AXIS Capital Holdings Limited (AXS) 10-Q 27 Oct 16 2016 Q3 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	9 Months Ended
	Sep. 30, 2016	Oct. 19, 2016
DOCUMENT AND ENTITY INFORMATION [ABSTRACT]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Entity Registrant Name	AXIS CAPITAL HOLDINGS LTD
Entity Central Index Key	1,214,816
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		88,445,095

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Fixed maturities, available for sale, at fair value (Amortized cost 2016: $11,462,399; 2015: $11,897,639)	$ 11,566,860	$ 11,719,749
Equity securities, available for sale, at fair value (Cost 2016: $600,604; 2015: $575,776)	644,344	597,998
Mortgage loans, held for investment, at amortized cost and fair value	332,753	206,277
Other investments, at fair value	847,262	816,756
Equity method investments	111,295	10,932
Short-term investments, at amortized cost and fair value	39,877	34,406
Total investments	13,542,391	13,386,118
Cash and cash equivalents	848,200	988,133
Restricted cash and cash equivalents	229,063	186,618
Accrued interest receivable	71,096	73,729
Insurance and reinsurance premium balances receivable	2,694,976	1,967,535
Reinsurance recoverable on unpaid and paid losses	2,336,741	2,096,104
Deferred acquisition costs	545,618	471,782
Prepaid reinsurance premiums	582,551	396,201
Receivable for investments sold	2,285	26,478
Goodwill and intangible assets	85,501	86,858
Other assets	283,969	302,335
Total assets	21,222,391	19,981,891
Liabilities
Reserve for losses and loss expenses	9,874,807	9,646,285
Unearned premiums	3,453,655	2,760,889
Insurance and reinsurance balances payable	461,519	356,417
Senior notes	992,633	991,825
Payable for investments purchased	141,245	9,356
Other liabilities	272,874	350,237
Total liabilities	15,196,733	14,115,009
Shareholders’ equity
Preferred shares	625,000	627,843
Common shares (2016: 176,575; 2015: 176,240 shares issued and 2016: 88,439; 2015: 96,066 shares outstanding)	2,206	2,202
Additional paid-in capital	2,307,866	2,241,388
Accumulated other comprehensive income (loss)	98,505	(188,465)
Retained earnings	6,430,573	6,194,353
Treasury shares, at cost (2016: 88,136; 2015: 80,174 shares)	(3,438,492)	(3,010,439)
Total shareholders’ equity	6,025,658	5,866,882
Total liabilities and shareholders’ equity	$ 21,222,391	$ 19,981,891

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Fixed maturities, available for sale, amortized cost	$ 11,462,399	$ 11,897,639
Equity securities, available for sale, cost	$ 600,604	$ 575,776
Common shares, shares issued (in shares)	176,575	176,240
Common shares, shares outstanding (in shares)	88,439	96,066
Treasury shares, shares (in shares)	88,136	80,174

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Net premiums earned	$ 934,415	$ 919,341	$ 2,783,746	$ 2,764,605
Net investment income	116,923	45,685	257,818	226,336
Other insurance related income	5,944	1,158	4,850	12,319
Termination fee received	0	280,000	0	280,000
Net realized investment gains (losses):
Other-than-temporary impairment (OTTI) losses	(4,247)	(32,301)	(20,346)	(62,762)
Other realized investment gains (losses)	9,452	(37,656)	(19,949)	(60,856)
Total net realized investment gains (losses)	5,205	(69,957)	(40,295)	(123,618)
Total revenues	1,062,487	1,176,227	3,006,119	3,159,642
Expenses
Net losses and loss expenses	532,328	560,387	1,663,584	1,652,868
Acquisition costs	189,810	182,744	559,570	537,549
General and administrative expenses	142,906	144,727	439,554	456,451
Foreign exchange gains	(13,795)	(28,088)	(69,781)	(69,200)
Interest expense and financing costs	12,839	12,918	38,586	38,114
Reorganization and related expenses	0	45,867	0	45,867
Total expenses	864,088	918,555	2,631,513	2,661,649
Income before income taxes and interest in income (loss) of equity method investments	198,399	257,672	374,606	497,993
Income tax expense	9,352	30	7,712	1,155
Interest in loss of equity method investments	(2,434)	0	(2,434)	0
Net income	186,613	257,642	364,460	496,838
Preferred share dividends	9,969	10,022	29,906	30,066
Net income available to common shareholders	$ 176,644	$ 247,620	$ 334,554	$ 466,772
Net income per common share:
Basic net income (in usd per share)	$ 1.97	$ 2.52	$ 3.64	$ 4.69
Diluted net income (in usd per share)	$ 1.96	$ 2.50	$ 3.61	$ 4.65
Weighted average number of common shares outstanding - basic (in shares)	89,621	98,226	91,852	99,464
Weighted average number of common shares outstanding - diluted (in shares)	90,351	99,124	92,579	100,468
Cash dividends declared per common share (in usd per share)	$ 0.35	$ 0.29	$ 1.05	$ 0.87

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 186,613	$ 257,642	$ 364,460	$ 496,838
Other comprehensive income (loss), net of tax:
Unrealized investment gains (losses) arising during the period	36,336	(99,711)	238,656	(176,938)
Adjustment for reclassification of net realized investment gains (losses) and OTTI losses recognized in net income	(2,642)	74,810	42,620	128,770
Unrealized investment gains (losses) arising during the period, net of reclassification adjustment	33,694	(24,901)	281,276	(48,168)
Foreign currency translation adjustment	1,722	(14,626)	5,694	(23,851)
Total other comprehensive income (loss), net of tax	35,416	(39,527)	286,970	(72,019)
Comprehensive income	$ 222,029	$ 218,115	$ 651,430	$ 424,819

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Parent [Member]	Preferred shares [Member]	Common shares (par value) [Member]	Additional paid-in capital [Member]	Accumulated other comprehensive income (loss) [Member]	Unrealized gains (losses) on available for sale investments, net of tax [Member]	Cumulative foreign currency translation adjustments, net of tax [Member]	Retained earnings [Member]	Treasury shares, at cost [Member]
Total shareholders’ equity at Dec. 31, 2014			$ 627,843	$ 2,191	$ 2,285,016	$ (45,574)	$ (28,192)	$ (17,382)	$ 5,715,504	$ (2,763,859)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased			0
Shares issued				11	2,472
Cost of treasury shares reissued					(17,674)					17,674
Shares repurchased for treasury					(60,000)					(264,076)
Stock options exercised					558
Share-based compensation expense					19,906
Unrealized gains (losses) arising during the period, net of reclassification adjustment	$ (48,168)						(48,168)
Non-credit portion of OTTI losses							0
Foreign currency translation adjustments	(23,851)							(23,851)
Net income	496,838								496,838
Preferred share dividends									(30,066)
Common share dividends									(88,379)
Total shareholders’ equity at Sep. 30, 2015		$ 5,826,366	627,843	2,202	2,230,278	(117,593)	(76,360)	(41,233)	6,093,897	(3,010,261)
Total shareholders’ equity at Dec. 31, 2015	5,866,882		627,843	2,202	2,241,388	(188,465)	(149,585)	(38,880)	6,194,353	(3,010,439)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased			(2,843)
Shares issued				4	(4)
Cost of treasury shares reissued					(19,647)					21,033
Shares repurchased for treasury					60,000					(449,086)
Stock options exercised					0
Share-based compensation expense					26,129
Unrealized gains (losses) arising during the period, net of reclassification adjustment	281,276						281,276
Non-credit portion of OTTI losses							0
Foreign currency translation adjustments	5,694							5,694
Net income	364,460								364,460
Preferred share dividends									(29,906)
Common share dividends									(98,334)
Total shareholders’ equity at Sep. 30, 2016	$ 6,025,658	$ 6,025,658	$ 625,000	$ 2,206	$ 2,307,866	$ 98,505	$ 131,691	$ (33,186)	$ 6,430,573	$ (3,438,492)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 364,460	$ 496,838
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment losses	40,295	123,618
Net realized and unrealized gains on other investments	(23,117)	(17,616)
Amortization of fixed maturities	51,660	75,645
Interest in loss of equity method investments	2,434	0
Other amortization and depreciation	17,370	26,219
Share-based compensation expense, net of cash payments	28,580	25,435
Changes in:
Accrued interest receivable	3,286	7,128
Reinsurance recoverable balances	(163,212)	(158,362)
Deferred acquisition costs	(73,759)	(77,348)
Prepaid reinsurance premiums	(184,648)	(69,016)
Reserve for loss and loss expenses	216,828	212,066
Unearned premiums	682,686	380,610
Insurance and reinsurance balances, net	(623,170)	(330,128)
Other items	(74,383)	7,841
Net cash provided by operating activities	265,310	702,930
Cash flows from investing activities:
Fixed maturities	(6,624,573)	(8,110,841)
Equity securities	(295,827)	(240,415)
Mortgage loans	(131,087)	(129,431)
Other investments	(177,500)	(61,591)
Equity method investments	(103,548)	0
Short-term investments	(81,479)	(34,147)
Proceeds from the sale of:
Fixed maturities	6,067,663	6,797,585
Equity securities	296,182	112,794
Other investments	170,111	244,353
Short-term investments	67,408	112,694
Proceeds from redemption of fixed maturities	977,852	1,107,175
Proceeds from redemption of short-term investments	8,185	22,337
Proceeds from the repayment of mortgage loans	4,808	0
Purchase of other assets	(19,055)	(18,401)
Change in restricted cash and cash equivalents	(42,445)	27,996
Net cash provided by (used in) investing activities	116,695	(169,892)
Cash flows from financing activities:
Repurchase of common shares	(389,086)	(332,097)
Dividends paid - common shares	(100,670)	(89,611)
Dividends paid - preferred shares	(29,940)	(30,066)
Repurchase of preferred shares	(2,843)	0
Proceeds from issuance of common shares	8	3,042
Net cash used in financing activities	(522,531)	(448,732)
Effect of exchange rate changes on foreign currency cash and cash equivalents	593	(13,883)
Increase (decrease) in cash and cash equivalents	(139,933)	70,423
Cash and cash equivalents - beginning of period	988,133	921,830
Cash and cash equivalents - end of period	848,200	$ 992,253
Consideration transferred reinsurance	170,000
Transfer of securities	$ 92,000

BASIS OF PRESENTATION AND ACCOU

BASIS OF PRESENTATION AND ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND ACCOUNTING POLICIES	Basis of Presentation These interim consolidated financial statements include the accounts of AXIS Capital Holdings Limited (“AXIS Capital”) and its subsidiaries (herein referred to as “we,” “us,” “our,” or the “Company”). The consolidated balance sheet at September 30, 2016 and the consolidated statements of operations, comprehensive income, shareholders' equity and cash flows for the periods ended September 30, 2016 and 2015 have not been audited. The balance sheet at December 31, 2015 is derived from our audited financial statements. These financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) for interim financial information and with the Securities and Exchange Commission's (“SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. 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 financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of our financial position and results of operations for the periods presented. The results of operations for any interim period are not necessarily indicative of the results for a full year. All inter-company accounts and transactions have been eliminated. The following information should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2015 . Tabular dollar and share amounts are in thousands, except per share amounts. All amounts are reported in U.S. dollars. 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 reclassifications did not impact our results of operations, financial condition or liquidity. Significant Accounting Policies There were no notable changes in our significant accounting policies subsequent to our Annual Report on Form 10-K for the year ended December 31, 2015 , with the exception of the addition of accounting policies for equity method investments and retroactive accounting noted below. Equity Method Investments Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and are accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of net income or loss of the investee. Adjustments are based on the most recently available financial information from the investee.Changes in the carrying value of such investments are recorded in net income as interest in income (loss) of equity method investments. Retroactive Reinsurance Retroactive reinsurance reimburses a ceding company for liabilities incurred as a result of past insurable events covered under contracts subject to the reinsurance. In certain instances, reinsurance contracts cover losses both on a prospective basis and on a retroactive basis and where practical the Company bifurcates the prospective and retrospective elements of these reinsurance contracts and accounts for each element separately. Initial gains in connection with retroactive reinsurance contracts are deferred and amortized into income over the settlement period while losses are recognized immediately. When changes in the estimated amount recoverable from the reinsurer or in the timing of receipts related to that amount occur, a cumulative amortization adjustment is recognized in earnings in the period of the change so that the deferred gain reflects the balance that would have existed had the revised estimate been available at the inception of the reinsurance transaction. New Accounting Standards Adopted in 2016 Share-Based Compensation Effective January 1, 2016, the Company adopted the Accounting Standards Update ("ASU") 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period" issued by the Financial Accounting Standards Board (the "FASB"). This guidance requires that compensation costs be recognized in the period in which it becomes probable that the performance target will be achieved and to represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. This guidance was issued to clarify treatment where there was a divergence in accounting practice and its adoption did not impact our results of operations, financial condition or liquidity. Debt Issuance Costs Effective January 1, 2016, the Company adopted ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs" issued by the FASB. This guidance requires the debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. This guidance was issued to simplify the presentation of debt issuance costs and to resolve conflicting guidance. This guidance did not impact our results of operations, financial condition or liquidity. Investments Measured Using The Net Asset Value Per Share ("NAV") Practical Expedient Effective January 1, 2016, the Company adopted ASU 2015-07, "Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent)" issued by the FASB. This guidance eliminated the requirement to categorize investments measured using the net asset value ("NAV") practical expedient in the fair value hierarchy table. As this new guidance related solely to disclosures, the adoption did not impact our results of operations, financial condition or liquidity. The updated disclosures have been provided in Note 4 'Fair Value Measurements' . Recently Issued Accounting Standards Not Yet Adopted Leases In February 2016, the FASB issued guidance that provides a new comprehensive model for lease accounting. The guidance will require most leases to be recognized on the balance sheet by recording a right-of-use asset and a corresponding lease liability. This guidance is effective for reporting periods beginning after December 15, 2018, and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact of this guidance on our results of operations, financial condition and liquidity. Transition To Equity Method Of Accounting In March 2016, the FASB issued new guidance eliminating the requirement that an investor retrospectively apply equity method accounting when an existing investment qualifies for equity method accounting. The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those fiscal years with early adoption permitted. The guidance will be adopted on a prospective basis. The adoption of this guidance is not expected to materially impact our results of operations, financial condition or liquidity. Share-Based Compensation Accounting In March 2016, the FASB issued new guidance that will change the accounting for certain aspects of share-based compensation payments to employees. The guidance will require all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. The guidance will also allow employers to increase the amounts withheld to cover income taxes on share-based compensation awards without requiring liability classification. Additionally, companies will be required to elect whether they will account for award forfeitures by recognizing forfeitures only as they occur or by estimating the number of awards expected to be forfeited. This guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact of this guidance on our results of operations, financial condition and liquidity. Credit Losses In June 2016, the FASB issued a new credit loss standard that changes the impairment model for most financial assets and certain other instruments. The guidance will replace the current "incurred loss" approach with a more forward looking "expected loss" model for instruments measured at amortized cost and will require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount. This guidance is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of this guidance on our results of operations, financial condition and liquidity. Cash Flows In August 2016, the FASB issued new guidance to clarify how certain cash receipts and cash payments should be classified on the statement of cash flows. This guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years with early adoption permitted. The adoption of this guidance is not expected to impact our results of operations, financial condition or liquidity.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
SEGMENT INFORMATION	Our underwriting operations are organized around our global underwriting platforms, AXIS Insurance and AXIS Re. Therefore we have determined that we have two reportable segments, insurance and reinsurance. We do not allocate our assets by segment, with the exception of goodwill and intangible assets, as we evaluate the underwriting results of each segment separately from the results of our investment portfolio. The following tables summarize the underwriting results of our reportable segments, as well as the carrying values of allocated goodwill and intangible assets: 2016 2015 Three months ended and at September 30, Insurance Reinsurance Total Insurance Reinsurance Total Gross premiums written $ 675,430 $ 284,532 $ 959,962 $ 606,704 $ 329,879 $ 936,583 Net premiums written 433,131 162,300 595,431 381,118 296,099 677,217 Net premiums earned 444,691 489,724 934,415 444,550 474,791 919,341 Other insurance related income 39 5,905 5,944 542 616 1,158 Net losses and loss expenses (273,226 ) (259,102 ) (532,328 ) (283,272 ) (277,115 ) (560,387 ) Acquisition costs (61,755 ) (128,055 ) (189,810 ) (69,118 ) (113,626 ) (182,744 ) General and administrative expenses (84,588 ) (29,635 ) (114,223 ) (85,814 ) (35,309 ) (121,123 ) Underwriting income $ 25,161 $ 78,837 103,998 $ 6,888 $ 49,357 56,245 Corporate expenses (28,683 ) (23,604 ) Net investment income 116,923 45,685 Net realized investment gains (losses) 5,205 (69,957 ) Foreign exchange gains 13,795 28,088 Interest expense and financing costs (12,839 ) (12,918 ) Termination fee received — 280,000 Reorganization and related expenses — (45,867 ) Income before income taxes and interest in income (loss) of equity method investments $ 198,399 $ 257,672 Net loss and loss expense ratio 61.4 % 52.9 % 57.0 % 63.7 % 58.4 % 61.0 % Acquisition cost ratio 13.9 % 26.1 % 20.3 % 15.5 % 23.9 % 19.9 % General and administrative expense ratio 19.1 % 6.1 % 15.3 % 19.4 % 7.4 % 15.7 % Combined ratio 94.4 % 85.1 % 92.6 % 98.6 % 89.7 % 96.6 % Goodwill and intangible assets $ 85,501 $ — $ 85,501 $ 87,329 $ — $ 87,329 2016 2015 Nine months ended and at September 30, Insurance Reinsurance Total Insurance Reinsurance Total Gross premiums written $ 2,112,796 $ 2,126,762 $ 4,239,558 $ 1,970,554 $ 1,833,374 $ 3,803,928 Net premiums written 1,433,058 1,855,529 3,288,587 1,352,122 1,727,185 3,079,307 Net premiums earned 1,322,649 1,461,097 2,783,746 1,344,339 1,420,266 2,764,605 Other insurance related income (loss) (57 ) 4,907 4,850 811 11,508 12,319 Net losses and loss expenses (853,771 ) (809,813 ) (1,663,584 ) (866,580 ) (786,288 ) (1,652,868 ) Acquisition costs (184,982 ) (374,588 ) (559,570 ) (200,493 ) (337,056 ) (537,549 ) General and administrative expenses (252,652 ) (99,980 ) (352,632 ) (261,924 ) (110,701 ) (372,625 ) Underwriting income $ 31,187 $ 181,623 212,810 $ 16,153 $ 197,729 213,882 Corporate expenses (86,922 ) (83,826 ) Net investment income 257,818 226,336 Net realized investment losses (40,295 ) (123,618 ) Foreign exchange gains 69,781 69,200 Interest expense and financing costs (38,586 ) (38,114 ) Termination fee received — 280,000 Reorganization and related expenses — (45,867 ) Income before income taxes and interest in income (loss) of equity method investments $ 374,606 $ 497,993 Net loss and loss expense ratio 64.6 % 55.4 % 59.8 % 64.5 % 55.4 % 59.8 % Acquisition cost ratio 14.0 % 25.6 % 20.1 % 14.9 % 23.7 % 19.4 % General and administrative expense ratio 19.0 % 6.9 % 15.8 % 19.5 % 7.8 % 16.5 % Combined ratio 97.6 % 87.9 % 95.7 % 98.9 % 86.9 % 95.7 % Goodwill and intangible assets $ 85,501 $ — $ 85,501 $ 87,329 $ — $ 87,329

