE INCOME (LOSS) | 131,642 | 217,337 | 304,973 | 536,479 |
Other Allied World Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net premiums earned | 510,773 | 441,017 | 1,481,272 | 1,272,654 |
Net investment income | 39,268 | 39,108 | 110,279 | 128,743 |
Net realized investment losses | 27,487 | 149,813 | -8,074 | 292,057 |
Net losses and loss expenses | -276,970 | -258,948 | -807,276 | -724,530 |
Acquisition costs | -65,114 | -51,086 | -186,416 | -149,812 |
General and administrative expenses | -76,269 | -72,324 | -219,070 | -205,981 |
Amortization of intangible assets | -633 | -633 | -1,900 | -1,900 |
Interest expense | -256 | 0 | -913 | 0 |
Foreign exchange (loss) gain | -4,128 | -734 | -6,687 | -116 |
Income tax (expense) benefit | -4,971 | -6,220 | -6,332 | -18,748 |
Equity in earnings of consolidated subsidiaries | 0 | 0 | 0 | 0 |
NET INCOME | 149,187 | 239,993 | 354,883 | 592,367 |
Unrealized gains on investments arising during the period net of applicable deferred income tax benefit for three and nine months ended September 30, 2012: $15 and ($81), respectively | -29 | 150 | ||
Reclassification adjustment for net realized investment gains included in net income, net of applicable income tax | 0 | -13,249 | ||
Other comprehensive loss | 0 | -29 | 0 | -13,099 |
COMPREHENSIVE INCOME (LOSS) | 149,187 | 239,964 | 354,883 | 579,268 |
Parenthetical disclosures: | ||||
Deferred income tax (benefit) for unrealized gains on investments arising during the period | 15 | 0 | -81 | |
Consolidating Adjustments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net premiums earned | 0 | 0 | 0 | 0 |
Net investment income | 0 | 0 | 0 | 0 |
Net realized investment losses | 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 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Foreign exchange (loss) gain | 0 | 0 | 0 | 0 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Equity in earnings of consolidated subsidiaries | -280,829 | -457,330 | -659,856 | -1,128,846 |
NET INCOME | -280,829 | -457,330 | -659,856 | -1,128,846 |
Unrealized gains on investments arising during the period net of applicable deferred income tax benefit for three and nine months ended September 30, 2012: $15 and ($81), respectively | 29 | -150 | ||
Reclassification adjustment for net realized investment gains included in net income, net of applicable income tax | 0 | 13,249 | ||
Other comprehensive loss | 0 | 29 | 0 | 13,099 |
COMPREHENSIVE INCOME (LOSS) | ($280,829) | ($457,301) | ($659,856) | ($1,115,747) |
Condensed_Consolidated_Guarant4
Condensed Consolidated Guarantor Financial Statements (Schedule Of Condensed Consolidating Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $332,050 | $499,652 |
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: | ||
Purchases of trading securities | -4,955,817 | -6,328,719 |
Purchases of other invested assets | -211,501 | -52,578 |
Sales of available for sale securities | 0 | 215,318 |
Sales of trading securities | 5,137,280 | 5,778,138 |
Sales of other invested assets | 189,155 | 110,429 |
Other | -78,203 | 33,644 |
Net cash provided by (used in) investing activities | 80,914 | -243,768 |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ||
Dividends paid - partial par value reduction | -12,981 | -54,721 |
Dividends paid | -17,117 | 0 |
Proceeds from the exercise of stock options | 8,465 | 9,104 |
Share repurchases | -120,163 | -204,746 |
Net cash used in financing activities | -141,796 | -250,363 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 271,168 | 5,521 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 681,879 | 633,996 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 953,047 | 639,517 |
Allied World Switzerland (Parent Guarantor) [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 177,859 | 162,141 |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ||
Dividends paid - partial par value reduction | -12,981 | -54,721 |
Dividends paid | -17,117 | |
Proceeds from the exercise of stock options | 8,465 | 9,104 |
Share repurchases | -120,163 | -204,746 |
Other | 0 | |
Net cash used in financing activities | -141,796 | -250,363 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 36,063 | -88,222 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 19,997 | 112,672 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 56,060 | 24,450 |
Allied World Bermuda (Subsidiary Issuer) [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | -2,936 | 687 |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ||
NET INCREASE IN CASH AND CASH EQUIVALENTS | -2,936 | 687 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 11,324 | 8,886 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 8,388 | 9,573 |
Other Allied World Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 157,127 | 336,824 |
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: | ||
Purchases of trading securities | -4,955,817 | -6,328,719 |
Purchases of other invested assets | -211,501 | -52,578 |
Sales of available for sale securities | 0 | 215,318 |
Sales of trading securities | 5,137,280 | 5,778,138 |
Sales of other invested assets | 189,155 | 110,429 |
Other | -78,203 | 33,644 |
Net cash provided by (used in) investing activities | 80,914 | -243,768 |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 238,041 | 93,056 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 650,558 | 512,438 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 888,599 | 605,494 |
Consolidating Adjustments [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | 0 | |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 0 | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 0 | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $0 |
Condensed_Consolidated_Guarant5
Condensed Consolidated Guarantor Financial Statements (Notes to Parent Company Condensed Financial Information) (Details) (Allied World Switzerland (Parent Guarantor) [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Allied World Switzerland (Parent Guarantor) [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash dividends received from subsidiaries during the period | $237,000 | $285,000 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 03, 2013 | |
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends paid per common share | $0.50 | $0.75 | $0.88 | $1.50 | $0.50 |