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	a) Fixed Maturities and Equities The amortized cost or cost and fair values of our fixed maturities and equities were as follows: Amortized Cost or Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-credit OTTI in AOCI (5) At September 30, 2016 Fixed maturities U.S. government and agency $ 1,542,943 $ 22,349 $ (2,415 ) $ 1,562,877 $ — Non-U.S. government 620,601 4,799 (43,344 ) 582,056 — Corporate debt 4,516,290 87,184 (34,974 ) 4,568,500 — Agency RMBS (1) 2,473,832 49,661 (762 ) 2,522,731 — CMBS (2) 877,732 18,546 (2,003 ) 894,275 — Non-Agency RMBS 71,842 1,636 (1,648 ) 71,830 (870 ) ABS (3) 1,234,292 4,028 (2,724 ) 1,235,596 — Municipals (4) 124,867 4,215 (87 ) 128,995 — Total fixed maturities $ 11,462,399 $ 192,418 $ (87,957 ) $ 11,566,860 $ (870 ) Equity securities Common stocks $ 379 $ 38 $ (348 ) $ 69 Exchange-traded funds 463,655 41,611 (1,060 ) 504,206 Bond mutual funds 136,570 3,499 — 140,069 Total equity securities $ 600,604 $ 45,148 $ (1,408 ) $ 644,344 At December 31, 2015 Fixed maturities U.S. government and agency $ 1,673,617 $ 1,545 $ (23,213 ) $ 1,651,949 $ — Non-U.S. government 809,025 2,312 (72,332 ) 739,005 — Corporate debt 4,442,315 16,740 (96,286 ) 4,362,769 — Agency RMBS (1) 2,236,138 22,773 (9,675 ) 2,249,236 — CMBS (2) 1,088,595 3,885 (9,182 ) 1,083,298 — Non-Agency RMBS 99,989 1,992 (973 ) 101,008 (875 ) ABS (3) 1,387,919 952 (17,601 ) 1,371,270 — Municipals (4) 160,041 2,319 (1,146 ) 161,214 — Total fixed maturities $ 11,897,639 $ 52,518 $ (230,408 ) $ 11,719,749 $ (875 ) Equity securities Common stocks $ — $ — $ — $ — Exchange-traded funds 447,524 31,211 (4,762 ) 473,973 Bond mutual funds 128,252 — (4,227 ) 124,025 Total equity securities $ 575,776 $ 31,211 $ (8,989 ) $ 597,998 (1) Residential mortgage-backed securities (RMBS) originated by U.S. agencies. (2) Commercial mortgage-backed securities (CMBS). (3) Asset-backed securities (ABS) include debt tranched securities collateralized primarily by auto loans, student loans, credit cards, and other asset types. This asset class also includes collateralized loan obligations (CLOs) and collateralized debt obligations (CDOs). (4) Municipals include bonds issued by states, municipalities and political subdivisions. (5) Represents the non-credit component of the other-than-temporary impairment (OTTI) losses, adjusted for subsequent sales, maturities and redemptions. It does not include the change in fair value subsequent to the impairment measurement date. In the normal course of investing activities, we actively manage allocations to non-controlling tranches of structured securities (variable interests) issued by VIEs. These structured securities include RMBS, CMBS and ABS and are included in the above table. Additionally, within our other investments portfolio, we also invest in limited partnerships (hedge funds, direct lending funds, real estate funds and private equity funds) and CLO equity tranched securities, which are all variable interests issued by VIEs (see Note 3(c)). For these variable interests, we do not have the power to direct the activities that are most significant to the economic performance of the VIEs therefore we are not the primary beneficiary of any of these VIEs. Our maximum exposure to loss on these interests is limited to the amount of our investment. We have not provided financial or other support with respect to these structured securities other than our original investment. Contractual Maturities The contractual maturities of fixed maturities are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value % of Total Fair Value At September 30, 2016 Maturity Due in one year or less $ 363,821 $ 356,706 3.0 % Due after one year through five years 3,809,515 3,801,104 32.9 % Due after five years through ten years 2,286,970 2,330,895 20.2 % Due after ten years 344,395 353,723 3.1 % 6,804,701 6,842,428 59.2 % Agency RMBS 2,473,832 2,522,731 21.8 % CMBS 877,732 894,275 7.7 % Non-Agency RMBS 71,842 71,830 0.6 % ABS 1,234,292 1,235,596 10.7 % Total $ 11,462,399 $ 11,566,860 100.0 % At December 31, 2015 Maturity Due in one year or less $ 291,368 $ 289,571 2.5 % Due after one year through five years 4,217,515 4,142,802 35.3 % Due after five years through ten years 2,263,684 2,181,525 18.6 % Due after ten years 312,431 301,039 2.6 % 7,084,998 6,914,937 59.0 % Agency RMBS 2,236,138 2,249,236 19.2 % CMBS 1,088,595 1,083,298 9.2 % Non-Agency RMBS 99,989 101,008 0.9 % ABS 1,387,919 1,371,270 11.7 % Total $ 11,897,639 $ 11,719,749 100.0 % Gross Unrealized Losses The following table summarizes fixed maturities and equities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: 12 months or greater Less than 12 months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses At September 30, 2016 Fixed maturities U.S. government and agency $ 55,000 $ (1,635 ) $ 422,681 $ (780 ) $ 477,681 $ (2,415 ) Non-U.S. government 104,441 (24,061 ) 254,694 (19,283 ) 359,135 (43,344 ) Corporate debt 285,848 (26,202 ) 639,722 (8,772 ) 925,570 (34,974 ) Agency RMBS 80,375 (556 ) 121,203 (206 ) 201,578 (762 ) CMBS 99,004 (1,260 ) 173,795 (743 ) 272,799 (2,003 ) Non-Agency RMBS 10,184 (1,306 ) 5,187 (342 ) 15,371 (1,648 ) ABS 518,647 (2,253 ) 50,402 (471 ) 569,049 (2,724 ) Municipals 2,384 (18 ) 15,567 (69 ) 17,951 (87 ) Total fixed maturities $ 1,155,883 $ (57,291 ) $ 1,683,251 $ (30,666 ) $ 2,839,134 $ (87,957 ) Equity securities Common stocks $ — $ — $ 31 $ (348 ) $ 31 $ (348 ) Exchange-traded funds 6,153 (425 ) 39,097 (635 ) 45,250 (1,060 ) Bond mutual funds — — — — — — Total equity securities $ 6,153 $ (425 ) $ 39,128 $ (983 ) $ 45,281 $ (1,408 ) At December 31, 2015 Fixed maturities U.S. government and agency $ 84,179 $ (7,622 ) $ 1,474,202 $ (15,591 ) $ 1,558,381 $ (23,213 ) Non-U.S. government 170,269 (50,841 ) 317,693 (21,491 ) 487,962 (72,332 ) Corporate debt 340,831 (33,441 ) 2,845,375 (62,845 ) 3,186,206 (96,286 ) Agency RMBS 64,792 (1,609 ) 1,073,566 (8,066 ) 1,138,358 (9,675 ) CMBS 75,627 (1,579 ) 659,480 (7,603 ) 735,107 (9,182 ) Non-Agency RMBS 5,283 (210 ) 43,199 (763 ) 48,482 (973 ) ABS 562,599 (11,158 ) 667,448 (6,443 ) 1,230,047 (17,601 ) Municipals 14,214 (310 ) 64,104 (836 ) 78,318 (1,146 ) Total fixed maturities $ 1,317,794 $ (106,770 ) $ 7,145,067 $ (123,638 ) $ 8,462,861 $ (230,408 ) Equity securities Common stocks $ — $ — $ — $ — $ — $ — Exchange-traded funds 2,331 (313 ) 110,972 (4,449 ) 113,303 (4,762 ) Bond mutual funds — — 124,025 (4,227 ) 124,025 (4,227 ) Total equity securities $ 2,331 $ (313 ) $ 234,997 $ (8,676 ) $ 237,328 $ (8,989 ) Fixed Maturities At September 30, 2016 , 935 fixed maturities ( 2015 : 2,314 ) were in an unrealized loss position of $88 million ( 2015 : $230 million ), of which $13 million ( 2015 : $39 million ) was related to securities below investment grade or not rated. At September 30, 2016 , 399 ( 2015 : 383 ) securities had been in a continuous unrealized loss position for 12 months or greater and had a fair value of $1,156 million ( 2015 : $1,318 million ). Following our credit impairment review, we concluded that these securities as well as the remaining securities in an unrealized loss position in the above table were temporarily impaired at September 30, 2016 , and were expected to recover in value as the securities approach maturity. Further, at September 30, 2016 , we did not intend to sell these securities in an unrealized loss position and it is more likely than not that we will not be required to sell these securities before the anticipated recovery of their amortized costs. Equity Securities At September 30, 2016 , 20 securities ( 2015 : 35 ) were in an unrealized loss position of $1 million ( 2015 : $9 million ). At September 30, 2016 , 5 securities ( 2015 : 1 ) were in a continuous unrealized loss position for 12 months or greater. Based on our impairment review process and our ability and intent to hold these securities for a reasonable period of time sufficient for a full recovery, we concluded that the above equities in an unrealized loss position were temporarily impaired at September 30, 2016 . b) Mortgage Loans The following table provides a breakdown of our mortgage loans held-for-investment: September 30, 2016 December 31, 2015 Carrying Value % of Total Carrying Value % of Total Mortgage Loans held-for-investment: Commercial $ 332,753 100 % $ 206,277 100 % 332,753 100 % 206,277 100 % Valuation allowances — — % — — % Total Mortgage Loans held-for-investment $ 332,753 100 % $ 206,277 100 % For commercial mortgage loans, the primary credit quality indicator is the debt service coverage ratio (which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan, generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss) and the loan-to-value ratio (loan-to-value ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral, generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss). The debt service coverage ratio and loan-to-value ratio, as well as the values utilized in calculating these ratios, are updated annually, on a rolling basis. We have a high quality mortgage portfolio with debt service coverage ratios in excess of 1.1 x and loan-to-value ratios of less than 70% ; there are no credit losses associated with the commercial mortgage loans that we hold at September 30, 2016 . There are no past due amounts at September 30, 2016 . c) Other Investments The following table provides a breakdown of our investments in hedge funds, direct lending funds, private equity funds, real estate funds, CLO Equities and other privately held investments, together with additional information relating to the liquidity of each category: Fair Value Redemption Frequency (if currently eligible) Redemption Notice Period At September 30, 2016 Long/short equity funds $ 139,460 16 % Quarterly, Semi-annually, Annually 45-60 days Multi-strategy funds 281,153 33 % Quarterly, Semi-annually 60-95 days Event-driven funds 94,012 11 % Quarterly, Annually 45-60 days Leveraged bank loan funds — — % n/a n/a Direct lending funds 125,002 15 % n/a n/a Private equity funds 89,170 11 % n/a n/a Real estate funds 11,782 1 % n/a n/a CLO - Equities 63,783 8 % n/a n/a Other privately held investments 42,900 5 % n/a n/a Total other investments $ 847,262 100 % At December 31, 2015 Long/short equity funds $ 154,348 19 % Quarterly, Semi-annually, Annually 45-60 days Multi-strategy funds 355,073 43 % Quarterly, Semi-annually 60-95 days Event-driven funds 147,287 18 % Quarterly, Annually 45-60 days Leveraged bank loan funds 65 — % n/a n/a Direct lending funds 90,120 11 % n/a n/a Private equity funds — — % n/a n/a Real estate funds 4,929 1 % n/a n/a CLO - Equities 64,934 8 % n/a n/a Other privately held investments — — % n/a n/a Total other investments $ 816,756 100 % n/a - not applicable The investment strategies for the above funds are as follows: • Long/short equity funds : Seek to achieve attractive returns primarily by executing an equity trading strategy involving both long and short investments in publicly-traded equities. • Multi-strategy funds : Seek to achieve above-market returns by pursuing multiple investment strategies to diversify risks and reduce volatility. This category includes funds of hedge funds which invest in a large pool of hedge funds across a diversified range of hedge fund strategies. • Event-driven funds : Seek to achieve attractive returns by exploiting situations where announced or anticipated events create opportunities. • Leveraged bank loan funds : Seek to achieve attractive returns by investing primarily in bank loan collateral that has limited interest rate risk exposure. • Direct lending funds : Seek to achieve attractive risk-adjusted returns, including current income generation, by investing in funds which provide financing directly to borrowers. • Real estate funds : Seek to achieve attractive risk-adjusted returns by making and managing investments in real estate and real estate securities and businesses. • Private equity funds : Seek to achieve attractive risk-adjusted returns by investing in private transactions over the course of several years. Two common redemption restrictions which may impact our ability to redeem our hedge funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the fund's net assets which may otherwise hinder the general partner or investment manager's ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. During 2016 and 2015 , neither of these restrictions impacted our redemption requests. At September 30, 2016 , $87 million ( 2015 : $66 million ), representing 17% ( 2015 : 10% ) of our total hedge funds, relate to holdings where we are still within the lockup period. The expiration of these lockup periods range from September 2016 to March 2019. At September 30, 2016 , we have $189 million ( 2015 : $222 million ) of unfunded commitments within our other investments portfolio relating to our future investments in direct lending funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until the completion of the fund's investment term. These funds have investment terms ranging from 5 - 10 years and the General Partners of certain funds have the option to extend the term by up to three years. At September 30, 2016 , we have $12 million ( 2015 : $12 million ) of unfunded commitments as a limited partner in a multi-strategy hedge fund. Once the full amount of committed capital has been called by the General Partner, the assets will not be fully returned until the completion of the fund's investment term which ends in March, 2019. The General Partner then has the option to extend the term by up to three years. At September 30, 2016 , we have $90 million ( 2015 : $95 million ) of unfunded commitments as a limited partner in a fund which invests in real estate and real estate securities and businesses. The fund is subject to a three year commitment period and a total fund life of eight years during which time we are not eligible to redeem our investment. During 2016, we made a $135 million commitment as a limited partner in a private equity fund. At September 30, 2016 , $40 million of our commitment remains unfunded and the current fair value of the funds called to date are included in the private equity funds line of the table above. The fund invests in underlying private equity funds and the life of the fund is subject to the dissolution of the underlying funds. We expect the overall holding period to be over ten years. During 2015, we made a $50 million commitment as a limited partner of a bank revolver opportunity fund. The fund is subject to an investment term of seven years and the General Partners have the option to extend the term by up to two years. At September 30, 2016 , this commitment remains unfunded. It is not anticipated that the full amount of this fund will be drawn. d) Equity Method Investments During 2016, we paid $104 million including direct transaction costs to acquire 18% of the common equity of Harrington Reinsurance Holdings Limited ("Harrington"), the parent company of Harrington Re Ltd. ("Harrington Re"), an independent reinsurance company jointly sponsored by AXIS Capital and The Blackstone Group L.P. ("Blackstone"). Through long-term service agreements, AXIS Capital will serve as Harrington Re's reinsurance underwriting manager and Blackstone will serve as exclusive investment management service provider. As an investor, we expect to benefit from underwriting profit generated by Harrington Re and the income and capital appreciation Blackstone seeks to deliver through its investment management services. In addition, we have entered into an arrangement with Blackstone under which underwriting and investment related fees will be shared equally. Harrington is not a variable interest entity and given that we exercise significant influence over this investee we account for our ownership in Harrington under the equity method of accounting. The Company's proportionate share of the underlying equity in net assets resulted in a basis difference of $5 million which represents initial transactions costs. The Company also has investments in other equity method investments with a carrying value of $9 million . e) Net Investment Income Net investment income was derived from the following sources: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Fixed maturities $ 75,827 $ 75,980 $ 229,423 $ 220,066 Other investments 38,248 (27,421 ) 25,770 17,616 Equity securities 4,633 3,445 12,843 7,795 Mortgage loans 2,191 482 5,683 776 Cash and cash equivalents 3,768 993 7,071 3,770 Short-term investments 337 83 708 277 Gross investment income 125,004 53,562 281,498 250,300 Investment expenses (8,081 ) (7,877 ) (23,680 ) (23,964 ) Net investment income $ 116,923 $ 45,685 $ 257,818 $ 226,336 f) Net Realized Investment Gains (Losses) The following table provides an analysis of net realized investment gains (losses): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Gross realized gains Fixed maturities and short-term investments $ 26,211 $ 12,126 $ 67,833 $ 44,853 Equities 5,570 232 18,804 447 Gross realized gains 31,781 12,358 86,637 45,300 Gross realized losses Fixed maturities and short-term investments (21,908 ) (54,867 ) (90,702 ) (111,432 ) Equities (576 ) (1,559 ) (15,923 ) (1,952 ) Gross realized losses (22,484 ) (56,426 ) (106,625 ) (113,384 ) Net OTTI recognized in earnings (4,247 ) (32,301 ) (20,346 ) (62,762 ) Change in fair value of investment derivatives (1) 155 6,412 39 7,228 Net realized investment gains (losses) $ 5,205 $ (69,957 ) $ (40,295 ) $ (123,618 ) (1) Refer to Note 5 – Derivative Instruments The following table summarizes the OTTI recognized in earnings by asset class: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Fixed maturities: Non-U.S. government $ 2,456 $ 1,295 $ 2,953 $ 2,717 Corporate debt 1,791 20,587 14,833 38,396 Non-Agency RMBS — — — 4 ABS — 84 — 124 4,247 21,966 17,786 41,241 Equity Securities Exchange-traded funds — 10,335 2,560 10,335 Bond mutual funds — — — 11,186 — 10,335 2,560 21,521 Total OTTI recognized in earnings $ 4,247 $ 32,301 $ 20,346 $ 62,762 The following table provides a roll forward of the credit losses, before income taxes, for which a portion of the OTTI was recognized in AOCI: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Balance at beginning of period $ 1,513 $ 1,564 $ 1,506 $ 1,531 Credit impairments recognized on securities not previously impaired — — — — Additional credit impairments recognized on securities previously impaired — — 7 33 Change in timing of future cash flows on securities previously impaired — — — — Intent to sell of securities previously impaired — — — — Securities sold/redeemed/matured (33 ) (43 ) (33 ) (43 ) Balance at end of period $ 1,480 $ 1,521 $ 1,480 $ 1,521 g) Reverse Repurchase Agreements At September 30, 2016 , we held $160 million ( December 31, 2015 : $ 30 million ) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of cash and cash equivalents on our consolidated balance sheet. The required collateral for these loans is either cash or U.S. Treasuries at a minimum rate of 102% of the loan principal. Upon maturity, we receive principal and interest income. We monitor the estimated fair value of the securities loaned and borrowed on a daily basis with additional collateral obtained as necessary throughout the duration of the transaction.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	Fair Value Hierarchy Fair value is defined as the price to sell an asset or transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants. We use a fair value hierarchy that gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement. The hierarchy is broken down into three levels as follows: • Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. • Level 2 - Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or for which significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data. • Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The unobservable inputs reflect our own judgments about assumptions that market participants might use. The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This may lead us to change the selection of our valuation technique (from market to cash flow approach) or may cause us to use multiple valuation techniques to estimate the fair value of a financial instrument. This circumstance could cause an instrument to be reclassified between levels within the fair value hierarchy. We used the following valuation techniques including significant inputs and assumptions in estimating the fair value of our financial instruments as well as the general classification of such financial instruments pursuant to the above fair value hierarchy. Fixed Maturities At each valuation date, we use the market approach valuation technique to estimate the fair value of our fixed maturities portfolio, when possible. This market approach includes, but is not limited to, prices obtained from third party pricing services for identical or comparable securities and the use of “pricing matrix models” using observable market inputs such as yield curves, credit risks and spreads, measures of volatility, and prepayment speeds. Pricing from third party pricing services is sourced from multiple vendors, when available, and we maintain a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. When prices are unavailable from pricing services, we obtain non-binding quotes from broker-dealers who are active in the corresponding markets. The valuation techniques including significant inputs generally used to determine the fair value of our fixed maturities by asset class as well as the classification in the fair value hierarchy are described in detail below. U.S. government and agency U.S. government and agency securities consist primarily of bonds issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. As the fair values of U.S. Treasury securities are based on unadjusted market prices in active markets, these securities are classified within Level 1. 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 classified within Level 2. Non-U.S. government Non-U.S. government securities comprise bonds issued by non-U.S. governments and their agencies along with supranational organizations (collectively also known as sovereign debt securities). The fair values of these securities are based on prices obtained from international indices or a valuation model which uses inputs including interest rate yield curves, cross-currency basis index spreads, and country credit spreads for structures similar to the sovereign bond in terms of issuer, maturity and seniority. As the significant inputs are observable market inputs, the fair value of non-U.S. government securities are classified within Level 2. Corporate debt Corporate debt securities consist primarily of investment-grade debt of a wide variety of corporate issuers and industries. The fair values of these securities are generally determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As these spreads and the yields for the risk-free yield curve are observable market inputs, the fair values of corporate debt securities are classified within Level 2. Where pricing is unavailable from pricing services, we obtain non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, securities are classified within Level 3. Agency RMBS Agency RMBS securities consist of bonds issued by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. The fair values of these securities are priced using a mortgage pool specific model which uses daily inputs from the active to be announced market and the spread associated with each mortgage pool based on vintage. As the significant inputs are observable market inputs, the fair values of Agency RMBS securities are classified within Level 2. CMBS CMBS include mostly investment-grade bonds originated by non-agencies. The fair values of these securities are determined using a pricing model which uses dealer quotes and other available trade information along with security level characteristics to determine deal specific spreads. As the significant inputs are observable market inputs, the fair values of CMBS securities are classified within Level 2. Where pricing is unavailable from pricing services, we obtain non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. I n this event, securities are classified within Level 3. Non-Agency RMBS Non-Agency RMBS include mostly investment-grade bonds originated by non-agencies. The fair values of these securities are determined using an option adjusted spread model or other relevant models, which use inputs including available trade information or broker quotes, prepayment and default projections based on historical statistics of the underlying collateral and current market data. As the significant inputs are observable market inputs, the fair values of Non-Agency RMBS securities are classified within Level 2. ABS ABS include mostly investment-grade bonds backed by pools of loans with a variety of underlying collateral, including automobile loan receivables, student loans, credit card receivables, and CLO Debt originated by a variety of financial institutions. The fair values of ABS are priced using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price ABS are observable market inputs, the fair values of ABS are classified within Level 2. Where pricing is unavailable from pricing services, we obtain non-binding quotes from broker-dealers t o estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. I n this event, securities are classified within Level 3. Municipals Municipals comprise revenue and general obligation bonds issued by U.S. domiciled state and municipal entities. The fair values of these securities are determined using spreads obtained from broker-dealers, trade prices and the new issue market. As the significant inputs used to price the municipals are observable market inputs, municipals are classified within Level 2. Equity Securities Equity securities include common stocks, exchange-traded funds and bond mutual funds. As the fair values of common stocks and exchange-traded funds are based on unadjusted quoted market prices in active markets, these securities are classified within Level 1. As bond mutual funds have daily liquidity with redemption based on the NAV of the funds, the fair values of these securities are classified within Level 2. Other Investments At September 30, 2016, our investments in CLO - Equities were classified within Level 3 as we estimated the fair value for these securities using an income approach valuation technique (discounted cash flow model) due to the lack of observable and relevant trades in the secondary markets. Other privately held securities include convertible preferred shares, convertible notes and notes payable. In the reporting period of investment, the cost of these investments approximates fair value. In subsequent measurement periods, a discounted cash flow model is used to determine the fair value of these securities. These securities are classified within Level 3. Short-Term Investments Short-term investments primarily comprise highly liquid securities with maturities greater than three months but less than one year from the date of purchase. These securities are classified within Level 2 because these securities are typically not actively traded due to their approaching maturity and, as such, their amortized cost approximates fair value. Derivative Instruments Our foreign currency forward contracts, interest rate swaps and commodity contracts are customized to our economic hedging strategies and trade in the over-the-counter derivative market. We use the market approach valuation technique to estimate the fair value for these derivatives based on significant observable market inputs from third party pricing vendors, non-binding broker-dealer quotes and/or recent trading activity. Accordingly, we classified these derivatives within Level 2. We also participate in non-exchange traded derivative-based risk management products addressing weather risks. We use observable market inputs and unobservable inputs in combination with industry or internally-developed valuation and forecasting techniques to determine fair value. We classify these instruments within Level 3. Insurance-linked Securities Insurance-linked securities comprise an investment in a catastrophe bond. We obtain non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. These securities are classified within Level 3. Cash Settled Awards Cash settled awards comprise restricted stock units that form part of our compensation program. Although the fair value of these awards is determined using observable quoted market prices in active markets, the stock units themselves are not actively traded. Accordingly, we have classified these liabilities within Level 2. The tables below present the financial instruments measured at fair value on a recurring basis for the periods indicated: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair value based on NAV practical expedient Total Fair Value At September 30, 2016 Assets Fixed maturities U.S. government and agency $ 1,522,246 $ 40,631 $ — $ — $ 1,562,877 Non-U.S. government — 582,056 — — 582,056 Corporate debt — 4,499,408 69,092 — 4,568,500 Agency RMBS — 2,522,731 — — 2,522,731 CMBS — 885,355 8,920 — 894,275 Non-Agency RMBS — 71,830 — — 71,830 ABS — 1,235,596 — — 1,235,596 Municipals — 128,995 — — 128,995 1,522,246 9,966,602 78,012 — 11,566,860 Equity securities Common stocks 69 — — — 69 Exchange-traded funds 504,206 — — — 504,206 Bond mutual funds — 140,069 — — 140,069 504,275 140,069 — — 644,344 Other investments Hedge funds — — — 514,625 514,625 Direct lending funds — — — 125,002 125,002 Private equity funds — — — 89,170 89,170 Real estate funds — — — 11,782 11,782 Other privately held investments — — 42,900 — 42,900 CLO - Equities — — 63,783 — 63,783 — — 106,683 740,579 847,262 Short-term investments — 39,877 — — 39,877 Other assets Derivative instruments (see Note 5) — 4,469 2,488 — 6,957 Insurance-linked securities — — 25,283 — 25,283 Total Assets $ 2,026,521 $ 10,151,017 $ 212,466 $ 740,579 $ 13,130,583 Liabilities Derivative instruments (see Note 5) $ — $ 4,411 $ 8,184 $ — $ 12,595 Cash settled awards (see Note 7) — 34,288 — — 34,288 Total Liabilities $ — $ 38,699 $ 8,184 $ — $ 46,883 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair value based on NAV practical expedient Total Fair Value At December 31, 2015 Assets Fixed maturities U.S. government and agency $ 1,632,355 $ 19,594 $ — $ — $ 1,651,949 Non-U.S. government — 739,005 — — 739,005 Corporate debt — 4,324,251 38,518 — 4,362,769 Agency RMBS — 2,249,236 — — 2,249,236 CMBS — 1,072,376 10,922 — 1,083,298 Non-Agency RMBS — 101,008 — — 101,008 ABS — 1,371,270 — — 1,371,270 Municipals — 161,214 — — 161,214 1,632,355 10,037,954 49,440 — 11,719,749 Equity securities Common stocks — — — — — Exchange-traded funds 473,973 — — — 473,973 Bond mutual funds — 124,025 — — 124,025 473,973 124,025 — — 597,998 Other investments Hedge funds — — — 656,773 656,773 Direct lending funds — — — 90,120 90,120 Private equity funds — — — — — Real estate funds — — — 4,929 4,929 Other privately held investments — — — — — CLO - Equities — — 27,257 37,677 64,934 — — 27,257 789,499 816,756 Short-term investments — 34,406 — — 34,406 Other assets Derivative instruments (see Note 5) — 2,072 4,395 — 6,467 Insurance-linked securities — — 24,925 — 24,925 Total Assets $ 2,106,328 $ 10,198,457 $ 106,017 $ 789,499 $ 13,200,301 Liabilities Derivative instruments (see Note 5) $ — $ 7,692 $ 10,937 $ — $ 18,629 Cash settled awards (see Note 7) — 33,215 — — 33,215 Total Liabilities $ — $ 40,907 $ 10,937 $ — $ 51,844 During 2016 and 2015 , there were no transfers between Levels 1 and 2. Except certain fixed maturities and insurance-linked securities priced using broker-dealer quotes (underlying inputs are not available), the following table quantifies the significant unobservable inputs we have used in estimating fair value at September 30, 2016 for our investments classified as Level 3 in the fair value hierarchy. Fair Value Valuation Technique Unobservable Input Range Weighted Average Other investments - CLO - Equities $ 35,594 Discounted cash flow Default rates 4.0% 4.0% Loss severity rate 35.0% - 53.5% 35.4% Collateral spreads 3.6% - 4.0% 4.0% Estimated maturity dates 2 - 6 years 6 years 28,189 Liquidation value Fair value of collateral 100% 100% Discount margin 0.1% - 19.1% 2.4% Other investments - Other privately held investments 42,900 Discounted cash flow Discount rate 5.0% - 8.0% 7.2% Derivatives - Weather derivatives, net $ (5,696 ) Simulation model Weather curve 1 - 2294 (1) n/a (2) Weather standard deviation 1 - 1029 (1) n/a (2) (1) Measured in Heating Degree Days ("HDD") which is the number of degrees the daily temperature is below a reference temperature. The cumulative HDD for the duration of the derivatives contract is compared to the strike value to determine the necessary settlement. (2) Due to the diversity of the portfolio, the range of unobservable inputs can be widespread; therefore, presentation of a weighted average is not useful. Weather parameters may include various temperature and/or precipitation measures that will naturally vary by geographic location of each counterparty's operations. The CLO - Equities market continues to be mostly inactive with only a small number of transactions being observed and fewer still involving transactions in our CLO - Equities. Accordingly, we use models to estimate the fair value of our investments in CLO - Equities. Given that all of our direct investments in CLO - Equities are past their reinvestment period, there is uncertainty over the remaining time to maturity. As such our direct investments in CLO - Equities are valued at the lower of the liquidation value and fair value based on an internally developed discounted cash flow model. The liquidation valuation is based on the fair value of the net underlying collateral which is determined by applying market discount margins by credit quality bucket. An increase (decrease) in the market discount margin would result in a decrease (increase) in value of our CLO - Equities. Regarding the discounted cash flow model, the default and loss severity rates are the most judgmental unobservable market inputs to which the valuation of CLO - Equities is most sensitive. A significant increase (decrease) in either of these significant inputs in isolation would result in lower (higher) fair value estimates for direct investments in our CLO - Equities and, in general, a change in default rate assumptions will be accompanied by a directionally similar change in loss severity rate assumptions. Collateral spreads and estimated maturity dates are less judgmental inputs as they are based on the historical average of actual spreads and the weighted average life of the current underlying portfolios, respectively. A significant increase (decrease) in either of these significant inputs in isolation would result in higher (lower) fair value estimates for direct investments in our CLO - Equities. In general, these inputs have no significant interrelationship with each other or with default and loss severity rates. On a quarterly basis, our valuation process for CLO - Equities includes a review of the underlying collateral along with related discount margins by credit quality bucket used in the liquidation valuation and a review of the underlying cash flows and key assumptions used in the discounted cash flow model. We review and update the above significant unobservable inputs based on information obtained from secondary markets, including information received from the managers of our CLO - Equities portfolio. In order to assess the reasonableness of the inputs we use in our models, we maintain an understanding of current market conditions, historical results, as well as emerging trends that may impact future cash flows. In addition,we update the assumptions we use in our models through regular communication with industry participants and ongoing monitoring of the deals in which we participate (e.g. default and loss severity rate trends). Other privately held securities are initially valued at cost which approximates fair value. In subsequent measurement periods, a discounted cash flow model is used to determine the fair value of these securities. These models include inputs specific to each investment. The inputs used in the fair value measurement include dividend or interest rates and a discount rate. The discount rate is judgmental and the most significant unobservable input used in the valuation of the other privately held securities. Significant increases (decreases) in this input in isolation could result in a significantly higher (lower) fair value measurement. In order to assess the reasonableness of the inputs we use in our models, we maintain an understanding of current market conditions, historical results, as well as investee specific information that may impact future cash flows. Weather derivatives relate to non-exchange traded risk management products addressing weather risks. We use observable market inputs and unobservable inputs in combination with industry or internally-developed valuation and forecasting techniques to determine fair value. The models may reference market price information for similar instruments. The pricing models are internally reviewed by Risk Management personnel prior to implementation and are reviewed periodically thereafter. Observable and unobservable inputs to these models vary by contract type but would typically include the following: • Observable inputs: market prices for similar instruments, notional price, option strike price, term to expiry, contractual limits; • Unobservable inputs: correlation; and • Both observable and unobservable inputs: weather curves, weather standard deviation. In general, weather curves are the most significant contributing input to fair value determination. Changes in this variable can result in higher or lower fair value depending on the underlying position. In addition, changes in any or all of the unobservable inputs identified above may contribute positively or negatively to overall portfolio value. The correlation input will quantify the interrelationship, if any, amongst the other variables. The following tables present changes in Level 3 for financial instruments measured at fair value on a recurring basis for the periods indicated: Opening Balance Transfers into Level 3 Transfers out of Level 3 Included in earnings (1) Included in OCI (2) Purchases Sales Settlements/ Distributions Closing Balance Change in unrealized investment gain/(loss) (3) Three months ended September 30, 2016 Fixed maturities Corporate debt $ 62,022 $ — $ — $ (9 ) $ 100 $ 7,563 $ — $ (584 ) $ 69,092 $ — CMBS 10,210 — — — (48 ) — — (1,242 ) 8,920 — ABS — — — — — — — — — — 72,232 — — (9 ) 52 7,563 — (1,826 ) 78,012 — Other investments Other privately held investments 41,755 — — (355 ) — 1,500 — — 42,900 (355 ) CLO - Equities 65,883 — — 8,419 — — — (10,519 ) 63,783 8,419 107,638 — — 8,064 — 1,500 — (10,519 ) 106,683 8,064 Other assets Derivative instruments 5 — — 665 — 1,818 — — 2,488 665 Insurance-linked securities 25,025 — — 258 — — — — 25,283 258 25,030 — — 923 — 1,818 — — 27,771 923 Total assets $ 204,900 $ — $ — $ 8,978 $ 52 $ 10,881 $ — $ (12,345 ) $ 212,466 $ 8,987 Other liabilities Derivative instruments $ 1,978 $ — $ — $ (169 ) $ — $ 6,384 $ — $ (9 ) $ 8,184 $ 335 Total liabilities $ 1,978 $ — $ — $ (169 ) $ — $ 6,384 $ — $ (9 ) $ 8,184 $ 335 Nine months ended September 30, 2016 Fixed maturities Corporate debt $ 38,518 $ 20,412 $ (1,955 ) $ (988 ) $ 1,188 $ 17,107 $ (4,015 ) $ (1,175 ) $ 69,092 $ — CMBS 10,922 — — — (134 ) — — (1,868 ) 8,920 — ABS — — — — — — — — — — 49,440 20,412 (1,955 ) (988 ) 1,054 17,107 (4,015 ) (3,043 ) 78,012 — Other investments Other privately held investments — — — (1,505 ) — 44,405 — — 42,900 (1,505 ) CLO - Equities 27,257 36,378 — 17,431 — — — (17,283 ) 63,783 17,431 27,257 36,378 — 15,926 — 44,405 — (17,283 ) 106,683 15,926 Other assets Derivative instruments 4,395 — — 3,255 — 3,623 — (8,785 ) 2,488 669 Insurance-linked securities 24,925 — — 358 — — — — 25,283 358 29,320 — — 3,613 — 3,623 — (8,785 ) 27,771 1,027 Total assets $ 106,017 $ 56,790 $ (1,955 ) $ 18,551 $ 1,054 $ 65,135 $ (4,015 ) $ (29,111 ) $ 212,466 $ 16,953 Other liabilities Derivative instruments $ 10,937 $ — $ — $ 2,445 $ — $ 7,189 $ — $ (12,387 ) $ 8,184 $ 457 Total liabilities $ 10,937 $ — $ — $ 2,445 $ — $ 7,189 $ — $ (12,387 ) $ 8,184 $ 457 Opening Balance Transfers into Level 3 Transfers out of Level 3 Included in earnings (1) Included in OCI (2) Purchases Sales Settlements/ Distributions Closing Balance Change in unrealized investment gain/(loss) (3) Three months ended September 30, 2015 Fixed maturities Corporate debt $ 43,008 $ — $ — $ (2 ) $ 300 $ 22,821 $ — $ (4,403 ) $ 61,724 $ — CMBS 21,900 — (9,902 ) — (219 ) — — (461 ) 11,318 — ABS 110 — — — — — — (3 ) 107 — 65,018 — (9,902 ) (2 ) 81 22,821 — (4,867 ) 73,149 — Other investments Other privately held investments — — — — — — — — — — CLO - Equities 36,921 — — 1,192 — — — (3,118 ) 34,995 1,192 36,921 — — 1,192 — — — (3,118 ) 34,995 1,192 Other assets Derivative instruments 240 — — 35 — — — (240 ) 35 35 Insurance-linked securities 24,837 — — 175 — — — — 25,012 175 25,077 — — 210 — — — (240 ) 25,047 210 Total assets $ 127,016 $ — $ (9,902 ) $ 1,400 $ 81 $ 22,821 $ — $ (8,225 ) $ 133,191 $ 1,402 Other liabilities Derivative instruments $ 818 $ — $ — $ (331 ) $ — $ 6,475 $ — $ — $ 6,962 $ (331 ) Total liabilities $ 818 $ — $ — $ (331 ) $ — $ 6,475 $ — $ — $ 6,962 $ (331 ) Nine months ended September 30, 2015 Fixed maturities Corporate debt $ 15,837 $ — $ — $ (2 ) $ 724 $ 54,445 $ — $ (9,280 ) $ 61,724 $ — CMBS 17,763 5,072 (9,902 ) — (543 ) — — (1,072 ) 11,318 — ABS 40,031 — (39,851 ) — 105 — — (178 ) 107 — 73,631 5,072 (49,753 ) (2 ) 286 54,445 — (10,530 ) 73,149 — Other investments Other privately held investments — — — — — — — — — — CLO - Equities 37,046 — — 7,930 — — — (9,981 ) 34,995 7,930 37,046 — — 7,930 — — — (9,981 ) 34,995 7,930 Other assets Derivative instruments 111 — — (792 ) — — — 716 35 35 Insurance-linked securities — — — 12 — 25,000 — — 25,012 12 111 — — (780 ) — 25,000 — 716 25,047 47 Total assets $ 110,788 $ 5,072 $ (49,753 ) $ 7,148 $ 286 $ 79,445 $ — $ (19,795 ) $ 133,191 $ 7,977 Other liabilities Derivative instruments $ 15,288 $ — $ — $ (12,053 ) $ — $ 8,698 $ — $ (4,971 ) $ 6,962 $ (318 ) Total liabilities $ 15,288 $ — $ — $ (12,053 ) $ — $ 8,698 $ — $ (4,971 ) $ 6,962 $ (318 ) (1) Gains and losses included in earnings on fixed maturities are included in net realized investment gains (losses). Gains and (losses) included in earnings on other investments are included in net investment income. Gains (losses) on weather derivatives included in earnings are included in other insurance-related income. (2) Gains and losses included in other comprehensive income (“OCI”) on fixed maturities are included in unrealized gains (losses) arising during the period. (3) Change in unrealized investment gain (loss) relating to assets held at the reporting date. The transfers into and out of fair value hierarchy levels reflect the fair value of the securities at the end of the reporting period. Transfers into Level 3 from Level 2 There were no transfers to Level 3 from Level 2 made during the three months ended September 30, 2016 and 2015. The transfers to Level 3 from Level 2 made during the nine months ended September 30, 2016 were primarily due to the lack of observable market inputs and multiple quotes from pricing vendors and broker-dealers for certain fixed maturities and as the result of a change in valuation methodology relating to our CLO equity fund. An income approach valuation technique (discounted cash flow model) is used to estimate fair value at September 30, 2016. As the NAV practical expedient is no longer used the CLO equity fund is now categorized within the fair value hierarchy. The transfers to Level 3 from Level 2 made during the nine months ended September 30, 2015 were primarily due to the lack of observable market inputs and multiple quotes from pricing vendors and broker-dealers for certain fixed maturities. Transfers out of Level 3 into Level 2 There were no transfers to Level 2 from Level 3 made during the three months ended September 30, 2016. The transfers to Level 2 from Level 3 made during the nine months ended September 30, 2016 were primarily due to the availability of observable market inputs and quotes from pricing vendors on certain fixed maturities. The transfers to Level 2 from Level 3 made during the three and nine months ended September 30, 2015 were primarily due to the availability of observable market inputs and quotes from pricing vendors on certain fixed maturities and CLO Debt securities. Measuring the Fair Value of Other Investments Using Net Asset Valuations As a practical expedient, we estimate fair values for hedge funds, direct lending funds, private equity funds and real estate funds using NAVs as advised by external fund managers or third party administrators. For each of these funds, the NAV is based on the manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents and in accordance with U.S. GAAP. If there is a reporting lag between the current period end and reporting date of the latest available fund valuation for any hedge fund, we estimate the change in fair value by starting with the most recently available fund valuation and adjusting for return estimates as well as any subscriptions, redemptions and distributions that took place during the current period. Return estimates are obtained from the relevant fund managers. Accordingly, we do not typically have a reporting lag in our fair value measurements for these funds. Historically, our valuation estimates incorporating these return estimates have not significantly diverged from the subsequently received NAVs. For private equity funds, direct lending funds and the real estate fund, valuation statements are typically released on a three month reporting lag therefore the Company estimates fair value of these funds by starting with the prior quarter-end fund valuations and adjusting for capital calls, redemptions, drawdowns and distributions. Return estimates are not available from the relevant fund managers for these funds. Accordingly, we typically have a reporting lag in our fair value measurements for these funds. The Company often does not have access to financial information relating to the underlying securities held within the funds, therefore management is unable to corroborate the fair values placed on the securities underlying the asset valuations provided by the fund manager or fund administrator. To address this, on a quarterly basis, we perform a number of monitoring procedures to assess the quality of the information provided by managers and administrators. These procedures include, but are not limited to, regular review and discussion of each fund's performance with its manager, regular evaluation of fund performance against applicable benchmarks and the backtesting of our fair value estimates against subsequently received NAVs. Backtesting involves comparing our previously reported values for each individual fund against NAVs per audited financial statements (for year-end values) and final NAVs from fund managers and fund administrators (for interim values). The fair value of our hedge funds, direct lending funds, private equity funds and real estate funds are measured using the NAV practical expedient and therefore have not been categorized with the fair value hierarchy. Financial Instruments Not Carried at Fair Value U.S. GAAP guidance over disclosures about the fair value of financial instruments are also applicable to financial instruments not carried at fair value, except for certain financial instruments, including insurance contracts. The carrying values of cash equivalents (including restricted amounts), accrued investment income, receivable for investments sold, certain other assets, payable for investments purchased and certain other liabilities approximated their fair values at September 30, 2016 , due to their respective short maturities. As these financial instruments are not actively traded, their respective fair values are classified within Level 2. The carrying value of mortgage loans held-for-investment approximated their fair value at September 30, 2016 , as the loans are within their first two years of issue. The estimated fair value of mortgage loans is primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar mortgage loans with similar credit risk, or is determined from pricing for similar loans. As mortgage loans are not actively traded, their respective fair values are classified within Level 3. At September 30, 2016 , our senior notes are recorded at amortized cost with a carrying value of $993 million ( 2015 : $992 million ) and have a fair value of $1,083 million ( 2015 : $1,058 million ). The fair values of these securities were obtained from a third party pricing service and pricing was based on the spread above the risk-free yield curve. These sprea

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	The following table summarizes the balance sheet classification of derivatives recorded at fair values. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and is presented in the table to quantify the volume of our derivative activities. Notional amounts are not reflective of credit risk. None of our derivative instruments are designated as hedges under current accounting guidance. September 30, 2016 December 31, 2015 Derivative Notional Amount Derivative Asset Fair Value (1) Derivative Liability Fair Value (1) Derivative Notional Amount Derivative Asset Fair Value (1) Derivative Liability Fair Value (1) Relating to investment portfolio: Foreign exchange forward contracts $ 40,367 $ 279 $ 17 $ 198,406 $ 490 $ 837 Interest rate swaps — — — — — — Relating to underwriting portfolio: Foreign exchange forward contracts 560,477 25 4,394 692,023 1,582 6,855 Weather-related contracts 59,436 2,488 8,184 51,395 4,395 10,937 Commodity contracts 181,000 4,165 — — — — Total derivatives $ 6,957 $ 12,595 $ 6,467 $ 18,629 (1) Asset and liability derivatives are classified within other assets and other liabilities in the Consolidated Balance Sheets. Offsetting Assets and Liabilities Our derivative instruments are generally traded under International Swaps and Derivatives Association master netting agreements, which establish terms that apply to all transactions. In the event of a bankruptcy or other stipulated event, master netting agreements provide that individual positions be replaced with a new amount, usually referred to as the termination amount, determined by taking into account market prices and converting into a single currency. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure. The table below presents a reconciliation of our gross derivative assets and liabilities to the net amounts presented in our Consolidated Balance Sheets, with the difference being attributable to the impact of master netting agreements. September 30, 2016 December 31, 2015 Gross Amounts Gross Amounts Offset Net Amounts (1) Gross Amounts Gross Amounts Offset Net Amounts (1) Derivative assets $ 9,370 $ (2,413 ) $ 6,957 $ 14,336 $ (7,869 ) $ 6,467 Derivative liabilities $ 15,008 $ (2,413 ) $ 12,595 $ 26,498 $ (7,869 ) $ 18,629 (1) Net asset and liability derivatives are classified within other assets and other liabilities in the Consolidated Balance Sheets. Refer to Note 3 - Investments for information on reverse repurchase agreements. Derivative Instruments not Designated as Hedging Instruments a) Relating to Investment Portfolio Foreign Currency Risk Within our investment portfolio we are exposed to foreign currency risk. Accordingly, the fair values for our investment portfolio are partially influenced by the change in foreign exchange rates. We may enter into foreign exchange forward contracts to manage the effect of this foreign currency risk. These foreign currency hedging activities are not designated as specific hedges for financial reporting purposes. Interest Rate Risk Our investment portfolio contains a large percentage of fixed maturities which exposes us to significant interest rate risk. As part of our overall management of this risk, we may use interest rate swaps. b) Relating to Underwriting Portfolio Foreign Currency Risk Our (re)insurance subsidiaries and branches operate in various foreign countries. Consequently, some of our business is written in currencies other than the U.S. dollar and, therefore, our underwriting portfolio is exposed to significant foreign currency risk. We manage foreign currency risk by seeking to match our foreign-denominated net liabilities under (re)insurance contracts with cash and investments that are denominated in such currencies. We may also use derivative instruments, specifically forward contracts and currency options, to economically hedge foreign currency exposures. Weather Risk We write derivative-based risk management products designed to address weather risks with the objective of generating profits on a portfolio basis. The majority of this business consists of receiving a payment at contract inception in exchange for bearing the risk of variations in a quantifiable weather-related phenomenon, such as temperature. Where a client wishes to minimize the upfront payment, these transactions may be structured as swaps or collars. In general, our portfolio of such derivative contracts is of short duration, with contracts being predominantly seasonal in nature. In order to economically hedge a portion of this portfolio, we may also purchase weather derivatives. Commodity Risk Within our (re)insurance portfolio we are exposed to commodity price risk. We may hedge a portion of this price risk by entering into commodity derivative contracts. The total unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges were as follows: Location of Gain (Loss) Recognized in Income on Derivative Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Derivatives not designated as hedging instruments Relating to investment portfolio: Foreign exchange forward contracts Net realized investment gains (losses) $ 155 $ 6,412 $ 39 $ 11,234 Interest rate swaps Net realized investment gains (losses) — — — (4,006 ) Relating to underwriting portfolio: Foreign exchange forward contracts Foreign exchange losses (gains) (182 ) (5,210 ) (2,958 ) (21,494 ) Weather-related contracts Other insurance related income (losses) 833 307 809 11,274 Commodity contracts Other insurance related income (losses) 1,799 (33 ) 1,499 (923 ) Total $ 2,605 $ 1,476 $ (611 ) $ (3,915 )

RESERVE FOR LOSSES AND LOSS EXP

RESERVE FOR LOSSES AND LOSS EXPENSES	9 Months Ended
	Sep. 30, 2016
Insurance Loss Reserves [Abstract]
RESERVE FOR LOSSES AND LOSS EXPENSES	The following table presents a reconciliation of our beginning and ending gross reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses for the periods indicated: Nine months ended September 30, 2016 2015 Gross reserve for losses and loss expenses, beginning of period $ 9,646,285 $ 9,596,797 Less reinsurance recoverable on unpaid losses, beginning of period (2,031,309 ) (1,890,280 ) Net reserve for unpaid losses and loss expenses, beginning of period 7,614,976 7,706,517 Net incurred losses and loss expenses related to: Current year 1,887,715 1,818,672 Prior years (224,131 ) (165,804 ) 1,663,584 1,652,868 Net paid losses and loss expenses related to: Current year (233,124 ) (185,953 ) Prior years (1,334,772 ) (1,293,776 ) (1,567,896 ) (1,479,729 ) Foreign exchange and other (112,649 ) (183,360 ) Net reserve for unpaid losses and loss expenses, end of period 7,598,015 7,696,296 Reinsurance recoverable on unpaid losses, end of period 2,276,792 2,007,287 Gross reserve for losses and loss expenses, end of period $ 9,874,807 $ 9,703,583 We write business with loss experience generally characterized as low frequency and high severity in nature, which can result in volatility in our financial results. During the nine months ended September 30, 2016 and 2015 , we recognized aggregate net losses and loss expenses, net of reinstatement premiums of $145 million and $90 million , respectively, in relation to catastrophe and weather-related events. During April 2016, the Company entered into a quota share and adverse development cover reinsurance agreement, a retroactive contract which was deemed to have met the established criteria for retroactive reinsurance accounting. Foreign exchange and other includes reinsurance recoverables of $159 million related to this reinsurance agreement. Prior year reserve development arises from changes to loss and loss expense estimates recognized in the current year but relating to losses incurred in previous calendar years. Such development is summarized by segment in the following table: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Insurance $ 20,688 $ 2,444 $ 43,181 $ 21,225 Reinsurance 55,331 42,681 180,950 144,579 Total $ 76,019 $ 45,125 $ 224,131 $ 165,804 The majority of the net favorable prior year reserve development in each period related to short-tail reserve classes. Net favorable prior year reserve development for professional, reinsurance liability and motor reserve classes also contributed in the three and nine months ended September 30, 2016. Our short tail business includes the underlying exposures in the property and other, marine and aviation reserving classes within our insurance segment and the property and other reserving class within our reinsurance segment. Development from these classes contributed $41 million and $38 million of the total net favorable prior year reserve development for the three months ended September 30, 2016 and 2015 , respectively. For the nine months ended September 30, 2016 and 2015, these short-tail lines contributed $116 million and $112 million , respectively, of net favorable prior year reserve development. The net favorable prior year reserve development for these classes primarily reflected the recognition of better than expected loss emergence. Our medium-tail business consists primarily of professional insurance and reinsurance reserve classes, credit and political risk insurance reserve class and the credit and surety reinsurance reserve class. In the three and nine months ended September 30, 2016, the professional reserve classes contributed net favorable prior year reserve development of $12 million and $28 million , respectively. In the nine months ended September 30, 2015, the reinsurance professional reserve class contributed $25 million of net favorable development. The net favorable prior year development on these reserve classes continued to reflect the generally favorable experience on earlier accident years as we continued to transition to more experience based methods on these years. As our loss experience has generally been better than expected, this resulted in the recognition of net favorable prior year reserve development. In the three and nine months ended September 30, 2015, the insurance professional reserve class recorded net adverse prior year reserve development of $15 million and $16 million , respectively. This adverse development was primarily the result of strengthening in our Australian book of business during the third quarter of 2015. In the three and nine months ended September 30, 2015, the credit and surety reserve class recorded net favorable prior year reserve development of $7 million and $19 million , respectively. This net favorable prior year reserve development reflected the recognition of generally better than expected loss emergence. In the nine months ended September 30, 2015, we recorded net adverse prior year reserve development of $15 million in our credit and political risk reserve class relating to an increase in our loss portfolio estimates. Our long-tail business consists primarily of liability and motor reserve classes. Our motor and liability reinsurance reserve classes contributed additional net favorable prior year reserve development of $17 million and $20 million in the three months ended September 30, 2016 and 2015 , respectively. For the nine months ended September 30, 2016 and 2015, these long-tail reserve classes contributed $72 million and $64 million , respectively. The net favorable prior year reserve development for the motor reserve class related to favorable loss emergence trends on several classes of business spanning multiple accident years. The net favorable prior year reserve development for the liability reinsurance reserve class primarily reflected the progressively increased weight given by management to experience based indications on older accident years, which has generally been favorable. In the three and nine months ended September 30, 2015, we recorded net adverse prior year reserve development of $6 million and $23 million , respectively, in our insurance liability reserve class related primarily to an increase in loss estimates for specific individual claim reserves, as well as a higher frequency of large auto liability claims. Our September 30, 2016 net reserves for losses and loss expenses includes estimated amounts for numerous catastrophe events. We caution that the magnitude and/or complexity of losses arising from certain of these events, in particular the Fort McMurray wildfires, Storm Sandy, the 2011 Japanese earthquake and tsunami, the three New Zealand earthquakes and the Tianjin port explosion, inherently increases the level of uncertainty and, therefore, the level of management judgment involved in arriving at our estimated net reserves for losses and loss expenses. As a result, our actual losses for these events may ultimately differ materially from our current estimates.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	For the three months ended September 30, 2016 , we incurred share-based compensation costs of $14 million ( 2015 : $11 million ) and recorded associated tax benefits of $3 million ( 2015 : $3 million ). For the nine months ended September 30, 2016 , we incurred share-based compensation costs of $50 million ( 2015 : $41 million ) and recorded associated tax benefits of $11 million ( 2015 : $11 million ). The total fair value of restricted stock, restricted stock units and cash settled awards vested during the nine months ended September 30, 2016 was $66 million ( 2015 : $73 million ). At September 30, 2016 there were $104 million of unrecognized compensation costs, which are expected to be recognized over the weighted average period of 2.4 years . Awards to settle in shares The following table provides a reconciliation of the beginning and ending balance of nonvested restricted stock (including restricted stock units) for the nine months ended September 30, 2016 : Performance-based Stock Awards Service-based Stock Awards Number of Restricted Stock Weighted Average Grant Date Fair Value Number of Restricted Stock Weighted Average Grant Date Fair Value (1) Nonvested restricted stock - beginning of period 201 $ 49.24 1,954 $ 43.34 Granted 104 53.80 586 53.81 Vested (48 ) 45.38 (779 ) 39.26 Forfeited — — (94 ) 47.03 Nonvested restricted stock - end of period 257 $ 52.04 1,667 $ 48.77 (1) Fair value is based on the closing price of our common shares on the New York Stock Exchange on the day of the grant. Cash-settled awards The following table provides a reconciliation of the beginning and ending balance of nonvested cash settled restricted stock units for the nine months ended September 30, 2016 : Performance-based Cash Settled RSUs Service-based Cash Settled RSUs Number of Restricted Stock Units Number of Restricted Stock Units Nonvested restricted stock units - beginning of period 70 1,433 Granted 18 494 Vested (32 ) (371 ) Forfeited — (94 ) Nonvested restricted stock units - end of period 56 1,462 At September 30, 2016, the corresponding liability for cash-settled units, included in other liabilities on the Consolidated Balance Sheets, was $34 million (2015: $23 million ).

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	The following table sets forth the comparison of basic and diluted earnings per common share: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Basic earnings per common share Net income $ 186,613 $ 257,642 $ 364,460 $ 496,838 Less: preferred share dividends 9,969 10,022 29,906 30,066 Net income available to common shareholders 176,644 247,620 334,554 466,772 Weighted average common shares outstanding - basic (1) 89,621 98,226 91,852 99,464 Basic earnings per common share $ 1.97 $ 2.52 $ 3.64 $ 4.69 Diluted earnings per common share Net income available to common shareholders $ 176,644 $ 247,620 $ 334,554 $ 466,772 Weighted average common shares outstanding - basic (1) 89,621 98,226 91,852 99,464 Share based compensation plans 730 898 727 1,004 Weighted average common shares outstanding - diluted (1) 90,351 99,124 92,579 100,468 Diluted earnings per common share $ 1.96 $ 2.50 $ 3.61 $ 4.65 Anti-dilutive shares excluded from the dilutive computation — — 226 219 (1) On August 17, 2015 , the Company entered into an Accelerated Share Repurchase (“ASR”) agreement (see ' Note 9 - Shareholders' Equity' for additional detail). The weighted-average number of shares outstanding used in the computation of basic and diluted earnings per share reflects the Company’s receipt of 4,149,378 common shares delivered to the Company on August 20, 2015, and 1,358,380 common shares delivered to the company on January 15, 2016 under the Company's ASR agreement.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	The following table presents our common shares issued and outstanding: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Shares issued, balance at beginning of period 176,575 176,206 176,240 175,478 Shares issued — 16 335 744 Total shares issued at end of period 176,575 176,222 176,575 176,222 Treasury shares, balance at beginning of period (85,921 ) (75,922 ) (80,174 ) (76,052 ) Shares repurchased (2,252 ) (4,257 ) (8,499 ) (4,607 ) Shares reissued from treasury 37 6 537 486 Total treasury shares at end of period (88,136 ) (80,173 ) (88,136 ) (80,173 ) Total shares outstanding 88,439 96,049 88,439 96,049 Treasury Shares The following table presents our share repurchases: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 In the open market: Total shares (1) 2,232 4,248 8,236 4,264 Total cost $ 124,948 $ 245,658 $ 434,948 $ 246,490 Average price per share (2) $ 56.00 $ 57.83 $ 52.81 $ 57.80 From employees: Total shares 20 9 263 343 Total cost $ 1,088 $ 489 $ 14,137 $ 17,586 Average price per share (2) $ 54.13 $ 55.59 $ 53.68 $ 51.28 Total shares repurchased: Total shares 2,252 4,257 8,499 4,607 Total cost $ 126,036 $ 246,147 $ 449,085 $ 264,076 Average price per share (2) $ 55.98 $ 57.83 $ 52.84 $ 57.32 (1) The nine months ended September 30, 2016 includes 1,358,380 common shares acquired under the accelerated share repurchase program (see below for more detail). (2) Calculated using whole figures. Accelerated Share Repurchase Program On August 17, 2015 , the Company entered into an Accelerated Share Repurchase agreement with Goldman, Sachs & Co. (“Goldman Sachs”) to repurchase an aggregate of $300 million of the Company’s ordinary shares under an accelerated share repurchase program. During August, 2015 , under the terms of this agreement, the Company paid $300 million to Goldman Sachs and initially repurchased 4,149,378 ordinary shares. The initial shares acquired represented 80% of the $300 million total paid to Goldman Sachs and were calculated using the Company’s stock price at activation of the program. The ASR program is accounted for as an equity transaction. Accordingly, as at December 31, 2015, $240 million of common shares repurchased were included as treasury shares in the Consolidated Balance Sheet with the remaining $60 million included as a reduction to additional paid-in capital. On January 15, 2016 , Goldman Sachs early terminated the ASR agreement and delivered 1,358,380 additional common shares to the Company, resulting in the reduction from additional paid-in capital of $60 million being reclassified to treasury shares. In total, the Company repurchased 5,507,758 common shares under the ASR agreement at an average price of $ 54.47 . Series B Preferred Shares On January 27, 2016 we redeemed the remaining 28,430 Series B preferred shares, for an aggregate liquidation preference of $3 million .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Reinsurance Agreements We purchase reinsurance coverage for various lines of our business. The minimum reinsurance premiums are contractually due in advance on a quarterly basis. Accordingly at September 30, 2016 , we have unrecorded outstanding reinsurance purchase commitments of $33 million , of which $3 million is due in 2016 while the remaining $30 million is due in 2017. Actual payments under the reinsurance contracts will depend on the underlying subject premium and may exceed the minimum premium. Investments Refer ' Note 3 - Investments' for information on commitments related to our other investments.

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
OTHER COMPREHENSIVE INCOME (LOSS)	The tax effects allocated to each component of other comprehensive income were as follows: 2016 2015 Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Three months ended September 30, Available for sale investments: Unrealized investment gains (losses) arising during the period $ 40,125 $ (3,789 ) $ 36,336 $ (102,810 ) $ 3,099 $ (99,711 ) Adjustment for reclassification of net realized investment gains (losses) and OTTI losses recognized in net income (5,050 ) 2,408 (2,642 ) 76,368 (1,558 ) 74,810 Unrealized investment gains (losses) arising during the period, net of reclassification adjustment 35,075 (1,381 ) 33,694 (26,442 ) 1,541 (24,901 ) Non-credit portion of OTTI losses — — — — — — Foreign currency translation adjustment 1,722 — 1,722 (14,626 ) — (14,626 ) Total other comprehensive income (loss), net of tax $ 36,797 $ (1,381 ) $ 35,416 $ (41,068 ) $ 1,541 $ (39,527 ) Nine months ended September 30, Available for sale investments: Unrealized investment gains (losses) arising during the period $ 263,235 $ (24,579 ) $ 238,656 $ (183,822 ) $ 6,884 $ (176,938 ) Adjustment for reclassification of net realized investment gains and OTTI losses recognized in net income 40,338 2,282 42,620 130,858 (2,088 ) 128,770 Unrealized investment gains (losses) arising during the period, net of reclassification adjustment 303,573 (22,297 ) 281,276 (52,964 ) 4,796 (48,168 ) Non-credit portion of OTTI losses — — — — — — Foreign currency translation adjustment 5,694 — 5,694 (23,851 ) — (23,851 ) Total other comprehensive income (loss), net of tax $ 309,267 $ (22,297 ) $ 286,970 $ (76,815 ) $ 4,796 $ (72,019 ) Reclassifications out of AOCI into net income available to common shareholders were as follows: Amount Reclassified from AOCI (1) Details About AOCI Components Consolidated Statement of Operations Line Item That Includes Reclassification Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Unrealized investment gains (losses) on available for sale investments Other realized investment gains (losses) $ 9,297 $ (44,067 ) $ (19,992 ) $ (68,096 ) OTTI losses (4,247 ) (32,301 ) (20,346 ) (62,762 ) Total before tax 5,050 (76,368 ) (40,338 ) (130,858 ) Income tax (expense) benefit (2,408 ) 1,558 (2,282 ) 2,088 Net of tax $ 2,642 $ (74,810 ) $ (42,620 ) $ (128,770 ) (1) Amounts in parentheses are debits to net income available to common shareholders.

SUBSQUENT EVENT

SUBSQUENT EVENT	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Event	In October 2016, the landfall of Hurricane Matthew impacted the Caribbean, southeastern United States and Canada, causing catastrophic loss of life, property damage and flooding. Our preliminary after-tax net loss estimate for this event is in the range of $45 million to $60 million . The Company's loss estimate is primarily based on a ground-up assessment of losses from individual contracts and treaties exposed to the affected regions, including preliminary information from clients, brokers and loss adjusters. Industry insured loss estimates, market share analyses and catastrophe modeling analyses were also taken into account where appropriate. Due to the nature of this event, including the complexity of loss assessment, factors contributing to the losses and the preliminary nature of the information available to prepare these estimates, the actual net ultimate amount of losses for this event may be materially different from this current estimate.

BASIS OF PRESENTATION AND ACC20

BASIS OF PRESENTATION AND ACCOUNTING POLICIES (POLICIES)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These interim consolidated financial statements include the accounts of AXIS Capital Holdings Limited (“AXIS Capital”) and its subsidiaries (herein referred to as “we,” “us,” “our,” or the “Company”). The consolidated balance sheet at September 30, 2016 and the consolidated statements of operations, comprehensive income, shareholders' equity and cash flows for the periods ended September 30, 2016 and 2015 have not been audited. The balance sheet at December 31, 2015 is derived from our audited financial statements. These financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) for interim financial information and with the Securities and Exchange Commission's (“SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. 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 financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of our financial position and results of operations for the periods presented. The results of operations for any interim period are not necessarily indicative of the results for a full year. All inter-company accounts and transactions have been eliminated. The following information should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2015 . Tabular dollar and share amounts are in thousands, except per share amounts. All amounts are reported in U.S. dollars. 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 reclassifications did not impact our results of operations, financial condition or liquidity. Significant Accounting Policies There were no notable changes in our significant accounting policies subsequent to our Annual Report on Form 10-K for the year ended December 31, 2015 , with the exception of the addition of accounting policies for equity method investments and retroactive accounting noted below. Equity Method Investments Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and are accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of net income or loss of the investee. Adjustments are based on the most recently available financial information from the investee.Changes in the carrying value of such investments are recorded in net income as interest in income (loss) of equity method investments. Retroactive Reinsurance Retroactive reinsurance reimburses a ceding company for liabilities incurred as a result of past insurable events covered under contracts subject to the reinsurance. In certain instances, reinsurance contracts cover losses both on a prospective basis and on a retroactive basis and where practical the Company bifurcates the prospective and retrospective elements of these reinsurance contracts and accounts for each element separately. Initial gains in connection with retroactive reinsurance contracts are deferred and amortized into income over the settlement period while losses are recognized immediately. When changes in the estimated amount recoverable from the reinsurer or in the timing of receipts related to that amount occur, a cumulative amortization adjustment is recognized in earnings in the period of the change so that the deferred gain reflects the balance that would have existed had the revised estimate been available at the inception of the reinsurance transaction.
Reclassification	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 reclassifications did not impact our results of operations, financial condition or liquidity.
Equity Method Investments	Equity Method Investments Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and are accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of net income or loss of the investee. Adjustments are based on the most recently available financial information from the investee.
Retroactive Reinsurance	Retroactive Reinsurance Retroactive reinsurance reimburses a ceding company for liabilities incurred as a result of past insurable events covered under contracts subject to the reinsurance. In certain instances, reinsurance contracts cover losses both on a prospective basis and on a retroactive basis and where practical the Company bifurcates the prospective and retrospective elements of these reinsurance contracts and accounts for each element separately. Initial gains in connection with retroactive reinsurance contracts are deferred and amortized into income over the settlement period while losses are recognized immediately. When changes in the estimated amount recoverable from the reinsurer or in the timing of receipts related to that amount occur, a cumulative amortization adjustment is recognized in earnings in the period of the change so that the deferred gain reflects the balance that would have existed had the revised estimate been available at the inception of the reinsurance transaction.
New Accounting Standards Adopted in 2016	New Accounting Standards Adopted in 2016 Share-Based Compensation Effective January 1, 2016, the Company adopted the Accounting Standards Update ("ASU") 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period" issued by the Financial Accounting Standards Board (the "FASB"). This guidance requires that compensation costs be recognized in the period in which it becomes probable that the performance target will be achieved and to represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. This guidance was issued to clarify treatment where there was a divergence in accounting practice and its adoption did not impact our results of operations, financial condition or liquidity. Debt Issuance Costs Effective January 1, 2016, the Company adopted ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs" issued by the FASB. This guidance requires the debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. This guidance was issued to simplify the presentation of debt issuance costs and to resolve conflicting guidance. This guidance did not impact our results of operations, financial condition or liquidity. Investments Measured Using The Net Asset Value Per Share ("NAV") Practical Expedient Effective January 1, 2016, the Company adopted ASU 2015-07, "Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent)" issued by the FASB. This guidance eliminated the requirement to categorize investments measured using the net asset value ("NAV") practical expedient in the fair value hierarchy table. As this new guidance related solely to disclosures, the adoption did not impact our results of operations, financial condition or liquidity. The updated disclosures have been provided in Note 4 'Fair Value Measurements' .
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted Leases In February 2016, the FASB issued guidance that provides a new comprehensive model for lease accounting. The guidance will require most leases to be recognized on the balance sheet by recording a right-of-use asset and a corresponding lease liability. This guidance is effective for reporting periods beginning after December 15, 2018, and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact of this guidance on our results of operations, financial condition and liquidity. Transition To Equity Method Of Accounting In March 2016, the FASB issued new guidance eliminating the requirement that an investor retrospectively apply equity method accounting when an existing investment qualifies for equity method accounting. The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those fiscal years with early adoption permitted. The guidance will be adopted on a prospective basis. The adoption of this guidance is not expected to materially impact our results of operations, financial condition or liquidity. Share-Based Compensation Accounting In March 2016, the FASB issued new guidance that will change the accounting for certain aspects of share-based compensation payments to employees. The guidance will require all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. The guidance will also allow employers to increase the amounts withheld to cover income taxes on share-based compensation awards without requiring liability classification. Additionally, companies will be required to elect whether they will account for award forfeitures by recognizing forfeitures only as they occur or by estimating the number of awards expected to be forfeited. This guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact of this guidance on our results of operations, financial condition and liquidity. Credit Losses In June 2016, the FASB issued a new credit loss standard that changes the impairment model for most financial assets and certain other instruments. The guidance will replace the current "incurred loss" approach with a more forward looking "expected loss" model for instruments measured at amortized cost and will require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount. This guidance is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of this guidance on our results of operations, financial condition and liquidity. Cash Flows In August 2016, the FASB issued new guidance to clarify how certain cash receipts and cash payments should be classified on the statement of cash flows. This guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years with early adoption permitted. The adoption of this guidance is not expected to impact our results of operations, financial condition or liquidity.

SEGMENT INFORMATION (TABLES)

SEGMENT INFORMATION (TABLES)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
UNDERWRITING RESULTS OF REPORTABLE SEGMENTS	The following tables summarize the underwriting results of our reportable segments, as well as the carrying values of allocated goodwill and intangible assets: 2016 2015 Three months ended and at September 30, Insurance Reinsurance Total Insurance Reinsurance Total Gross premiums written $ 675,430 $ 284,532 $ 959,962 $ 606,704 $ 329,879 $ 936,583 Net premiums written 433,131 162,300 595,431 381,118 296,099 677,217 Net premiums earned 444,691 489,724 934,415 444,550 474,791 919,341 Other insurance related income 39 5,905 5,944 542 616 1,158 Net losses and loss expenses (273,226 ) (259,102 ) (532,328 ) (283,272 ) (277,115 ) (560,387 ) Acquisition costs (61,755 ) (128,055 ) (189,810 ) (69,118 ) (113,626 ) (182,744 ) General and administrative expenses (84,588 ) (29,635 ) (114,223 ) (85,814 ) (35,309 ) (121,123 ) Underwriting income $ 25,161 $ 78,837 103,998 $ 6,888 $ 49,357 56,245 Corporate expenses (28,683 ) (23,604 ) Net investment income 116,923 45,685 Net realized investment gains (losses) 5,205 (69,957 ) Foreign exchange gains 13,795 28,088 Interest expense and financing costs (12,839 ) (12,918 ) Termination fee received — 280,000 Reorganization and related expenses — (45,867 ) Income before income taxes and interest in income (loss) of equity method investments $ 198,399 $ 257,672 Net loss and loss expense ratio 61.4 % 52.9 % 57.0 % 63.7 % 58.4 % 61.0 % Acquisition cost ratio 13.9 % 26.1 % 20.3 % 15.5 % 23.9 % 19.9 % General and administrative expense ratio 19.1 % 6.1 % 15.3 % 19.4 % 7.4 % 15.7 % Combined ratio 94.4 % 85.1 % 92.6 % 98.6 % 89.7 % 96.6 % Goodwill and intangible assets $ 85,501 $ — $ 85,501 $ 87,329 $ — $ 87,329 2016 2015 Nine months ended and at September 30, Insurance Reinsurance Total Insurance Reinsurance Total Gross premiums written $ 2,112,796 $ 2,126,762 $ 4,239,558 $ 1,970,554 $ 1,833,374 $ 3,803,928 Net premiums written 1,433,058 1,855,529 3,288,587 1,352,122 1,727,185 3,079,307 Net premiums earned 1,322,649 1,461,097 2,783,746 1,344,339 1,420,266 2,764,605 Other insurance related income (loss) (57 ) 4,907 4,850 811 11,508 12,319 Net losses and loss expenses (853,771 ) (809,813 ) (1,663,584 ) (866,580 ) (786,288 ) (1,652,868 ) Acquisition costs (184,982 ) (374,588 ) (559,570 ) (200,493 ) (337,056 ) (537,549 ) General and administrative expenses (252,652 ) (99,980 ) (352,632 ) (261,924 ) (110,701 ) (372,625 ) Underwriting income $ 31,187 $ 181,623 212,810 $ 16,153 $ 197,729 213,882 Corporate expenses (86,922 ) (83,826 ) Net investment income 257,818 226,336 Net realized investment losses (40,295 ) (123,618 ) Foreign exchange gains 69,781 69,200 Interest expense and financing costs (38,586 ) (38,114 ) Termination fee received — 280,000 Reorganization and related expenses — (45,867 ) Income before income taxes and interest in income (loss) of equity method investments $ 374,606 $ 497,993 Net loss and loss expense ratio 64.6 % 55.4 % 59.8 % 64.5 % 55.4 % 59.8 % Acquisition cost ratio 14.0 % 25.6 % 20.1 % 14.9 % 23.7 % 19.4 % General and administrative expense ratio 19.0 % 6.9 % 15.8 % 19.5 % 7.8 % 16.5 % Combined ratio 97.6 % 87.9 % 95.7 % 98.9 % 86.9 % 95.7 % Goodwill and intangible assets $ 85,501 $ — $ 85,501 $ 87,329 $ — $ 87,329

INVESTMENTS (TABLES)

INVESTMENTS (TABLES)	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
AMORTIZED COST/COST AND FAIR VALUES OF FIXED MATURITIES AND EQUITIES	The amortized cost or cost and fair values of our fixed maturities and equities were as follows: Amortized Cost or Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-credit OTTI in AOCI (5) At September 30, 2016 Fixed maturities U.S. government and agency $ 1,542,943 $ 22,349 $ (2,415 ) $ 1,562,877 $ — Non-U.S. government 620,601 4,799 (43,344 ) 582,056 — Corporate debt 4,516,290 87,184 (34,974 ) 4,568,500 — Agency RMBS (1) 2,473,832 49,661 (762 ) 2,522,731 — CMBS (2) 877,732 18,546 (2,003 ) 894,275 — Non-Agency RMBS 71,842 1,636 (1,648 ) 71,830 (870 ) ABS (3) 1,234,292 4,028 (2,724 ) 1,235,596 — Municipals (4) 124,867 4,215 (87 ) 128,995 — Total fixed maturities $ 11,462,399 $ 192,418 $ (87,957 ) $ 11,566,860 $ (870 ) Equity securities Common stocks $ 379 $ 38 $ (348 ) $ 69 Exchange-traded funds 463,655 41,611 (1,060 ) 504,206 Bond mutual funds 136,570 3,499 — 140,069 Total equity securities $ 600,604 $ 45,148 $ (1,408 ) $ 644,344 At December 31, 2015 Fixed maturities U.S. government and agency $ 1,673,617 $ 1,545 $ (23,213 ) $ 1,651,949 $ — Non-U.S. government 809,025 2,312 (72,332 ) 739,005 — Corporate debt 4,442,315 16,740 (96,286 ) 4,362,769 — Agency RMBS (1) 2,236,138 22,773 (9,675 ) 2,249,236 — CMBS (2) 1,088,595 3,885 (9,182 ) 1,083,298 — Non-Agency RMBS 99,989 1,992 (973 ) 101,008 (875 ) ABS (3) 1,387,919 952 (17,601 ) 1,371,270 — Municipals (4) 160,041 2,319 (1,146 ) 161,214 — Total fixed maturities $ 11,897,639 $ 52,518 $ (230,408 ) $ 11,719,749 $ (875 ) Equity securities Common stocks $ — $ — $ — $ — Exchange-traded funds 447,524 31,211 (4,762 ) 473,973 Bond mutual funds 128,252 — (4,227 ) 124,025 Total equity securities $ 575,776 $ 31,211 $ (8,989 ) $ 597,998 (1) Residential mortgage-backed securities (RMBS) originated by U.S. agencies. (2) Commercial mortgage-backed securities (CMBS). (3) Asset-backed securities (ABS) include debt tranched securities collateralized primarily by auto loans, student loans, credit cards, and other asset types. This asset class also includes collateralized loan obligations (CLOs) and collateralized debt obligations (CDOs). (4) Municipals include bonds issued by states, municipalities and political subdivisions. (5) Represents the non-credit component of the other-than-temporary impairment (OTTI) losses, adjusted for subsequent sales, maturities and redemptions. It does not include the change in fair value subsequent to the impairment measurement date.
CONTRACTUAL MATURITIES OF FIXED MATURITIES	The contractual maturities of fixed maturities are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value % of Total Fair Value At September 30, 2016 Maturity Due in one year or less $ 363,821 $ 356,706 3.0 % Due after one year through five years 3,809,515 3,801,104 32.9 % Due after five years through ten years 2,286,970 2,330,895 20.2 % Due after ten years 344,395 353,723 3.1 % 6,804,701 6,842,428 59.2 % Agency RMBS 2,473,832 2,522,731 21.8 % CMBS 877,732 894,275 7.7 % Non-Agency RMBS 71,842 71,830 0.6 % ABS 1,234,292 1,235,596 10.7 % Total $ 11,462,399 $ 11,566,860 100.0 % At December 31, 2015 Maturity Due in one year or less $ 291,368 $ 289,571 2.5 % Due after one year through five years 4,217,515 4,142,802 35.3 % Due after five years through ten years 2,263,684 2,181,525 18.6 % Due after ten years 312,431 301,039 2.6 % 7,084,998 6,914,937 59.0 % Agency RMBS 2,236,138 2,249,236 19.2 % CMBS 1,088,595 1,083,298 9.2 % Non-Agency RMBS 99,989 101,008 0.9 % ABS 1,387,919 1,371,270 11.7 % Total $ 11,897,639 $ 11,719,749 100.0 %
FIXED MATURITIES AND EQUITIES IN AN UNREALIZED LOSS POSITION	The following table summarizes fixed maturities and equities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: 12 months or greater Less than 12 months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses At September 30, 2016 Fixed maturities U.S. government and agency $ 55,000 $ (1,635 ) $ 422,681 $ (780 ) $ 477,681 $ (2,415 ) Non-U.S. government 104,441 (24,061 ) 254,694 (19,283 ) 359,135 (43,344 ) Corporate debt 285,848 (26,202 ) 639,722 (8,772 ) 925,570 (34,974 ) Agency RMBS 80,375 (556 ) 121,203 (206 ) 201,578 (762 ) CMBS 99,004 (1,260 ) 173,795 (743 ) 272,799 (2,003 ) Non-Agency RMBS 10,184 (1,306 ) 5,187 (342 ) 15,371 (1,648 ) ABS 518,647 (2,253 ) 50,402 (471 ) 569,049 (2,724 ) Municipals 2,384 (18 ) 15,567 (69 ) 17,951 (87 ) Total fixed maturities $ 1,155,883 $ (57,291 ) $ 1,683,251 $ (30,666 ) $ 2,839,134 $ (87,957 ) Equity securities Common stocks $ — $ — $ 31 $ (348 ) $ 31 $ (348 ) Exchange-traded funds 6,153 (425 ) 39,097 (635 ) 45,250 (1,060 ) Bond mutual funds — — — — — — Total equity securities $ 6,153 $ (425 ) $ 39,128 $ (983 ) $ 45,281 $ (1,408 ) At December 31, 2015 Fixed maturities U.S. government and agency $ 84,179 $ (7,622 ) $ 1,474,202 $ (15,591 ) $ 1,558,381 $ (23,213 ) Non-U.S. government 170,269 (50,841 ) 317,693 (21,491 ) 487,962 (72,332 ) Corporate debt 340,831 (33,441 ) 2,845,375 (62,845 ) 3,186,206 (96,286 ) Agency RMBS 64,792 (1,609 ) 1,073,566 (8,066 ) 1,138,358 (9,675 ) CMBS 75,627 (1,579 ) 659,480 (7,603 ) 735,107 (9,182 ) Non-Agency RMBS 5,283 (210 ) 43,199 (763 ) 48,482 (973 ) ABS 562,599 (11,158 ) 667,448 (6,443 ) 1,230,047 (17,601 ) Municipals 14,214 (310 ) 64,104 (836 ) 78,318 (1,146 ) Total fixed maturities $ 1,317,794 $ (106,770 ) $ 7,145,067 $ (123,638 ) $ 8,462,861 $ (230,408 ) Equity securities Common stocks $ — $ — $ — $ — $ — $ — Exchange-traded funds 2,331 (313 ) 110,972 (4,449 ) 113,303 (4,762 ) Bond mutual funds — — 124,025 (4,227 ) 124,025 (4,227 ) Total equity securities $ 2,331 $ (313 ) $ 234,997 $ (8,676 ) $ 237,328 $ (8,989 )
MORTGAGE LOANS NET OF VALUATION ALLOWANCE	The following table provides a breakdown of our mortgage loans held-for-investment: September 30, 2016 December 31, 2015 Carrying Value % of Total Carrying Value % of Total Mortgage Loans held-for-investment: Commercial $ 332,753 100 % $ 206,277 100 % 332,753 100 % 206,277 100 % Valuation allowances — — % — — % Total Mortgage Loans held-for-investment $ 332,753 100 % $ 206,277 100 %
PORTFOLIO OF OTHER INVESTMENTS	The following table provides a breakdown of our investments in hedge funds, direct lending funds, private equity funds, real estate funds, CLO Equities and other privately held investments, together with additional information relating to the liquidity of each category: Fair Value Redemption Frequency (if currently eligible) Redemption Notice Period At September 30, 2016 Long/short equity funds $ 139,460 16 % Quarterly, Semi-annually, Annually 45-60 days Multi-strategy funds 281,153 33 % Quarterly, Semi-annually 60-95 days Event-driven funds 94,012 11 % Quarterly, Annually 45-60 days Leveraged bank loan funds — — % n/a n/a Direct lending funds 125,002 15 % n/a n/a Private equity funds 89,170 11 % n/a n/a Real estate funds 11,782 1 % n/a n/a CLO - Equities 63,783 8 % n/a n/a Other privately held investments 42,900 5 % n/a n/a Total other investments $ 847,262 100 % At December 31, 2015 Long/short equity funds $ 154,348 19 % Quarterly, Semi-annually, Annually 45-60 days Multi-strategy funds 355,073 43 % Quarterly, Semi-annually 60-95 days Event-driven funds 147,287 18 % Quarterly, Annually 45-60 days Leveraged bank loan funds 65 — % n/a n/a Direct lending funds 90,120 11 % n/a n/a Private equity funds — — % n/a n/a Real estate funds 4,929 1 % n/a n/a CLO - Equities 64,934 8 % n/a n/a Other privately held investments — — % n/a n/a Total other investments $ 816,756 100 % n/a - not applicable
NET INVESTMENT INCOME	Net investment income was derived from the following sources: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Fixed maturities $ 75,827 $ 75,980 $ 229,423 $ 220,066 Other investments 38,248 (27,421 ) 25,770 17,616 Equity securities 4,633 3,445 12,843 7,795 Mortgage loans 2,191 482 5,683 776 Cash and cash equivalents 3,768 993 7,071 3,770 Short-term investments 337 83 708 277 Gross investment income 125,004 53,562 281,498 250,300 Investment expenses (8,081 ) (7,877 ) (23,680 ) (23,964 ) Net investment income $ 116,923 $ 45,685 $ 257,818 $ 226,336
NET REALIZED INVESTMENT GAINS (LOSSES)	The following table provides an analysis of net realized investment gains (losses): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Gross realized gains Fixed maturities and short-term investments $ 26,211 $ 12,126 $ 67,833 $ 44,853 Equities 5,570 232 18,804 447 Gross realized gains 31,781 12,358 86,637 45,300 Gross realized losses Fixed maturities and short-term investments (21,908 ) (54,867 ) (90,702 ) (111,432 ) Equities (576 ) (1,559 ) (15,923 ) (1,952 ) Gross realized losses (22,484 ) (56,426 ) (106,625 ) (113,384 ) Net OTTI recognized in earnings (4,247 ) (32,301 ) (20,346 ) (62,762 ) Change in fair value of investment derivatives (1) 155 6,412 39 7,228 Net realized investment gains (losses) $ 5,205 $ (69,957 ) $ (40,295 ) $ (123,618 ) (1) Refer to Note 5 – Derivative Instruments
OTTI RECOGNIZED IN EARNINGS BY ASSET CLASS	The following table summarizes the OTTI recognized in earnings by asset class: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Fixed maturities: Non-U.S. government $ 2,456 $ 1,295 $ 2,953 $ 2,717 Corporate debt 1,791 20,587 14,833 38,396 Non-Agency RMBS — — — 4 ABS — 84 — 124 4,247 21,966 17,786 41,241 Equity Securities Exchange-traded funds — 10,335 2,560 10,335 Bond mutual funds — — — 11,186 — 10,335 2,560 21,521 Total OTTI recognized in earnings $ 4,247 $ 32,301 $ 20,346 $ 62,762
ROLL FORWARD OF CREDIT LOSSES FOR WHICH A PORTION OF OTTI RECOGNIZED IN AOCI	The following table provides a roll forward of the credit losses, before income taxes, for which a portion of the OTTI was recognized in AOCI: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Balance at beginning of period $ 1,513 $ 1,564 $ 1,506 $ 1,531 Credit impairments recognized on securities not previously impaired — — — — Additional credit impairments recognized on securities previously impaired — — 7 33 Change in timing of future cash flows on securities previously impaired — — — — Intent to sell of securities previously impaired — — — — Securities sold/redeemed/matured (33 ) (43 ) (33 ) (43 ) Balance at end of period $ 1,480 $ 1,521 $ 1,480 $ 1,521

FAIR VALUE MEASUREMENTS (TABLES

FAIR VALUE MEASUREMENTS (TABLES)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ON A RECURRING BASIS	The tables below present the financial instruments measured at fair value on a recurring basis for the periods indicated: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair value based on NAV practical expedient Total Fair Value At September 30, 2016 Assets Fixed maturities U.S. government and agency $ 1,522,246 $ 40,631 $ — $ — $ 1,562,877 Non-U.S. government — 582,056 — — 582,056 Corporate debt — 4,499,408 69,092 — 4,568,500 Agency RMBS — 2,522,731 — — 2,522,731 CMBS — 885,355 8,920 — 894,275 Non-Agency RMBS — 71,830 — — 71,830 ABS — 1,235,596 — — 1,235,596 Municipals — 128,995 — — 128,995 1,522,246 9,966,602 78,012 — 11,566,860 Equity securities Common stocks 69 — — — 69 Exchange-traded funds 504,206 — — — 504,206 Bond mutual funds — 140,069 — — 140,069 504,275 140,069 — — 644,344 Other investments Hedge funds — — — 514,625 514,625 Direct lending funds — — — 125,002 125,002 Private equity funds — — — 89,170 89,170 Real estate funds — — — 11,782 11,782 Other privately held investments — — 42,900 — 42,900 CLO - Equities — — 63,783 — 63,783 — — 106,683 740,579 847,262 Short-term investments — 39,877 — — 39,877 Other assets Derivative instruments (see Note 5) — 4,469 2,488 — 6,957 Insurance-linked securities — — 25,283 — 25,283 Total Assets $ 2,026,521 $ 10,151,017 $ 212,466 $ 740,579 $ 13,130,583 Liabilities Derivative instruments (see Note 5) $ — $ 4,411 $ 8,184 $ — $ 12,595 Cash settled awards (see Note 7) — 34,288 — — 34,288 Total Liabilities $ — $ 38,699 $ 8,184 $ — $ 46,883 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair value based on NAV practical expedient Total Fair Value At December 31, 2015 Assets Fixed maturities U.S. government and agency $ 1,632,355 $ 19,594 $ — $ — $ 1,651,949 Non-U.S. government — 739,005 — — 739,005 Corporate debt — 4,324,251 38,518 — 4,362,769 Agency RMBS — 2,249,236 — — 2,249,236 CMBS — 1,072,376 10,922 — 1,083,298 Non-Agency RMBS — 101,008 — — 101,008 ABS — 1,371,270 — — 1,371,270 Municipals — 161,214 — — 161,214 1,632,355 10,037,954 49,440 — 11,719,749 Equity securities Common stocks — — — — — Exchange-traded funds 473,973 — — — 473,973 Bond mutual funds — 124,025 — — 124,025 473,973 124,025 — — 597,998 Other investments Hedge funds — — — 656,773 656,773 Direct lending funds — — — 90,120 90,120 Private equity funds — — — — — Real estate funds — — — 4,929 4,929 Other privately held investments — — — — — CLO - Equities — — 27,257 37,677 64,934 — — 27,257 789,499 816,756 Short-term investments — 34,406 — — 34,406 Other assets Derivative instruments (see Note 5) — 2,072 4,395 — 6,467 Insurance-linked securities — — 24,925 — 24,925 Total Assets $ 2,106,328 $ 10,198,457 $ 106,017 $ 789,499 $ 13,200,301 Liabilities Derivative instruments (see Note 5) $ — $ 7,692 $ 10,937 $ — $ 18,629 Cash settled awards (see Note 7) — 33,215 — — 33,215 Total Liabilities $ — $ 40,907 $ 10,937 $ — $ 51,844
LEVEL 3 FAIR VALUE MEASUREMENT INPUTS	Except certain fixed maturities and insurance-linked securities priced using broker-dealer quotes (underlying inputs are not available), the following table quantifies the significant unobservable inputs we have used in estimating fair value at September 30, 2016 for our investments classified as Level 3 in the fair value hierarchy. Fair Value Valuation Technique Unobservable Input Range Weighted Average Other investments - CLO - Equities $ 35,594 Discounted cash flow Default rates 4.0% 4.0% Loss severity rate 35.0% - 53.5% 35.4% Collateral spreads 3.6% - 4.0% 4.0% Estimated maturity dates 2 - 6 years 6 years 28,189 Liquidation value Fair value of collateral 100% 100% Discount margin 0.1% - 19.1% 2.4% Other investments - Other privately held investments 42,900 Discounted cash flow Discount rate 5.0% - 8.0% 7.2% Derivatives - Weather derivatives, net $ (5,696 ) Simulation model Weather curve 1 - 2294 (1) n/a (2) Weather standard deviation 1 - 1029 (1) n/a (2) (1) Measured in Heating Degree Days ("HDD") which is the number of degrees the daily temperature is below a reference temperature. The cumulative HDD for the duration of the derivatives contract is compared to the strike value to determine the necessary settlement. (2) Due to the diversity of the portfolio, the range of unobservable inputs can be widespread; therefore, presentation of a weighted average is not useful. Weather parameters may include various temperature and/or precipitation measures that will naturally vary by geographic location of each counterparty's operations.
CHANGES IN LEVEL 3 FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ON A RECURRING BASIS, LIABILITIES	The following tables present changes in Level 3 for financial instruments measured at fair value on a recurring basis for the periods indicated: Opening Balance Transfers into Level 3 Transfers out of Level 3 Included in earnings (1) Included in OCI (2) Purchases Sales Settlements/ Distributions Closing Balance Change in unrealized investment gain/(loss) (3) Three months ended September 30, 2016 Fixed maturities Corporate debt $ 62,022 $ — $ — $ (9 ) $ 100 $ 7,563 $ — $ (584 ) $ 69,092 $ — CMBS 10,210 — — — (48 ) — — (1,242 ) 8,920 — ABS — — — — — — — — — — 72,232 — — (9 ) 52 7,563 — (1,826 ) 78,012 — Other investments Other privately held investments 41,755 — — (355 ) — 1,500 — — 42,900 (355 ) CLO - Equities 65,883 — — 8,419 — — — (10,519 ) 63,783 8,419 107,638 — — 8,064 — 1,500 — (10,519 ) 106,683 8,064 Other assets Derivative instruments 5 — — 665 — 1,818 — — 2,488 665 Insurance-linked securities 25,025 — — 258 — — — — 25,283 258 25,030 — — 923 — 1,818 — — 27,771 923 Total assets $ 204,900 $ — $ — $ 8,978 $ 52 $ 10,881 $ — $ (12,345 ) $ 212,466 $ 8,987 Other liabilities Derivative instruments $ 1,978 $ — $ — $ (169 ) $ — $ 6,384 $ — $ (9 ) $ 8,184 $ 335 Total liabilities $ 1,978 $ — $ — $ (169 ) $ — $ 6,384 $ — $ (9 ) $ 8,184 $ 335 Nine months ended September 30, 2016 Fixed maturities Corporate debt $ 38,518 $ 20,412 $ (1,955 ) $ (988 ) $ 1,188 $ 17,107 $ (4,015 ) $ (1,175 ) $ 69,092 $ — CMBS 10,922 — — — (134 ) — — (1,868 ) 8,920 — ABS — — — — — — — — — — 49,440 20,412 (1,955 ) (988 ) 1,054 17,107 (4,015 ) (3,043 ) 78,012 — Other investments Other privately held investments — — — (1,505 ) — 44,405 — — 42,900 (1,505 ) CLO - Equities 27,257 36,378 — 17,431 — — — (17,283 ) 63,783 17,431 27,257 36,378 — 15,926 — 44,405 — (17,283 ) 106,683 15,926 Other assets Derivative instruments 4,395 — — 3,255 — 3,623 — (8,785 ) 2,488 669 Insurance-linked securities 24,925 — — 358 — — — — 25,283 358 29,320 — — 3,613 — 3,623 — (8,785 ) 27,771 1,027 Total assets $ 106,017 $ 56,790 $ (1,955 ) $ 18,551 $ 1,054 $ 65,135 $ (4,015 ) $ (29,111 ) $ 212,466 $ 16,953 Other liabilities Derivative instruments $ 10,937 $ — $ — $ 2,445 $ — $ 7,189 $ — $ (12,387 ) $ 8,184 $ 457 Total liabilities $ 10,937 $ — $ — $ 2,445 $ — $ 7,189 $ — $ (12,387 ) $ 8,184 $ 457 Opening Balance Transfers into Level 3 Transfers out of Level 3 Included in earnings (1) Included in OCI (2) Purchases Sales Settlements/ Distributions Closing Balance Change in unrealized investment gain/(loss) (3) Three months ended September 30, 2015 Fixed maturities Corporate debt $ 43,008 $ — $ — $ (2 ) $ 300 $ 22,821 $ — $ (4,403 ) $ 61,724 $ — CMBS 21,900 — (9,902 ) — (219 ) — — (461 ) 11,318 — ABS 110 — — — — — — (3 ) 107 — 65,018 — (9,902 ) (2 ) 81 22,821 — (4,867 ) 73,149 — Other investments Other privately held investments — — — — — — — — — — CLO - Equities 36,921 — — 1,192 — — — (3,118 ) 34,995 1,192 36,921 — — 1,192 — — — (3,118 ) 34,995 1,192 Other assets Derivative instruments 240 — — 35 — — — (240 ) 35 35 Insurance-linked securities 24,837 — — 175 — — — — 25,012 175 25,077 — — 210 — — — (240 ) 25,047 210 Total assets $ 127,016 $ — $ (9,902 ) $ 1,400 $ 81 $ 22,821 $ — $ (8,225 ) $ 133,191 $ 1,402 Other liabilities Derivative instruments $ 818 $ — $ — $ (331 ) $ — $ 6,475 $ — $ — $ 6,962 $ (331 ) Total liabilities $ 818 $ — $ — $ (331 ) $ — $ 6,475 $ — $ — $ 6,962 $ (331 ) Nine months ended September 30, 2015 Fixed maturities Corporate debt $ 15,837 $ — $ — $ (2 ) $ 724 $ 54,445 $ — $ (9,280 ) $ 61,724 $ — CMBS 17,763 5,072 (9,902 ) — (543 ) — — (1,072 ) 11,318 — ABS 40,031 — (39,851 ) — 105 — — (178 ) 107 — 73,631 5,072 (49,753 ) (2 ) 286 54,445 — (10,530 ) 73,149 — Other investments Other privately held investments — — — — — — — — — — CLO - Equities 37,046 — — 7,930 — — — (9,981 ) 34,995 7,930 37,046 — — 7,930 — — — (9,981 ) 34,995 7,930 Other assets Derivative instruments 111 — — (792 ) — — — 716 35 35 Insurance-linked securities — — — 12 — 25,000 — — 25,012 12 111 — — (780 ) — 25,000 — 716 25,047 47 Total assets $ 110,788 $ 5,072 $ (49,753 ) $ 7,148 $ 286 $ 79,445 $ — $ (19,795 ) $ 133,191 $ 7,977 Other liabilities Derivative instruments $ 15,288 $ — $ — $ (12,053 ) $ — $ 8,698 $ — $ (4,971 ) $ 6,962 $ (318 ) Total liabilities $ 15,288 $ — $ — $ (12,053 ) $ — $ 8,698 $ — $ (4,971 ) $ 6,962 $ (318 ) (1) Gains and losses included in earnings on fixed maturities are included in net realized investment gains (losses). Gains and (losses) included in earnings on other investments are included in net investment income. Gains (losses) on weather derivatives included in earnings are included in other insurance-related income. (2) Gains and losses included in other comprehensive income (“OCI”) on fixed maturities are included in unrealized gains (losses) arising during the period. (3) Change in unrealized investment gain (loss) relating to assets held at the reporting date.
CHANGES IN LEVEL 3 FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ON A RECURRING BASIS, ASSETS	The following tables present changes in Level 3 for financial instruments measured at fair value on a recurring basis for the periods indicated: Opening Balance Transfers into Level 3 Transfers out of Level 3 Included in earnings (1) Included in OCI (2) Purchases Sales Settlements/ Distributions Closing Balance Change in unrealized investment gain/(loss) (3) Three months ended September 30, 2016 Fixed maturities Corporate debt $ 62,022 $ — $ — $ (9 ) $ 100 $ 7,563 $ — $ (584 ) $ 69,092 $ — CMBS 10,210 — — — (48 ) — — (1,242 ) 8,920 — ABS — — — — — — — — — — 72,232 — — (9 ) 52 7,563 — (1,826 ) 78,012 — Other investments Other privately held investments 41,755 — — (355 ) — 1,500 — — 42,900 (355 ) CLO - Equities 65,883 — — 8,419 — — — (10,519 ) 63,783 8,419 107,638 — — 8,064 — 1,500 — (10,519 ) 106,683 8,064 Other assets Derivative instruments 5 — — 665 — 1,818 — — 2,488 665 Insurance-linked securities 25,025 — — 258 — — — — 25,283 258 25,030 — — 923 — 1,818 — — 27,771 923 Total assets $ 204,900 $ — $ — $ 8,978 $ 52 $ 10,881 $ — $ (12,345 ) $ 212,466 $ 8,987 Other liabilities Derivative instruments $ 1,978 $ — $ — $ (169 ) $ — $ 6,384 $ — $ (9 ) $ 8,184 $ 335 Total liabilities $ 1,978 $ — $ — $ (169 ) $ — $ 6,384 $ — $ (9 ) $ 8,184 $ 335 Nine months ended September 30, 2016 Fixed maturities Corporate debt $ 38,518 $ 20,412 $ (1,955 ) $ (988 ) $ 1,188 $ 17,107 $ (4,015 ) $ (1,175 ) $ 69,092 $ — CMBS 10,922 — — — (134 ) — — (1,868 ) 8,920 — ABS — — — — — — — — — — 49,440 20,412 (1,955 ) (988 ) 1,054 17,107 (4,015 ) (3,043 ) 78,012 — Other investments Other privately held investments — — — (1,505 ) — 44,405 — — 42,900 (1,505 ) CLO - Equities 27,257 36,378 — 17,431 — — — (17,283 ) 63,783 17,431 27,257 36,378 — 15,926 — 44,405 — (17,283 ) 106,683 15,926 Other assets Derivative instruments 4,395 — — 3,255 — 3,623 — (8,785 ) 2,488 669 Insurance-linked securities 24,925 — — 358 — — — — 25,283 358 29,320 — — 3,613 — 3,623 — (8,785 ) 27,771 1,027 Total assets $ 106,017 $ 56,790 $ (1,955 ) $ 18,551 $ 1,054 $ 65,135 $ (4,015 ) $ (29,111 ) $ 212,466 $ 16,953 Other liabilities Derivative instruments $ 10,937 $ — $ — $ 2,445 $ — $ 7,189 $ — $ (12,387 ) $ 8,184 $ 457 Total liabilities $ 10,937 $ — $ — $ 2,445 $ — $ 7,189 $ — $ (12,387 ) $ 8,184 $ 457 Opening Balance Transfers into Level 3 Transfers out of Level 3 Included in earnings (1) Included in OCI (2) Purchases Sales Settlements/ Distributions Closing Balance Change in unrealized investment gain/(loss) (3) Three months ended September 30, 2015 Fixed maturities Corporate debt $ 43,008 $ — $ — $ (2 ) $ 300 $ 22,821 $ — $ (4,403 ) $ 61,724 $ — CMBS 21,900 — (9,902 ) — (219 ) — — (461 ) 11,318 — ABS 110 — — — — — — (3 ) 107 — 65,018 — (9,902 ) (2 ) 81 22,821 — (4,867 ) 73,149 — Other investments Other privately held investments — — — — — — — — — — CLO - Equities 36,921 — — 1,192 — — — (3,118 ) 34,995 1,192 36,921 — — 1,192 — — — (3,118 ) 34,995 1,192 Other assets Derivative instruments 240 — — 35 — — — (240 ) 35 35 Insurance-linked securities 24,837 — — 175 — — — — 25,012 175 25,077 — — 210 — — — (240 ) 25,047 210 Total assets $ 127,016 $ — $ (9,902 ) $ 1,400 $ 81 $ 22,821 $ — $ (8,225 ) $ 133,191 $ 1,402 Other liabilities Derivative instruments $ 818 $ — $ — $ (331 ) $ — $ 6,475 $ — $ — $ 6,962 $ (331 ) Total liabilities $ 818 $ — $ — $ (331 ) $ — $ 6,475 $ — $ — $ 6,962 $ (331 ) Nine months ended September 30, 2015 Fixed maturities Corporate debt $ 15,837 $ — $ — $ (2 ) $ 724 $ 54,445 $ — $ (9,280 ) $ 61,724 $ — CMBS 17,763 5,072 (9,902 ) — (543 ) — — (1,072 ) 11,318 — ABS 40,031 — (39,851 ) — 105 — — (178 ) 107 — 73,631 5,072 (49,753 ) (2 ) 286 54,445 — (10,530 ) 73,149 — Other investments Other privately held investments — — — — — — — — — — CLO - Equities 37,046 — — 7,930 — — — (9,981 ) 34,995 7,930 37,046 — — 7,930 — — — (9,981 ) 34,995 7,930 Other assets Derivative instruments 111 — — (792 ) — — — 716 35 35 Insurance-linked securities — — — 12 — 25,000 — — 25,012 12 111 — — (780 ) — 25,000 — 716 25,047 47 Total assets $ 110,788 $ 5,072 $ (49,753 ) $ 7,148 $ 286 $ 79,445 $ — $ (19,795 ) $ 133,191 $ 7,977 Other liabilities Derivative instruments $ 15,288 $ — $ — $ (12,053 ) $ — $ 8,698 $ — $ (4,971 ) $ 6,962 $ (318 ) Total liabilities $ 15,288 $ — $ — $ (12,053 ) $ — $ 8,698 $ — $ (4,971 ) $ 6,962 $ (318 ) (1) Gains and losses included in earnings on fixed maturities are included in net realized investment gains (losses). Gains and (losses) included in earnings on other investments are included in net investment income. Gains (losses) on weather derivatives included in earnings are included in other insurance-related income. (2) Gains and losses included in other comprehensive income (“OCI”) on fixed maturities are included in unrealized gains (losses) arising during the period. (3) Change in unrealized investment gain (loss) relating to assets held at the reporting date.

DERIVATIVE INSTRUMENTS (TABLES)

DERIVATIVE INSTRUMENTS (TABLES)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
LOCATION AND AMOUNTS OF DERIVATIVE FAIR VALUES ON THE CONSOLIDATED BALANCE SHEET	The following table summarizes the balance sheet classification of derivatives recorded at fair values. The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and is presented in the table to quantify the volume of our derivative activities. Notional amounts are not reflective of credit risk. None of our derivative instruments are designated as hedges under current accounting guidance. September 30, 2016 December 31, 2015 Derivative Notional Amount Derivative Asset Fair Value (1) Derivative Liability Fair Value (1) Derivative Notional Amount Derivative Asset Fair Value (1) Derivative Liability Fair Value (1) Relating to investment portfolio: Foreign exchange forward contracts $ 40,367 $ 279 $ 17 $ 198,406 $ 490 $ 837 Interest rate swaps — — — — — — Relating to underwriting portfolio: Foreign exchange forward contracts 560,477 25 4,394 692,023 1,582 6,855 Weather-related contracts 59,436 2,488 8,184 51,395 4,395 10,937 Commodity contracts 181,000 4,165 — — — — Total derivatives $ 6,957 $ 12,595 $ 6,467 $ 18,629 (1) Asset and liability derivatives are classified within other assets and other liabilities in the Consolidated Balance Sheets.
RECONCILIATION OF GROSS DERIVATIVE ASSETS TO NET AMOUNTS PRESENTED IN BALANCE SHEETS	The table below presents a reconciliation of our gross derivative assets and liabilities to the net amounts presented in our Consolidated Balance Sheets, with the difference being attributable to the impact of master netting agreements. September 30, 2016 December 31, 2015 Gross Amounts Gross Amounts Offset Net Amounts (1) Gross Amounts Gross Amounts Offset Net Amounts (1) Derivative assets $ 9,370 $ (2,413 ) $ 6,957 $ 14,336 $ (7,869 ) $ 6,467 Derivative liabilities $ 15,008 $ (2,413 ) $ 12,595 $ 26,498 $ (7,869 ) $ 18,629 (1) Net asset and liability derivatives are classified within other assets and other liabilities in the Consolidated Balance Sheets.
RECONCILIATION OF GROSS DERIVATIVE LIABILITIES TO NET AMOUNTS PRESENTED IN BALANCE SHEETS	The table below presents a reconciliation of our gross derivative assets and liabilities to the net amounts presented in our Consolidated Balance Sheets, with the difference being attributable to the impact of master netting agreements. September 30, 2016 December 31, 2015 Gross Amounts Gross Amounts Offset Net Amounts (1) Gross Amounts Gross Amounts Offset Net Amounts (1) Derivative assets $ 9,370 $ (2,413 ) $ 6,957 $ 14,336 $ (7,869 ) $ 6,467 Derivative liabilities $ 15,008 $ (2,413 ) $ 12,595 $ 26,498 $ (7,869 ) $ 18,629 (1) Net asset and liability derivatives are classified within other assets and other liabilities in the Consolidated Balance Sheets.
TOTAL UNREALIZED AND REALIZED GAINS (LOSSES) ON DERIVATIVES NOT DESIGNATED AS HEDGES RECORDED IN EARNINGS	The total unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges were as follows: Location of Gain (Loss) Recognized in Income on Derivative Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Derivatives not designated as hedging instruments Relating to investment portfolio: Foreign exchange forward contracts Net realized investment gains (losses) $ 155 $ 6,412 $ 39 $ 11,234 Interest rate swaps Net realized investment gains (losses) — — — (4,006 ) Relating to underwriting portfolio: Foreign exchange forward contracts Foreign exchange losses (gains) (182 ) (5,210 ) (2,958 ) (21,494 ) Weather-related contracts Other insurance related income (losses) 833 307 809 11,274 Commodity contracts Other insurance related income (losses) 1,799 (33 ) 1,499 (923 ) Total $ 2,605 $ 1,476 $ (611 ) $ (3,915 )

RESERVE FOR LOSSES AND LOSS E25

RESERVE FOR LOSSES AND LOSS EXPENSES (TABLES)	9 Months Ended
	Sep. 30, 2016
Insurance Loss Reserves [Abstract]
RECONCILIATION OF BEGINNING AND ENDING GROSS RESERVE FOR LOSSES AND LOSS EXPENSES AND NET RESERVE FOR UNPAID LOSSES AND LOSS EXPENSES	The following table presents a reconciliation of our beginning and ending gross reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses for the periods indicated: Nine months ended September 30, 2016 2015 Gross reserve for losses and loss expenses, beginning of period $ 9,646,285 $ 9,596,797 Less reinsurance recoverable on unpaid losses, beginning of period (2,031,309 ) (1,890,280 ) Net reserve for unpaid losses and loss expenses, beginning of period 7,614,976 7,706,517 Net incurred losses and loss expenses related to: Current year 1,887,715 1,818,672 Prior years (224,131 ) (165,804 ) 1,663,584 1,652,868 Net paid losses and loss expenses related to: Current year (233,124 ) (185,953 ) Prior years (1,334,772 ) (1,293,776 ) (1,567,896 ) (1,479,729 ) Foreign exchange and other (112,649 ) (183,360 ) Net reserve for unpaid losses and loss expenses, end of period 7,598,015 7,696,296 Reinsurance recoverable on unpaid losses, end of period 2,276,792 2,007,287 Gross reserve for losses and loss expenses, end of period $ 9,874,807 $ 9,703,583
NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT	Prior year reserve development arises from changes to loss and loss expense estimates recognized in the current year but relating to losses incurred in previous calendar years. Such development is summarized by segment in the following table: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Insurance $ 20,688 $ 2,444 $ 43,181 $ 21,225 Reinsurance 55,331 42,681 180,950 144,579 Total $ 76,019 $ 45,125 $ 224,131 $ 165,804

SHARE-BASED COMPENSATION (TABLE

SHARE-BASED COMPENSATION (TABLES)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
RECONCILIATIONS OF BEGINNING AND ENDING BALANCE OF NONVESTED RESTRICTED STOCK (INCLUDING RSUS) TO BE SETTLED IN SHARES AND CASH	Awards to settle in shares The following table provides a reconciliation of the beginning and ending balance of nonvested restricted stock (including restricted stock units) for the nine months ended September 30, 2016 : Performance-based Stock Awards Service-based Stock Awards Number of Restricted Stock Weighted Average Grant Date Fair Value Number of Restricted Stock Weighted Average Grant Date Fair Value (1) Nonvested restricted stock - beginning of period 201 $ 49.24 1,954 $ 43.34 Granted 104 53.80 586 53.81 Vested (48 ) 45.38 (779 ) 39.26 Forfeited — — (94 ) 47.03 Nonvested restricted stock - end of period 257 $ 52.04 1,667 $ 48.77 (1) Fair value is based on the closing price of our common shares on the New York Stock Exchange on the day of the grant. Cash-settled awards The following table provides a reconciliation of the beginning and ending balance of nonvested cash settled restricted stock units for the nine months ended September 30, 2016 : Performance-based Cash Settled RSUs Service-based Cash Settled RSUs Number of Restricted Stock Units Number of Restricted Stock Units Nonvested restricted stock units - beginning of period 70 1,433 Granted 18 494 Vested (32 ) (371 ) Forfeited — (94 ) Nonvested restricted stock units - end of period 56 1,462

EARNINGS PER COMMON SHARE (TABL

EARNINGS PER COMMON SHARE (TABLES)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
BASIC AND DILUTED EARNINGS PER COMMON SHARE	The following table sets forth the comparison of basic and diluted earnings per common share: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Basic earnings per common share Net income $ 186,613 $ 257,642 $ 364,460 $ 496,838 Less: preferred share dividends 9,969 10,022 29,906 30,066 Net income available to common shareholders 176,644 247,620 334,554 466,772 Weighted average common shares outstanding - basic (1) 89,621 98,226 91,852 99,464 Basic earnings per common share $ 1.97 $ 2.52 $ 3.64 $ 4.69 Diluted earnings per common share Net income available to common shareholders $ 176,644 $ 247,620 $ 334,554 $ 466,772 Weighted average common shares outstanding - basic (1) 89,621 98,226 91,852 99,464 Share based compensation plans 730 898 727 1,004 Weighted average common shares outstanding - diluted (1) 90,351 99,124 92,579 100,468 Diluted earnings per common share $ 1.96 $ 2.50 $ 3.61 $ 4.65 Anti-dilutive shares excluded from the dilutive computation — — 226 219 (1) On August 17, 2015 , the Company entered into an Accelerated Share Repurchase (“ASR”) agreement (see ' Note 9 - Shareholders' Equity' for additional detail). The weighted-average number of shares outstanding used in the computation of basic and diluted earnings per share reflects the Company’s receipt of 4,149,378 common shares delivered to the Company on August 20, 2015, and 1,358,380 common shares delivered to the company on January 15, 2016 under the Company's ASR agreement.

SHAREHOLDERS' EQUITY (TABLES)

SHAREHOLDERS' EQUITY (TABLES)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
COMMON SHARES ISSUED AND OUTSTANDING	The following table presents our common shares issued and outstanding: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Shares issued, balance at beginning of period 176,575 176,206 176,240 175,478 Shares issued — 16 335 744 Total shares issued at end of period 176,575 176,222 176,575 176,222 Treasury shares, balance at beginning of period (85,921 ) (75,922 ) (80,174 ) (76,052 ) Shares repurchased (2,252 ) (4,257 ) (8,499 ) (4,607 ) Shares reissued from treasury 37 6 537 486 Total treasury shares at end of period (88,136 ) (80,173 ) (88,136 ) (80,173 ) Total shares outstanding 88,439 96,049 88,439 96,049
SHARE REPURCHASES	The following table presents our share repurchases: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 In the open market: Total shares (1) 2,232 4,248 8,236 4,264 Total cost $ 124,948 $ 245,658 $ 434,948 $ 246,490 Average price per share (2) $ 56.00 $ 57.83 $ 52.81 $ 57.80 From employees: Total shares 20 9 263 343 Total cost $ 1,088 $ 489 $ 14,137 $ 17,586 Average price per share (2) $ 54.13 $ 55.59 $ 53.68 $ 51.28 Total shares repurchased: Total shares 2,252 4,257 8,499 4,607 Total cost $ 126,036 $ 246,147 $ 449,085 $ 264,076 Average price per share (2) $ 55.98 $ 57.83 $ 52.84 $ 57.32 (1) The nine months ended September 30, 2016 includes 1,358,380 common shares acquired under the accelerated share repurchase program (see below for more detail). (2) Calculated using whole figures.

OTHER COMPREHENSIVE INCOME (TAB

OTHER COMPREHENSIVE INCOME (TABLES)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
TAX EFFECTS ALLOCATED TO EACH COMPONENT OF OTHER COMPREHENSIVE INCOME	The tax effects allocated to each component of other comprehensive income were as follows: 2016 2015 Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Three months ended September 30, Available for sale investments: Unrealized investment gains (losses) arising during the period $ 40,125 $ (3,789 ) $ 36,336 $ (102,810 ) $ 3,099 $ (99,711 ) Adjustment for reclassification of net realized investment gains (losses) and OTTI losses recognized in net income (5,050 ) 2,408 (2,642 ) 76,368 (1,558 ) 74,810 Unrealized investment gains (losses) arising during the period, net of reclassification adjustment 35,075 (1,381 ) 33,694 (26,442 ) 1,541 (24,901 ) Non-credit portion of OTTI losses — — — — — — Foreign currency translation adjustment 1,722 — 1,722 (14,626 ) — (14,626 ) Total other comprehensive income (loss), net of tax $ 36,797 $ (1,381 ) $ 35,416 $ (41,068 ) $ 1,541 $ (39,527 ) Nine months ended September 30, Available for sale investments: Unrealized investment gains (losses) arising during the period $ 263,235 $ (24,579 ) $ 238,656 $ (183,822 ) $ 6,884 $ (176,938 ) Adjustment for reclassification of net realized investment gains and OTTI losses recognized in net income 40,338 2,282 42,620 130,858 (2,088 ) 128,770 Unrealized investment gains (losses) arising during the period, net of reclassification adjustment 303,573 (22,297 ) 281,276 (52,964 ) 4,796 (48,168 ) Non-credit portion of OTTI losses — — — — — — Foreign currency translation adjustment 5,694 — 5,694 (23,851 ) — (23,851 ) Total other comprehensive income (loss), net of tax $ 309,267 $ (22,297 ) $ 286,970 $ (76,815 ) $ 4,796 $ (72,019 )
RECLASSIFICATIONS OUT OF AOCI INTO NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	Reclassifications out of AOCI into net income available to common shareholders were as follows: Amount Reclassified from AOCI (1) Details About AOCI Components Consolidated Statement of Operations Line Item That Includes Reclassification Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Unrealized investment gains (losses) on available for sale investments Other realized investment gains (losses) $ 9,297 $ (44,067 ) $ (19,992 ) $ (68,096 ) OTTI losses (4,247 ) (32,301 ) (20,346 ) (62,762 ) Total before tax 5,050 (76,368 ) (40,338 ) (130,858 ) Income tax (expense) benefit (2,408 ) 1,558 (2,282 ) 2,088 Net of tax $ 2,642 $ (74,810 ) $ (42,620 ) $ (128,770 ) (1) Amounts in parentheses are debits to net income available to common shareholders.

SEGMENT INFORMATION (DETAILS)

SEGMENT INFORMATION (DETAILS) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)reportable_segment	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Information [Line Items]
Number of reportable segments | reportable_segment			2
Net premiums earned	$ 934,415	$ 919,341	$ 2,783,746	$ 2,764,605
Other insurance related income (loss)	5,944	1,158	4,850	12,319
Net losses and loss expenses	(532,328)	(560,387)	(1,663,584)	(1,652,868)
Acquisition costs	(189,810)	(182,744)	(559,570)	(537,549)
Expenses	(142,906)	(144,727)	(439,554)	(456,451)
Net investment income	116,923	45,685	257,818	226,336
Net realized investment gains (losses)	5,205	(69,957)	(40,295)	(123,618)
Foreign exchange gains	13,795	28,088	69,781	69,200
Interest expense and financing costs	(12,839)	(12,918)	(38,586)	(38,114)
Termination fee received	0	280,000	0	280,000
Reorganization and related expenses	0	(45,867)	0	(45,867)
Income before income taxes and interest in income (loss) of equity method investments	$ 198,399	$ 257,672	$ 374,606	$ 497,993
Net loss and loss expense ratio	57.00%	61.00%	59.80%	59.80%
Acquisition cost ratio	20.30%	19.90%	20.10%	19.40%
General and administrative expense ratio	15.30%	15.70%	15.80%	16.50%
Combined ratio	92.60%	96.60%	95.70%	95.70%
Goodwill and intangible assets	$ 85,501	$ 87,329	$ 85,501	$ 87,329	$ 86,858
Operating Segments [Member]
Segment Information [Line Items]
Gross premiums written	959,962	936,583	4,239,558	3,803,928
Net premiums written	595,431	677,217	3,288,587	3,079,307
Net premiums earned	934,415	919,341	2,783,746	2,764,605
Other insurance related income (loss)	5,944	1,158	4,850	12,319
Net losses and loss expenses	(532,328)	(560,387)	(1,663,584)	(1,652,868)
Acquisition costs	(189,810)	(182,744)	(559,570)	(537,549)
Expenses	(114,223)	(121,123)	(352,632)	(372,625)
Underwriting income	103,998	56,245	212,810	213,882
Operating Segments [Member] | Insurance [Member]
Segment Information [Line Items]
Gross premiums written	675,430	606,704	2,112,796	1,970,554
Net premiums written	433,131	381,118	1,433,058	1,352,122
Net premiums earned	444,691	444,550	1,322,649	1,344,339
Other insurance related income (loss)			(57)
Other insurance related income (loss)	39	542		811
Net losses and loss expenses	(273,226)	(283,272)	(853,771)	(866,580)
Acquisition costs	(61,755)	(69,118)	(184,982)	(200,493)
Expenses	(84,588)	(85,814)	(252,652)	(261,924)
Underwriting income	$ 25,161	$ 6,888	$ 31,187	$ 16,153
Net loss and loss expense ratio	61.40%	63.70%	64.60%	64.50%
Acquisition cost ratio	13.90%	15.50%	14.00%	14.90%
General and administrative expense ratio	19.10%	19.40%	19.00%	19.50%
Combined ratio	94.40%	98.60%	97.60%	98.90%
Goodwill and intangible assets	$ 85,501	$ 87,329	$ 85,501	$ 87,329
Operating Segments [Member] | Reinsurance [Member]
Segment Information [Line Items]
Gross premiums written	284,532	329,879	2,126,762	1,833,374
Net premiums written	162,300	296,099	1,855,529	1,727,185
Net premiums earned	489,724	474,791	1,461,097	1,420,266
Other insurance related income (loss)	5,905	616	4,907	11,508
Net losses and loss expenses	(259,102)	(277,115)	(809,813)	(786,288)
Acquisition costs	(128,055)	(113,626)	(374,588)	(337,056)
Expenses	(29,635)	(35,309)	(99,980)	(110,701)
Underwriting income	$ 78,837	$ 49,357	$ 181,623	$ 197,729
Net loss and loss expense ratio	52.90%	58.40%	55.40%	55.40%
Acquisition cost ratio	26.10%	23.90%	25.60%	23.70%
General and administrative expense ratio	6.10%	7.40%	6.90%	7.80%
Combined ratio	85.10%	89.70%	87.90%	86.90%
Goodwill and intangible assets	$ 0	$ 0	$ 0	$ 0
Corporate, Non-Segment [Member]
Segment Information [Line Items]
Expenses	(28,683)	(23,604)	(86,922)	(83,826)
Significant Reconciling Items [Member]
Segment Information [Line Items]
Net investment income	116,923	45,685	257,818	226,336
Net realized investment gains (losses)	5,205	(69,957)	(40,295)	(123,618)
Foreign exchange gains	13,795	28,088	69,781	69,200
Interest expense and financing costs	(12,839)	(12,918)	(38,586)	(38,114)
Termination fee received	0	280,000	0	280,000
Reorganization and related expenses	$ 0	$ (45,867)	$ 0	$ (45,867)

INVESTMENTS (DETAILS)

INVESTMENTS (DETAILS) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 11,462,399	$ 11,897,639
Gross Unrealized Gains (fixed maturities)	192,418	52,518
Gross Unrealized Losses (fixed maturities)	(87,957)	(230,408)
Fair Value (fixed maturities)	11,566,860	11,719,749
Non-credit OTTI in AOCI	(870)	(875)
Cost	600,604	575,776
Gross Unrealized Gains (equities)	45,148	31,211
Gross Unrealized Losses (equities)	(1,408)	(8,989)
Fair Value (equities)	644,344	597,998
US Government and Agency [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,542,943	1,673,617
Gross Unrealized Gains (fixed maturities)	22,349	1,545
Gross Unrealized Losses (fixed maturities)	(2,415)	(23,213)
Fair Value (fixed maturities)	1,562,877	1,651,949
Non-credit OTTI in AOCI	0	0
Non-US Government [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	620,601	809,025
Gross Unrealized Gains (fixed maturities)	4,799	2,312
Gross Unrealized Losses (fixed maturities)	(43,344)	(72,332)
Fair Value (fixed maturities)	582,056	739,005
Non-credit OTTI in AOCI	0	0
Corporate Debt [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	4,516,290	4,442,315
Gross Unrealized Gains (fixed maturities)	87,184	16,740
Gross Unrealized Losses (fixed maturities)	(34,974)	(96,286)
Fair Value (fixed maturities)	4,568,500	4,362,769
Non-credit OTTI in AOCI	0	0
Agency RMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,473,832	2,236,138
Gross Unrealized Gains (fixed maturities)	49,661	22,773
Gross Unrealized Losses (fixed maturities)	(762)	(9,675)
Fair Value (fixed maturities)	2,522,731	2,249,236
Non-credit OTTI in AOCI	0	0
CMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	877,732	1,088,595
Gross Unrealized Gains (fixed maturities)	18,546	3,885
Gross Unrealized Losses (fixed maturities)	(2,003)	(9,182)
Fair Value (fixed maturities)	894,275	1,083,298
Non-credit OTTI in AOCI	0	0
Non-Agency RMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	71,842	99,989
Gross Unrealized Gains (fixed maturities)	1,636	1,992
Gross Unrealized Losses (fixed maturities)	(1,648)	(973)
Fair Value (fixed maturities)	71,830	101,008
Non-credit OTTI in AOCI	(870)	(875)
ABS [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,234,292	1,387,919
Gross Unrealized Gains (fixed maturities)	4,028	952
Gross Unrealized Losses (fixed maturities)	(2,724)	(17,601)
Fair Value (fixed maturities)	1,235,596	1,371,270
Non-credit OTTI in AOCI	0	0
Municipals [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	124,867	160,041
Gross Unrealized Gains (fixed maturities)	4,215	2,319
Gross Unrealized Losses (fixed maturities)	(87)	(1,146)
Fair Value (fixed maturities)	128,995	161,214
Non-credit OTTI in AOCI	0	0
Common Stock [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost	379	0
Gross Unrealized Gains (equities)	38	0
Gross Unrealized Losses (equities)	(348)	0
Fair Value (equities)	69	0
Exchange-Traded Funds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost	463,655	447,524
Gross Unrealized Gains (equities)	41,611	31,211
Gross Unrealized Losses (equities)	(1,060)	(4,762)
Fair Value (equities)	504,206	473,973
Bond Mutual Funds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost	136,570	128,252
Gross Unrealized Gains (equities)	3,499	0
Gross Unrealized Losses (equities)	0	(4,227)
Fair Value (equities)	$ 140,069	$ 124,025

INVESTMENTS (DETAILS 2)

INVESTMENTS (DETAILS 2) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule Of Available For Sale Securities [Line Items]
Due in one year or less (amortized cost)	$ 363,821	$ 291,368
Due after one year through five years (amortized cost)	3,809,515	4,217,515
Due after five years through ten years (amortized cost)	2,286,970	2,263,684
Due after ten years (amortized cost)	344,395	312,431
Total fixed maturities with a single maturity date (amortized cost)	6,804,701	7,084,998
Total (amortized cost)	11,462,399	11,897,639
Due in one year or less (fair value)	356,706	289,571
Due after one year through five years (fair value)	3,801,104	4,142,802
Due after five years through ten years (fair value)	2,330,895	2,181,525
Due after ten years (fair value)	353,723	301,039
Total fixed maturities with a single maturity date (fair value)	6,842,428	6,914,937
Fair Value (fixed maturities)	$ 11,566,860	$ 11,719,749
Due in one year or less (% of total fair value)	3.00%	2.50%
Due after one year through five years (% of total fair value)	32.90%	35.30%
Due after five years through ten years (% of total fair value)	20.20%	18.60%
Due after ten years (% of total fair value)	3.10%	2.60%
Fixed maturities with a single maturity date (% of total fair value)	59.20%	59.00%
Total	100.00%	100.00%
Agency RMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities without a single maturity date (amortized cost)	$ 2,473,832	$ 2,236,138
Total (amortized cost)	2,473,832	2,236,138
Fixed maturities without a single maturity date (fair value)	2,522,731	2,249,236
Fair Value (fixed maturities)	$ 2,522,731	$ 2,249,236
Fixed maturities without a single maturity date (% of total fair value)	21.80%	19.20%
CMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities without a single maturity date (amortized cost)	$ 877,732	$ 1,088,595
Total (amortized cost)	877,732	1,088,595
Fixed maturities without a single maturity date (fair value)	894,275	1,083,298
Fair Value (fixed maturities)	$ 894,275	$ 1,083,298
Fixed maturities without a single maturity date (% of total fair value)	7.70%	9.20%
Non-Agency RMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities without a single maturity date (amortized cost)	$ 71,842	$ 99,989
Total (amortized cost)	71,842	99,989
Fixed maturities without a single maturity date (fair value)	71,830	101,008
Fair Value (fixed maturities)	$ 71,830	$ 101,008
Fixed maturities without a single maturity date (% of total fair value)	0.60%	0.90%
ABS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities without a single maturity date (amortized cost)	$ 1,234,292	$ 1,387,919
Total (amortized cost)	1,234,292	1,387,919
Fixed maturities without a single maturity date (fair value)	1,235,596	1,371,270
Fair Value (fixed maturities)	$ 1,235,596	$ 1,371,270
Fixed maturities without a single maturity date (% of total fair value)	10.70%	11.70%

INVESTMENTS (DETAILS 3)

INVESTMENTS (DETAILS 3) $ in Thousands	Sep. 30, 2016USD ($)security	Dec. 31, 2015USD ($)security
Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	$ 1,155,883	$ 1,317,794
Unrealized Losses - 12 months or greater	(57,291)	(106,770)
Fair Value - Less than 12 months	1,683,251	7,145,067
Unrealized Losses - Less than 12 months	(30,666)	(123,638)
Total Fair Value of Securities in Unrealized Loss Position	2,839,134	8,462,861
Total Unrealized Losses	$ (87,957)	$ (230,408)
Number of Available For Sale Securities In Unrealized Loss Positions | security	935	2,314
Number of Available For Sale Securities in Unrealized Loss Positions for 12 Months or Greater | security	399	383
Fixed Maturities [Member] | Below Investment Grade or Not Rated [Member]
Schedule Of Available For Sale Securities [Line Items]
Total Unrealized Losses	$ (13,000)	$ (39,000)
US Government and Agency [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	55,000	84,179
Unrealized Losses - 12 months or greater	(1,635)	(7,622)
Fair Value - Less than 12 months	422,681	1,474,202
Unrealized Losses - Less than 12 months	(780)	(15,591)
Total Fair Value of Securities in Unrealized Loss Position	477,681	1,558,381
Total Unrealized Losses	(2,415)	(23,213)
Non-US Government [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	104,441	170,269
Unrealized Losses - 12 months or greater	(24,061)	(50,841)
Fair Value - Less than 12 months	254,694	317,693
Unrealized Losses - Less than 12 months	(19,283)	(21,491)
Total Fair Value of Securities in Unrealized Loss Position	359,135	487,962
Total Unrealized Losses	(43,344)	(72,332)
Corporate Debt [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	285,848	340,831
Unrealized Losses - 12 months or greater	(26,202)	(33,441)
Fair Value - Less than 12 months	639,722	2,845,375
Unrealized Losses - Less than 12 months	(8,772)	(62,845)
Total Fair Value of Securities in Unrealized Loss Position	925,570	3,186,206
Total Unrealized Losses	(34,974)	(96,286)
Agency RMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	80,375	64,792
Unrealized Losses - 12 months or greater	(556)	(1,609)
Fair Value - Less than 12 months	121,203	1,073,566
Unrealized Losses - Less than 12 months	(206)	(8,066)
Total Fair Value of Securities in Unrealized Loss Position	201,578	1,138,358
Total Unrealized Losses	(762)	(9,675)
CMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	99,004	75,627
Unrealized Losses - 12 months or greater	(1,260)	(1,579)
Fair Value - Less than 12 months	173,795	659,480
Unrealized Losses - Less than 12 months	(743)	(7,603)
Total Fair Value of Securities in Unrealized Loss Position	272,799	735,107
Total Unrealized Losses	(2,003)	(9,182)
Non-Agency RMBS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	10,184	5,283
Unrealized Losses - 12 months or greater	(1,306)	(210)
Fair Value - Less than 12 months	5,187	43,199
Unrealized Losses - Less than 12 months	(342)	(763)
Total Fair Value of Securities in Unrealized Loss Position	15,371	48,482
Total Unrealized Losses	(1,648)	(973)
ABS [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	518,647	562,599
Unrealized Losses - 12 months or greater	(2,253)	(11,158)
Fair Value - Less than 12 months	50,402	667,448
Unrealized Losses - Less than 12 months	(471)	(6,443)
Total Fair Value of Securities in Unrealized Loss Position	569,049	1,230,047
Total Unrealized Losses	(2,724)	(17,601)
Municipals [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	2,384	14,214
Unrealized Losses - 12 months or greater	(18)	(310)
Fair Value - Less than 12 months	15,567	64,104
Unrealized Losses - Less than 12 months	(69)	(836)
Total Fair Value of Securities in Unrealized Loss Position	17,951	78,318
Total Unrealized Losses	(87)	(1,146)
Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	6,153	2,331
Unrealized Losses - 12 months or greater	(425)	(313)
Fair Value - Less than 12 months	39,128	234,997
Unrealized Losses - Less than 12 months	(983)	(8,676)
Total Fair Value of Securities in Unrealized Loss Position	45,281	237,328
Total Unrealized Losses	$ (1,408)	$ (8,989)
Number of Available For Sale Securities In Unrealized Loss Positions | security	20	35
Number of Available For Sale Securities in Unrealized Loss Positions for 12 Months or Greater | security	5	1
Common Stock [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	$ 0	$ 0
Unrealized Losses - 12 months or greater	0	0
Fair Value - Less than 12 months	31	0
Unrealized Losses - Less than 12 months	(348)	0
Total Fair Value of Securities in Unrealized Loss Position	31	0
Total Unrealized Losses	(348)	0
Exchange-Traded Funds [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	6,153	2,331
Unrealized Losses - 12 months or greater	(425)	(313)
Fair Value - Less than 12 months	39,097	110,972
Unrealized Losses - Less than 12 months	(635)	(4,449)
Total Fair Value of Securities in Unrealized Loss Position	45,250	113,303
Total Unrealized Losses	(1,060)	(4,762)
Bond Mutual Funds [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value - 12 months or greater	0	0
Unrealized Losses - 12 months or greater	0	0
Fair Value - Less than 12 months	0	124,025
Unrealized Losses - Less than 12 months	0	(4,227)
Total Fair Value of Securities in Unrealized Loss Position	0	124,025
Total Unrealized Losses	$ 0	$ (4,227)

INVESTMENTS (DETAILS 4)

INVESTMENTS (DETAILS 4) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Mortgage Loans held-for-investment, net [Abstract]
Commercial	$ 332,753	$ 206,277
Commercial, Percent	100.00%	100.00%
Valuation allowances	$ 0	$ 0
Valuation allowance, Percent	0.00%	0.00%
Total Mortgage Loans held-for-investment	$ 332,753	$ 206,277
Total Mortgage Loans held-for investment, Percent	100.00%	100.00%
Debt Service Coverage Ratio	1.1
Loan-to-Value Ratio, Percent (less than)	70.00%
Credit losses on commercial mortgage loans	$ 0

INVESTMENTS (DETAILS 5)

INVESTMENTS (DETAILS 5) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Mar. 01, 2016
Other Investments [Line Items]
Other investments, at fair value	$ 847,262	$ 816,756
Percentage of total fair value	100.00%	100.00%
Hedge Funds [Member] | Lockup Redemption Restriction [Member]
Other Investments [Line Items]
Fair value of other investments subject to redemption restrictions	$ 87,000	$ 66,000
Percentage of fair value of other investments subject to redemption restrictions	17.00%	10.00%
Long/short equity funds [Member]
Other Investments [Line Items]
Other investments, at fair value	$ 139,460	$ 154,348
Percentage of total fair value	16.00%	19.00%
Redemption frequency	Quarterly, Semi-annually, Annually	Quarterly, Semi-annually, Annually
Long/short equity funds [Member] | Minimum [Member]
Other Investments [Line Items]
Redemption notice period	45 days	45 days
Long/short equity funds [Member] | Maximum [Member]
Other Investments [Line Items]
Redemption notice period	60 days	60 days
Multi-strategy funds [Member]
Other Investments [Line Items]
Other investments, at fair value	$ 281,153	$ 355,073
Percentage of total fair value	33.00%	43.00%
Redemption frequency	Quarterly, Semi-annually	Quarterly, Semi-annually
Multi-strategy funds [Member] | Other Redemption Restriction [Member]
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 12,000	$ 12,000
Optional extension of investment term	3 years
Multi-strategy funds [Member] | Minimum [Member]
Other Investments [Line Items]
Redemption notice period	60 days	60 days
Multi-strategy funds [Member] | Maximum [Member]
Other Investments [Line Items]
Redemption notice period	95 days	95 days
Event driven funds [Member]
Other Investments [Line Items]
Other investments, at fair value	$ 94,012	$ 147,287
Percentage of total fair value	11.00%	18.00%
Redemption frequency	Quarterly, Annually	Quarterly, Annually
Event driven funds [Member] | Minimum [Member]
Other Investments [Line Items]
Redemption notice period	45 days	45 days
Event driven funds [Member] | Maximum [Member]
Other Investments [Line Items]
Redemption notice period	60 days	60 days
Leveraged bank loan funds [Member]
Other Investments [Line Items]
Other investments, at fair value	$ 0	$ 65
Percentage of total fair value	0.00%	0.00%
Direct Lending Funds [Member]
Other Investments [Line Items]
Other investments, at fair value	$ 125,002	$ 90,120
Percentage of total fair value	15.00%	11.00%
Direct Lending Funds [Member] | Other Redemption Restriction [Member]
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 189,000	$ 222,000
Optional extension of investment term	3 years
Direct Lending Funds [Member] | Minimum [Member] | Other Redemption Restriction [Member]
Other Investments [Line Items]
Investment term	5 years
Direct Lending Funds [Member] | Maximum [Member] | Other Redemption Restriction [Member]
Other Investments [Line Items]
Investment term	10 years
Private Equity Funds [Member]
Other Investments [Line Items]
Other investments, at fair value	$ 89,170	$ 0
Percentage of total fair value	11.00%	0.00%
Unfunded commitments related to other investments	$ 40,000		$ 135,000
Investment term	10 years
Real Estate Funds [Member]
Other Investments [Line Items]
Other investments, at fair value	$ 11,782	$ 4,929
Percentage of total fair value	1.00%	1.00%
Real Estate Funds [Member] | Other Redemption Restriction [Member]
Other Investments [Line Items]
Unfunded commitments related to other investments	$ 90,000	$ 95,000
Investment term	8 years
Commitment period	3 years
CLO-Equities [Member]
Other Investments [Line Items]
Other investments, at fair value	$ 63,783	$ 64,934
Percentage of total fair value	8.00%	8.00%
Other Privately Held Investments [Member]
Other Investments [Line Items]
Other investments, at fair value	$ 42,900	$ 0
Percentage of total fair value	5.00%	0.00%
Bank Revolver Opportunity Funds [Member]
Other Investments [Line Items]
Unfunded commitments related to other investments		$ 50,000
Investment term	7 years
Optional extension of investment term	2 years

INVESTMENTS (DETAILS 6)

INVESTMENTS (DETAILS 6) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 103,548	$ 0
Equity method investments	111,295		$ 10,932
Harrington Reinsurance Holdings Limited [Member]
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 104,000
Equity method investment, ownership percentage	18.00%
Equity method investment, difference between carrying amount and underlying equity	$ 5,000
Other Equity Method Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 9,000

INVESTMENTS (DETAILS 7)

INVESTMENTS (DETAILS 7) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net Investment Income [Line Items]
Gross investment income	$ 125,004	$ 53,562	$ 281,498	$ 250,300
Investment expenses	(8,081)	(7,877)	(23,680)	(23,964)
Net investment income	116,923	45,685	257,818	226,336
Fixed Maturities [Member]
Net Investment Income [Line Items]
Gross investment income	75,827	75,980	229,423	220,066
Other Investments [Member]
Net Investment Income [Line Items]
Gross investment income	38,248	(27,421)	25,770	17,616
Equity Securities [Member]
Net Investment Income [Line Items]
Gross investment income	4,633	3,445	12,843	7,795
Mortgage loans [Member]
Net Investment Income [Line Items]
Gross investment income	2,191	482	5,683	776
Cash And Cash Equivalents [Member]
Net Investment Income [Line Items]
Gross investment income	3,768	993	7,071	3,770
Short-term Investments [Member]
Net Investment Income [Line Items]
Gross investment income	$ 337	$ 83	$ 708	$ 277

INVESTMENTS (DETAILS 8)

INVESTMENTS (DETAILS 8) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule Of Available For Sale Securities [Line Items]
Gross realized gains	$ 31,781	$ 12,358	$ 86,637	$ 45,300
Gross realized losses	(22,484)	(56,426)	(106,625)	(113,384)
Net OTTI recognized in earnings	(4,247)	(32,301)	(20,346)	(62,762)
Change in fair value of investment derivatives	155	6,412	39	7,228
Total net realized investment gains (losses)	5,205	(69,957)	(40,295)	(123,618)
Fixed Maturities And Short-Term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Gross realized gains	26,211	12,126	67,833	44,853
Gross realized losses	(21,908)	(54,867)	(90,702)	(111,432)
Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Gross realized gains	5,570	232	18,804	447
Gross realized losses	$ (576)	$ (1,559)	$ (15,923)	$ (1,952)

INVESTMENTS (DETAILS 9)

INVESTMENTS (DETAILS 9) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	$ 4,247	$ 32,301	$ 20,346	$ 62,762
Fixed Maturities [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	4,247	21,966	17,786	41,241
Non-US Government [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	2,456	1,295	2,953	2,717
Corporate Debt [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	1,791	20,587	14,833	38,396
Non-Agency RMBS [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	0	0	0	4
ABS [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	0	84	0	124
Equity Securities [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	0	10,335	2,560	21,521
Exchange-Traded Funds [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	0	10,335	2,560	10,335
Bond Mutual Funds [Member]
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items]
Total OTTI recognized in earnings	$ 0	$ 0	$ 0	$ 11,186

INVESTMENTS (DETAILS 10)

INVESTMENTS (DETAILS 10) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Credit Losses For Which a Portion of OTTI Was Recognized in AOCI [Roll Forward]
Balance at beginning of period	$ 1,513	$ 1,564	$ 1,506	$ 1,531
Credit impairments recognized on securities not previously impaired	0	0	0	0
Additional credit impairments recognized on securities previously impaired	0	0	7	33
Change in timing of future cash flows on securities previously impaired	0	0	0	0
Intent to sell of securities previously impaired	0	0	0	0
Securities sold/redeemed/matured	(33)	(43)	(33)	(43)
Balance at end of period	$ 1,480	$ 1,521	$ 1,480	$ 1,521

INVESTMENTS (DETAILS 11)

INVESTMENTS (DETAILS 11) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Value of reverse repurchase agreements	$ 160	$ 30
Minimum required collateral for reverse repurchase agreements, expressed as a percentage of loan principal	102.00%

FAIR VALUE MEASUREMENTS (DETAIL

FAIR VALUE MEASUREMENTS (DETAILS) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	$ 11,566,860	$ 11,719,749
Equity securities	644,344	597,998
Other investments	847,262	816,756
Short-term investments	39,877	34,406
Derivative instruments	6,957	6,467
Derivative instruments	12,595	18,629
Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	11,566,860	11,719,749
Equity securities	644,344	597,998
Other investments	847,262	816,756
Short-term investments	39,877	34,406
Derivative instruments	6,957	6,467
Insurance-linked securities	25,283	24,925
Total Assets	13,130,583	13,200,301
Derivative instruments	12,595	18,629
Cash settled awards	34,288	33,215
Total Liabilities	46,883	51,844
US Government and Agency [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,562,877	1,651,949
US Government and Agency [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,562,877	1,651,949
Non-US Government [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	582,056	739,005
Non-US Government [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	582,056	739,005
Corporate Debt [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	4,568,500	4,362,769
Corporate Debt [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	4,568,500	4,362,769
Agency RMBS [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	2,522,731	2,249,236
Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	2,522,731	2,249,236
CMBS [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	894,275	1,083,298
CMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	894,275	1,083,298
Non-Agency RMBS [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	71,830	101,008
Non-Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	71,830	101,008
ABS [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,235,596	1,371,270
ABS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,235,596	1,371,270
Municipals [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	128,995	161,214
Municipals [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	128,995	161,214
Common Stock [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	69	0
Common Stock [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	69	0
Exchange-Traded Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	504,206	473,973
Exchange-Traded Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	504,206	473,973
Bond Mutual Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	140,069	124,025
Bond Mutual Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	140,069	124,025
Hedge Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	514,625	656,773
Direct Lending Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	125,002	90,120
Private Equity Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	89,170	0
Real Estate Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	11,782	4,929
Other Privately Held Investments [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	42,900	0
CLO-Equities [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	63,783	64,934
Fair value based on NAV practical expedient [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Equity securities	0	0
Other investments	740,579	789,499
Short-term investments	0	0
Derivative instruments	0	0
Insurance-linked securities	0	0
Total Assets	740,579	789,499
Derivative instruments	0	0
Cash settled awards	0	0
Total Liabilities	0	0
Fair value based on NAV practical expedient [Member] | US Government and Agency [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair value based on NAV practical expedient [Member] | Non-US Government [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair value based on NAV practical expedient [Member] | Corporate Debt [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair value based on NAV practical expedient [Member] | Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair value based on NAV practical expedient [Member] | CMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair value based on NAV practical expedient [Member] | Non-Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair value based on NAV practical expedient [Member] | ABS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair value based on NAV practical expedient [Member] | Municipals [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Fair value based on NAV practical expedient [Member] | Common Stock [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Fair value based on NAV practical expedient [Member] | Exchange-Traded Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Fair value based on NAV practical expedient [Member] | Bond Mutual Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Fair value based on NAV practical expedient [Member] | Hedge Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	514,625	656,773
Fair value based on NAV practical expedient [Member] | Direct Lending Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	125,002	90,120
Fair value based on NAV practical expedient [Member] | Private Equity Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	89,170	0
Fair value based on NAV practical expedient [Member] | Real Estate Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	11,782	4,929
Fair value based on NAV practical expedient [Member] | Other Privately Held Investments [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Fair value based on NAV practical expedient [Member] | CLO-Equities [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	37,677
Level 1 [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,522,246	1,632,355
Equity securities	504,275	473,973
Other investments	0	0
Short-term investments	0	0
Derivative instruments	0	0
Insurance-linked securities	0	0
Total Assets	2,026,521	2,106,328
Derivative instruments	0	0
Cash settled awards	0	0
Total Liabilities	0	0
Level 1 [Member] | US Government and Agency [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,522,246	1,632,355
Level 1 [Member] | Non-US Government [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 1 [Member] | Corporate Debt [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 1 [Member] | Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 1 [Member] | CMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 1 [Member] | Non-Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 1 [Member] | ABS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 1 [Member] | Municipals [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 1 [Member] | Common Stock [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	69	0
Level 1 [Member] | Exchange-Traded Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	504,206	473,973
Level 1 [Member] | Bond Mutual Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 1 [Member] | Hedge Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 1 [Member] | Direct Lending Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 1 [Member] | Private Equity Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 1 [Member] | Real Estate Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 1 [Member] | Other Privately Held Investments [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 1 [Member] | CLO-Equities [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 2 [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	9,966,602	10,037,954
Equity securities	140,069	124,025
Other investments	0	0
Short-term investments	39,877	34,406
Derivative instruments	4,469	2,072
Insurance-linked securities	0	0
Total Assets	10,151,017	10,198,457
Derivative instruments	4,411	7,692
Cash settled awards	34,288	33,215
Total Liabilities	38,699	40,907
Level 2 [Member] | US Government and Agency [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	40,631	19,594
Level 2 [Member] | Non-US Government [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	582,056	739,005
Level 2 [Member] | Corporate Debt [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	4,499,408	4,324,251
Level 2 [Member] | Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	2,522,731	2,249,236
Level 2 [Member] | CMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	885,355	1,072,376
Level 2 [Member] | Non-Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	71,830	101,008
Level 2 [Member] | ABS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	1,235,596	1,371,270
Level 2 [Member] | Municipals [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	128,995	161,214
Level 2 [Member] | Common Stock [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 2 [Member] | Exchange-Traded Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 2 [Member] | Bond Mutual Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	140,069	124,025
Level 2 [Member] | Hedge Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 2 [Member] | Direct Lending Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 2 [Member] | Private Equity Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 2 [Member] | Real Estate Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 2 [Member] | Other Privately Held Investments [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 2 [Member] | CLO-Equities [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 3 [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	78,012	49,440
Equity securities	0	0
Other investments	106,683	27,257
Short-term investments	0	0
Derivative instruments	2,488	4,395
Insurance-linked securities	25,283	24,925
Total Assets	212,466	106,017
Derivative instruments	8,184	10,937
Cash settled awards	0	0
Total Liabilities	8,184	10,937
Level 3 [Member] | US Government and Agency [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 3 [Member] | Non-US Government [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 3 [Member] | Corporate Debt [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	69,092	38,518
Level 3 [Member] | Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 3 [Member] | CMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	8,920	10,922
Level 3 [Member] | Non-Agency RMBS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 3 [Member] | ABS [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 3 [Member] | Municipals [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturities	0	0
Level 3 [Member] | Common Stock [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 3 [Member] | Exchange-Traded Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 3 [Member] | Bond Mutual Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 3 [Member] | Hedge Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 3 [Member] | Direct Lending Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 3 [Member] | Private Equity Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 3 [Member] | Real Estate Funds [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	0	0
Level 3 [Member] | Other Privately Held Investments [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	42,900	0
Level 3 [Member] | CLO-Equities [Member] | Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other investments	$ 63,783	$ 27,257

FAIR VALUE MEASUREMENTS (DETA43

FAIR VALUE MEASUREMENTS (DETAILS 2) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)degree_day	Dec. 31, 2015USD ($)
Fair Value Inputs Assets Quantitative Information [Line Items]
Other investments	$ 847,262	$ 816,756
Discounted cash flow [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Other investments	$ 35,594
Default rates	4.00%
Discounted cash flow [Member] | Level 3 [Member] | Other Privately Held Investments [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Other investments	$ 42,900
Liquidation Value Valuation Technique [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Other investments	$ 28,189
Fair value of collateral	100.00%
Simulation model [Member] | Level 3 [Member] | Weather Related Derivative [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Net derivative assets	$ (5,696)
Minimum [Member] | Discounted cash flow [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Loss severity rate	35.00%
Collateral spreads	3.60%
Estimated maturity dates	2 years
Minimum [Member] | Discounted cash flow [Member] | Level 3 [Member] | Other Privately Held Investments [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	5.00%
Minimum [Member] | Liquidation Value Valuation Technique [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount margin	0.10%
Minimum [Member] | Simulation model [Member] | Level 3 [Member] | Weather Related Derivative [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Weather curve | degree_day	1
Weather standard deviation | degree_day	1
Maximum [Member] | Discounted cash flow [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Loss severity rate	53.50%
Collateral spreads	4.00%
Estimated maturity dates	6 years
Maximum [Member] | Discounted cash flow [Member] | Level 3 [Member] | Other Privately Held Investments [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	8.00%
Maximum [Member] | Liquidation Value Valuation Technique [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount margin	19.10%
Maximum [Member] | Simulation model [Member] | Level 3 [Member] | Weather Related Derivative [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Weather curve | degree_day	2,294
Weather standard deviation | degree_day	1,029
Weighted Average [Member] | Discounted cash flow [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Default rates	4.00%
Loss severity rate	35.40%
Collateral spreads	4.00%
Estimated maturity dates	6 years
Weighted Average [Member] | Discounted cash flow [Member] | Level 3 [Member] | Other Privately Held Investments [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	7.20%
Weighted Average [Member] | Liquidation Value Valuation Technique [Member] | Level 3 [Member] | Other Investments - CLO-Equities [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value of collateral	100.00%
Discount margin	2.40%

FAIR VALUE MEASUREMENTS (DETA44

FAIR VALUE MEASUREMENTS (DETAILS 3) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Total Liabilities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance (Liabilities)	$ 1,978	$ 818	$ 10,937	$ 15,288
Transfers into Level 3 (Liabilities)	0	0	0	0
Transfers out of Level 3 (Liabilities)	0	0	0	0
Included in earnings (Liabilities)	(169)	(331)	2,445	(12,053)
Included in OCI (Liabilities)	0	0	0	0
Purchases (Liabilities)	6,384	6,475	7,189	8,698
Sales (Liabilities)	0	0	0	0
Settlements/ Distributions (Liabilities)	(9)	0	(12,387)	(4,971)
Closing Balance (Liabilities)	8,184	6,962	8,184	6,962
Change in unrealized investment gain/loss relating to assets held at the reporting date (Liabilities)	335	(331)	457	(318)
Fixed Maturities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance (Assets)	72,232	65,018	49,440	73,631
Transfers into Level 3 (Assets)	0	0	20,412	5,072
Transfers out of Level 3 (Assets)	0	(9,902)	(1,955)	(49,753)
Included in earnings (Assets)	(9)	(2)	(988)	(2)
Included in OCI (Assets)	52	81	1,054	286
Purchases (Assets)	7,563	22,821	17,107	54,445
Sales (Assets)	0	0	(4,015)	0
Settlements/ Distributions (Assets)	(1,826)	(4,867)	(3,043)	(10,530)
Closing Balance (Assets)	78,012	73,149	78,012	73,149
Change in unrealized investment gain/loss relating to assets held at the reporting date (Assets)	0	0	0	0
Other Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance (Assets)	107,638	36,921	27,257	37,046
Transfers into Level 3 (Assets)	0	0	36,378	0
Transfers out of Level 3 (Assets)	0	0	0	0
Included in earnings (Assets)	8,064	1,192	15,926	7,930
Included in OCI (Assets)	0	0	0	0
Purchases (Assets)	1,500	0	44,405	0
Sales (Assets)	0	0	0	0
Settlements/ Distributions (Assets)	(10,519)	(3,118)	(17,283)	(9,981)
Closing Balance (Assets)	106,683	34,995	106,683	34,995
Change in unrealized investment gain/loss relating to assets held at the reporting date (Assets)	8,064	1,192	15,926	7,930
Other Assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance (Assets)	25,030	25,077	29,320	111
Transfers into Level 3 (Assets)	0	0	0	0
Transfers out of Level 3 (Assets)	0	0	0	0
Included in earnings (Assets)	923	210	3,613	(780)
Included in OCI (Assets)	0	0	0	0
Purchases (Assets)	1,818	0	3,623	25,000
Sales (Assets)	0	0	0	0
Settlements/ Distributions (Assets)	0	(240)	(8,785)	716
Closing Balance (Assets)	27,771	25,047	27,771	25,047
Change in unrealized investment gain/loss relating to assets held at the reporting date (Assets)	923	210	1,027	47
Total Assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance (Assets)	204,900	127,016	106,017	110,788
Transfers into Level 3 (Assets)	0	0	56,790	5,072
Transfers out of Level 3 (Assets)	0	(9,902)	(1,955)	(49,753)
Included in earnings (Assets)	8,978	1,400	18,551	7,148
Included in OCI (Assets)	52	81	1,054	286
Purchases (Assets)	10,881	22,821	65,135	79,445
Sales (Assets)	0	0	(4,015)	0
Settlements/ Distributions (Assets)	(12,345)	(8,225)	(29,111)	(19,795)
Closing Balance (Assets)	212,466	133,191	212,466	133,191
Change in unrealized investment gain/loss relating to assets held at the reporting date (Assets)	8,987	1,402	16,953	7,977
Corporate Debt [Member] | Fixed Maturities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance (Assets)	62,022	43,008	38,518	15,837
Transfers into Level 3 (Assets)	0	0	20,412	0
Transfers out of Level 3 (Assets)	0	0	(1,955)	0
Included in earnings (Assets)	(9)	(2)	(988)	(2)
Included in OCI (Assets)	100	300	1,188	724
Purchases (Assets)	7,563	22,821	17,107	54,445
Sales (Assets)	0	0	(4,015)	0
Settlements/ Distributions (Assets)	(584)	(4,403)	(1,175)	(9,280)
Closing Balance (Assets)	69,092	61,724	69,092	61,724
Change in unrealized investment gain/loss relating to assets held at the reporting date (Assets)	0	0	0	0
CMBS [Member] | Fixed Maturities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance (Assets)	10,210	21,900	10,922	17,763
Transfers into Level 3 (Assets)	0	0	0	5,072
Transfers out of Level 3 (Assets)	0	(9,902)	0	(9,902)
Included in earnings (Assets)	0	0	0	0
Included in OCI (Assets)	(48)	(219)	(134)	(543)
Purchases (Assets)	0	0	0	0
Sales (Assets)	0	0	0	0
Settlements/ Distributions (Assets)	(1,242)	(461)	(1,868)	(1,072)
Closing Balance (Assets)	8,920	11,318	8,920	11,318
Change in unrealized investment gain/loss relating to assets held at the reporting date (Assets)	0	0	0	0
ABS [Member] | Fixed Maturities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance (Assets)	0	110	0	40,031
Transfers into Level 3 (Assets)	0	0	0	0
Transfers out of Level 3 (Assets)	0	0	0	(39,851)
Included in earnings (Assets)	0	0	0	0
Included in OCI (Assets)	0	0	0	105
Purchases (Assets)	0	0	0	0
Sales (Assets)	0	0	0	0
Settlements/ Distributions (Assets)	0	(3)	0	(178)
Closing Balance (Assets)	0	107	0	107
Change in unrealized investment gain/loss relating to assets held at the reporting date (Assets)	0	0	0	0
Other Privately Held Investments [Member] | Other Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance (Assets)	41,755	0	0	0
Transfers into Level 3 (Assets)	0	0	0	0
Transfers out of Level 3 (Assets)	0	0	0	0
Included in earnings (Assets)	(355)	0	(1,505)	0
Included in OCI (Assets)	0	0	0	0
Purchases (Assets)	1,500	0	44,405	0
Sales (Assets)	0	0	0	0
Settlements/ Distributions (Assets)	0	0	0	0
Closing Balance (Assets)	42,900	0	42,900	0
Change in unrealized investment gain/loss relating to assets held at the reporting date (Assets)	(355)	0	(1,505)	0
CLO-Equities [Member] | Other Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance (Assets)	65,883	36,921	27,257	37,046
Transfers into Level 3 (Assets)	0	0	36,378	0
Transfers out of Level 3 (Assets)	0	0	0	0
Included in earnings (Assets)	8,419	1,192	17,431	7,930
Included in OCI (Assets)	0	0	0	0
Purchases (Assets)	0	0	0	0
Sales (Assets)	0	0	0	0
Settlements/ Distributions (Assets)	(10,519)	(3,118)	(17,283)	(9,981)
Closing Balance (Assets)	63,783	34,995	63,783	34,995
Change in unrealized investment gain/loss relating to assets held at the reporting date (Assets)	8,419	1,192	17,431	7,930
Derivative [Member] | Other Liabilities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance (Liabilities)	1,978	818	10,937	15,288
Transfers into Level 3 (Liabilities)	0	0	0	0
Transfers out of Level 3 (Liabilities)	0	0	0	0
Included in earnings (Liabilities)	(169)	(331)	2,445	(12,053)
Included in OCI (Liabilities)	0	0	0	0
Purchases (Liabilities)	6,384	6,475	7,189	8,698
Sales (Liabilities)	0	0	0	0
Settlements/ Distributions (Liabilities)	(9)	0	(12,387)	(4,971)
Closing Balance (Liabilities)	8,184	6,962	8,184	6,962
Change in unrealized investment gain/loss relating to assets held at the reporting date (Liabilities)	335	(331)	457	(318)
Derivative [Member] | Other Assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance (Assets)	5	240	4,395	111
Transfers into Level 3 (Assets)	0	0	0	0
Transfers out of Level 3 (Assets)	0	0	0	0
Included in earnings (Assets)	665	35	3,255	(792)
Included in OCI (Assets)	0	0	0	0
Purchases (Assets)	1,818	0	3,623	0
Sales (Assets)	0	0	0	0
Settlements/ Distributions (Assets)	0	(240)	(8,785)	716
Closing Balance (Assets)	2,488	35	2,488	35
Change in unrealized investment gain/loss relating to assets held at the reporting date (Assets)	665	35	669	35
Insurance-linked securities [Member] | Other Assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Opening Balance (Assets)	25,025	24,837	24,925	0
Transfers into Level 3 (Assets)	0	0	0	0
Transfers out of Level 3 (Assets)	0	0	0	0
Included in earnings (Assets)	258	175	358	12
Included in OCI (Assets)	0	0	0	0
Purchases (Assets)	0	0	0	25,000
Sales (Assets)	0	0	0	0
Settlements/ Distributions (Assets)	0	0	0	0
Closing Balance (Assets)	25,283	25,012	25,283	25,012
Change in unrealized investment gain/loss relating to assets held at the reporting date (Assets)	$ 258	$ 175	$ 358	$ 12

FAIR VALUE MEASUREMENTS (DETA45

FAIR VALUE MEASUREMENTS (DETAILS 4) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	$ 992,633	$ 991,825
Estimate Of Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior notes	$ 1,083,000	$ 1,058,000

DERIVATIVE INSTRUMENTS (DETAILS

DERIVATIVE INSTRUMENTS (DETAILS) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Asset Fair Value	$ 6,957	$ 6,467
Derivative Liability Fair Value	12,595	18,629
Other Assets [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Asset Fair Value	6,957	6,467
Other Liabilities [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Liability Fair Value	12,595	18,629
Investment Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Notional Amount	40,367	198,406
Investment Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Other Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Asset Fair Value	279	490
Investment Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Other Liabilities [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Liability Fair Value	17	837
Investment Portfolio [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Notional Amount	0	0
Investment Portfolio [Member] | Interest Rate Swap [Member] | Other Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Asset Fair Value	0	0
Investment Portfolio [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Liability Fair Value	0	0
Underwriting Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Notional Amount	560,477	692,023
Underwriting Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Other Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Asset Fair Value	25	1,582
Underwriting Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Other Liabilities [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Liability Fair Value	4,394	6,855
Underwriting Portfolio [Member] | Weather Related Derivative [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Notional Amount	59,436	51,395
Underwriting Portfolio [Member] | Weather Related Derivative [Member] | Other Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Asset Fair Value	2,488	4,395
Underwriting Portfolio [Member] | Weather Related Derivative [Member] | Other Liabilities [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Liability Fair Value	8,184	10,937
Underwriting Portfolio [Member] | Commodity Contract [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Notional Amount	181,000	0
Underwriting Portfolio [Member] | Commodity Contract [Member] | Other Assets [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Asset Fair Value	4,165	0
Underwriting Portfolio [Member] | Commodity Contract [Member] | Other Liabilities [Member] | Not Designated as Hedging Instruments [Member]
Derivative Fair Values on Consolidated Balance Sheet [Line Items]
Derivative Liability Fair Value	$ 0	$ 0

DERIVATIVE INSTRUMENTS (DETAI47

DERIVATIVE INSTRUMENTS (DETAILS 2) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets - gross amounts	$ 9,370	$ 14,336
Derivative assets - gross amounts offset	(2,413)	(7,869)
Derivative assets- net amounts	6,957	6,467
Derivative liabilities - gross amounts	15,008	26,498
Derivative liabilities - gross amounts offset	(2,413)	(7,869)
Derivative liabilities- net amounts	$ 12,595	$ 18,629

DERIVATIVE INSTRUMENTS (DETAI48

DERIVATIVE INSTRUMENTS (DETAILS 3) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges	$ 2,605	$ 1,476	$ (611)	$ (3,915)
Investment Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Net Realized Investment Gains (Losses) [Member]
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges	155	6,412	39	11,234
Investment Portfolio [Member] | Interest Rate Swap [Member] | Net Realized Investment Gains (Losses) [Member]
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges	0	0	0	(4,006)
Underwriting Portfolio [Member] | Foreign Exchange Forward Contracts [Member] | Foreign Exchange Gains (Losses) [Member]
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges	(182)	(5,210)	(2,958)	(21,494)
Underwriting Portfolio [Member] | Weather Related Derivative [Member] | Other Insurance Related Income [Member]
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges	833	307	809	11,274
Underwriting Portfolio [Member] | Commodity Contract [Member] | Other Insurance Related Income [Member]
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items]
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges	$ 1,799	$ (33)	$ 1,499	$ (923)

RESERVE FOR LOSSES AND LOSS E49

RESERVE FOR LOSSES AND LOSS EXPENSES (DETAILS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reconciliation of Beginning and Ending Gross Unpaid Losses and Loss Expenses
Gross reserve for losses and loss expenses, beginning of period			$ 9,646,285	$ 9,596,797
Less reinsurance recoverable on unpaid losses, beginning of period			(2,031,309)	(1,890,280)
Net reserve for unpaid losses and loss expenses, beginning of period			7,614,976	7,706,517
Net incurred losses and loss expenses related to:
Current year			1,887,715	1,818,672
Prior years	$ (76,019)	$ (45,125)	(224,131)	(165,804)
Net incurred losses and loss expenses			1,663,584	1,652,868
Net paid losses and loss expenses related to:
Current year			(233,124)	(185,953)
Prior years			(1,334,772)	(1,293,776)
Net paid losses and loss expenses			(1,567,896)	(1,479,729)
Foreign exchange and other			(112,649)	(183,360)
Net reserve for unpaid losses and loss expenses, end of period	7,598,015	7,696,296	7,598,015	7,696,296
Reinsurance recoverable on unpaid losses, end of period	2,276,792	2,007,287	2,276,792	2,007,287
Gross reserve for losses and loss expenses, end of period	$ 9,874,807	$ 9,703,583	$ 9,874,807	$ 9,703,583

RESERVE FOR LOSSES AND LOSS E50

RESERVE FOR LOSSES AND LOSS EXPENSES (DETAILS 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net Favorable Prior Year Reserve Development [Line Items]
Net favorable prior year reserve development	$ 76,019	$ 45,125	$ 224,131	$ 165,804
Insurance [Member]
Net Favorable Prior Year Reserve Development [Line Items]
Net favorable prior year reserve development	20,688	2,444	43,181	21,225
Reinsurance [Member]
Net Favorable Prior Year Reserve Development [Line Items]
Net favorable prior year reserve development	$ 55,331	$ 42,681	$ 180,950	$ 144,579

RESERVE FOR LOSSES AND LOSS E51

RESERVE FOR LOSSES AND LOSS EXPENSES (DETAILS 3) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Additional Information Related to Net Incurred Losses [Line Items]
Current year				$ 1,887,715	$ 1,818,672
Foreign exchange and other				112,649	183,360
Net favorable (adverse) prior year reserve development		$ 76,019	$ 45,125	224,131	165,804
Short Tail Lines Insurance And Reinsurance Business [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Net favorable (adverse) prior year reserve development		41,000	38,000	116,000	112,000
Professional Lines Insurance and Reinsurance Business [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Net favorable (adverse) prior year reserve development		12,000		28,000
Professional Lines Reinsurance Business [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Net favorable (adverse) prior year reserve development					25,000
Professional Lines Insurance Business [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Net favorable (adverse) prior year reserve development			(15,000)		(16,000)
Credit and Surety Business [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Net favorable (adverse) prior year reserve development			7,000		19,000
Credit And Political Risk Insurance Business [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Net favorable (adverse) prior year reserve development					(15,000)
Liability and Motor Reinsurance Business [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Net favorable (adverse) prior year reserve development		$ 17,000	20,000	72,000	64,000
Liability Insurance Business [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Net favorable (adverse) prior year reserve development			$ (6,000)		(23,000)
Retroactive Reinsurance Recoverable [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Foreign exchange and other	$ 159,000
Catastrophe and Weather-related Events [Member]
Additional Information Related to Net Incurred Losses [Line Items]
Current year				$ 145,000	$ 90,000

SHARE-BASED COMPENSATION (DETAI

SHARE-BASED COMPENSATION (DETAILS) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Restricted Stock And Restricted Stock Units [Member]
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Abstract]
Share based compensation expense incurred	$ 14	$ 11	$ 50	$ 41
Tax benefit related to share-based compensation costs incurred	3	3	11	11
Fair value - vested during period			66	73
Unrecognized share-based compensation costs	104		$ 104
Unrecognized share-based compensation costs - weighted average period expected to be recognized			2 years 5 months 4 days
Restricted Stock And Restricted Stock Units [Member] | Cash Settled [Member]
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Abstract]
Liability for cash-settled units	$ 34	$ 23	$ 34	$ 23
Performance Based Restricted Stock and Restricted Stock Units [Member] | Share Settled [Member]
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Roll Forward]
Nonvested restricted stock (in shares) - beginning of period			201
Granted (in shares)			104
Vested (in shares)			(48)
Forfeited (in shares)			0
Nonvested restricted stock (in shares) - end of period	257		257
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Abstract]
Weighted average grant date fair value - beginning of period (in usd per share)			$ 49.24
Weighted average grant date fair value - granted (in usd per share)			53.80
Weighted average grant date fair value - vested (in usd per share)			45.38
Weighted average grant date fair value - forfeited (in usd per share)			0
Weighted average grant date fair value - end of period (in usd per share)	$ 52.04		$ 52.04
Performance Based Restricted Stock and Restricted Stock Units [Member] | Cash Settled [Member]
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Roll Forward]
Nonvested restricted stock (in shares) - beginning of period			70
Granted (in shares)			18
Vested (in shares)			(32)
Forfeited (in shares)			0
Nonvested restricted stock (in shares) - end of period	56		56
Service Based Restricted Stock And Restricted Stock Units [Member] | Share Settled [Member]
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Roll Forward]
Nonvested restricted stock (in shares) - beginning of period			1,954
Granted (in shares)			586
Vested (in shares)			(779)
Forfeited (in shares)			(94)
Nonvested restricted stock (in shares) - end of period	1,667		1,667
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Abstract]
Weighted average grant date fair value - beginning of period (in usd per share)			$ 43.34
Weighted average grant date fair value - granted (in usd per share)			53.81
Weighted average grant date fair value - vested (in usd per share)			39.26
Weighted average grant date fair value - forfeited (in usd per share)			47.03
Weighted average grant date fair value - end of period (in usd per share)	$ 48.77		$ 48.77
Service Based Restricted Stock And Restricted Stock Units [Member] | Cash Settled [Member]
Reconcilation of Beginning and Ending Balance of Nonvested Restricted Stock (including RSUs) [Roll Forward]
Nonvested restricted stock (in shares) - beginning of period			1,433
Granted (in shares)			494
Vested (in shares)			(371)
Forfeited (in shares)			(94)
Nonvested restricted stock (in shares) - end of period	1,462		1,462

EARNINGS PER COMMON SHARE (DETA

EARNINGS PER COMMON SHARE (DETAILS) - USD ($) $ / shares in Units, $ in Thousands	Jan. 15, 2016	Aug. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jan. 15, 2016	Sep. 30, 2016	Sep. 30, 2015
Basic earnings per common share
Net income			$ 186,613	$ 257,642		$ 364,460	$ 496,838
Less: preferred share dividends			9,969	10,022		29,906	30,066
Net income available to common shareholders			$ 176,644	$ 247,620		$ 334,554	$ 466,772
Weighted average number of common shares outstanding - basic (in shares)			89,621,000	98,226,000		91,852,000	99,464,000
Basic earnings per common share (in usd per share)			$ 1.97	$ 2.52		$ 3.64	$ 4.69
Diluted earnings per common share
Net income available to common shareholders			$ 176,644	$ 247,620		$ 334,554	$ 466,772
Weighted average number of common shares outstanding - basic (in shares)			89,621,000	98,226,000		91,852,000	99,464,000
Share based compensation plans (in shares)			730,000	898,000		727,000	1,004,000
Weighted average number of common shares outstanding - diluted (in shares)			90,351,000	99,124,000		92,579,000	100,468,000
Diluted earnings per common share (in usd per share)			$ 1.96	$ 2.50		$ 3.61	$ 4.65
Anti-dilutive shares excluded from the dilutive computation (in shares)			0	0		226,000	219,000
August 17, 2015 ASR agreement [Member]
Accelerated Share Repurchases [Line Items]
Shares repurchased (in shares)	1,358,380	4,149,378		4,149,378	5,507,758	1,358,380

SHAREHOLDERS' EQUITY (DETAILS)

SHAREHOLDERS' EQUITY (DETAILS) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued, balance at beginning of period (in shares)			176,240
Total shares issued at end of period (in shares)	176,575		176,575
Treasury shares, balance at beginning of period			(80,174)
Total treasury shares at end of period (in shares)	(88,136)		(88,136)
Total shares outstanding (in shares)	88,439		88,439		96,066
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued, balance at beginning of period (in shares)	176,575	176,206	176,240	175,478
Shares issued (in shares)	0	16	335	744
Total shares issued at end of period (in shares)	176,575	176,222	176,575	176,222
Treasury shares, balance at beginning of period	(85,921)	(75,922)	(80,174)	(76,052)
Shares repurchased (in shares)	(2,252)	(4,257)	(8,499)	(4,607)
Shares reissued from treasury (in shares)	37	6	537	486
Total treasury shares at end of period (in shares)	(88,136)	(80,173)	(88,136)	(80,173)
Total shares outstanding (in shares)	88,439	96,049	88,439	96,049

SHAREHOLDERS' EQUITY (DETAILS 2

SHAREHOLDERS' EQUITY (DETAILS 2) - USD ($) $ / shares in Units, $ in Thousands	Jan. 15, 2016	Aug. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jan. 15, 2016	Sep. 30, 2016	Sep. 30, 2015
August 17, 2015 ASR agreement [Member]
Treasury Shares [Line Items]
Total shares (in shares)	1,358,380	4,149,378		4,149,378	5,507,758	1,358,380
Total cost		$ 300,000
Average price per share (in usd per share)					$ 54.47
Common Stock [Member]
Treasury Shares [Line Items]
Total shares (in shares)			2,252,000	4,257,000		8,499,000	4,607,000
Total cost			$ 126,036	$ 246,147		$ 449,085	$ 264,076
Average price per share (in usd per share)			$ 55.98	$ 57.83		$ 52.84	$ 57.32
Common Stock [Member] | In the Open Market [Member]
Treasury Shares [Line Items]
Total shares (in shares)			2,232,000	4,248,000		8,236,000	4,264,000
Total cost			$ 124,948	$ 245,658		$ 434,948	$ 246,490
Average price per share (in usd per share)			$ 56	$ 57.83		$ 52.81	$ 57.80
Common Stock [Member] | In the Open Market [Member] | August 17, 2015 ASR agreement [Member]
Treasury Shares [Line Items]
Total shares (in shares)						1,358,380
Common Stock [Member] | From Employees [Member]
Treasury Shares [Line Items]
Total shares (in shares)			20,000	9,000		263,000	343,000
Total cost			$ 1,088	$ 489		$ 14,137	$ 17,586
Average price per share (in usd per share)			$ 54.13	$ 55.59		$ 53.68	$ 51.28

SHAREHOLDERS' EQUITY (DETAILS 3

SHAREHOLDERS' EQUITY (DETAILS 3) - USD ($) $ / shares in Units, $ in Thousands	Jan. 15, 2016	Dec. 31, 2015	Aug. 30, 2015	Sep. 30, 2015	Jan. 15, 2016	Sep. 30, 2016	Sep. 30, 2015	Aug. 17, 2015
Treasury shares, at cost [Member]
Class of Stock [Line Items]
Total cost						$ 449,086	$ 264,076
Additional paid-in capital [Member]
Class of Stock [Line Items]
Total cost						$ (60,000)	$ 60,000
August 17, 2015 ASR agreement [Member]
Class of Stock [Line Items]
Accelerated Share Repurchases, Authorized Amount								$ 300,000
Total cost			$ 300,000
Total shares (in shares)	1,358,380		4,149,378	4,149,378	5,507,758	1,358,380
Accelerated Share Repurchases, initial repurchase percentage			80.00%
Average price per share (in usd per share)					$ 54.47
August 17, 2015 ASR agreement [Member] | Treasury shares, at cost [Member]
Class of Stock [Line Items]
Total cost	$ 60,000	$ 240,000
August 17, 2015 ASR agreement [Member] | Additional paid-in capital [Member]
Class of Stock [Line Items]
Total cost		$ 60,000

SHAREHOLDERS' EQUITY (DETAILS 4

SHAREHOLDERS' EQUITY (DETAILS 4) - Series B Preferred Stock [Member] $ in Millions	Jan. 27, 2016USD ($)shares
Class of Stock [Line Items]
Preferred shares, number of shares repurchased | shares	28,430
Preferred shares, aggregate liquidation preference repurchased | $	$ 3

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (DETAILS) - Minimum reinsurance premiums [Member] $ in Millions	Sep. 30, 2016USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Outstanding purchase commitment	$ 33
Outstanding purchase commitment, due in 2016	3
Outstanding purchase commitment, due in 2017	$ 30

OTHER COMPREHENSIVE INCOME (DET

OTHER COMPREHENSIVE INCOME (DETAILS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Before Tax Amount
Other Comprehensive Income (Loss), before Tax	$ 36,797	$ (41,068)	$ 309,267	$ (76,815)
Tax (Expense) Benefit
Other Comprehensive Income (Loss), Tax	(1,381)	1,541	(22,297)	4,796
Net of Tax Amount
Adjustment for reclassification of net realized investment gains and OTTI losses recognized in net income	(2,642)	74,810	42,620	128,770
Other Comprehensive Income (Loss), Net of Tax	35,416	(39,527)	286,970	(72,019)
Unrealized gains (losses) on available for sale investments, net of tax [Member]
Before Tax Amount
Unrealized investment gains (losses) arising during the period	40,125	(102,810)	263,235	(183,822)
Adjustment for reclassification of net realized investment gains (losses) and OTTI losses recognized in net income	(5,050)	76,368	40,338	130,858
Other Comprehensive Income (Loss), before Tax	35,075	(26,442)	303,573	(52,964)
Tax (Expense) Benefit
Unrealized investment gains (losses) arising during the period	(3,789)	3,099	(24,579)	6,884
Adjustment for reclassification of net realized investment gains (losses) and OTTI losses recognized in net income	2,408	(1,558)	2,282	(2,088)
Other Comprehensive Income (Loss), Tax	(1,381)	1,541	(22,297)	4,796
Net of Tax Amount
Unrealized investment gains (losses) arising during the period	36,336	(99,711)	238,656	(176,938)
Adjustment for reclassification of net realized investment gains and OTTI losses recognized in net income	(2,642)	74,810	42,620	128,770
Other Comprehensive Income (Loss), Net of Tax	33,694	(24,901)	281,276	(48,168)
Accumulated Other-than-Temporary Impairment, net of tax [Member]
Before Tax Amount
Other Comprehensive Income (Loss), before Tax	0	0	0	0
Tax (Expense) Benefit
Other Comprehensive Income (Loss), Tax	0	0	0	0
Net of Tax Amount
Other Comprehensive Income (Loss), Net of Tax	0	0	0	0
Cumulative foreign currency translation adjustments, net of tax [Member]
Before Tax Amount
Other Comprehensive Income (Loss), before Tax	1,722	(14,626)	5,694	(23,851)
Tax (Expense) Benefit
Other Comprehensive Income (Loss), Tax	0	0	0	0
Net of Tax Amount
Other Comprehensive Income (Loss), Net of Tax	$ 1,722	$ (14,626)	$ 5,694	$ (23,851)

OTHER COMPREHENSIVE INCOME (D60

OTHER COMPREHENSIVE INCOME (DETAILS 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reclassification out of accumulated comprehensive income into net income available to common shareholders [Line Items]
Other realized investment gains (losses)	$ 9,452	$ (37,656)	$ (19,949)	$ (60,856)
OTTI losses	(4,247)	(32,301)	(20,346)	(62,762)
Income before income taxes and interest in income (loss) of equity method investments	198,399	257,672	374,606	497,993
Income tax (expense) benefit	(9,352)	(30)	(7,712)	(1,155)
Net income available to common shareholders	176,644	247,620	334,554	466,772
Unrealized investment gains (losses) on available for sale investments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification out of accumulated comprehensive income into net income available to common shareholders [Line Items]
Other realized investment gains (losses)	9,297	(44,067)	(19,992)	(68,096)
OTTI losses	(4,247)	(32,301)	(20,346)	(62,762)
Income before income taxes and interest in income (loss) of equity method investments	5,050	(76,368)	(40,338)	(130,858)
Income tax (expense) benefit	(2,408)	1,558	(2,282)	2,088
Net income available to common shareholders	$ 2,642	$ (74,810)	$ (42,620)	$ (128,770)

SUBSQUENT EVENT (DETAILS)

SUBSQUENT EVENT (DETAILS) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 27, 2016	Sep. 30, 2016	Sep. 30, 2015
Subsequent Event [Line Items]
Preliminary loss estimate		$ 1,887,715	$ 1,818,672
Hurricane [Member] | Minimum [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Preliminary loss estimate	$ 45,000
Hurricane [Member] | Maximum [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Preliminary loss estimate	$ 60,000