Greenlight Capital Re (GLRE) 10-K18 Feb 142013 FY Annual reportFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Jun. 30, 2013	Feb. 14, 2014	Feb. 14, 2014
	Dec. 31, 2013	Jun. 30, 2013	Common Class A	Common Class B
Document and Entity Information [Line Items]	'	'	'	'
Entity Registrant Name	'GREENLIGHT CAPITAL RE, LTD.	'	'	'
Entity Central Index Key	'0001385613	'	'	'
Current Fiscal Year End Date	'--12-31	'	'	'
Entity Filer Category	'Large Accelerated Filer	'	'	'
Document Type	'10-K	'	'	'
Document Period End Date	31-Dec-13	'	'	'
Document Fiscal Year Focus	'2013	'	'	'
Document Fiscal Period Focus	'FY	'	'	'
Amendment Flag	'false	'	'	'
Entity Common Stock, Shares Outstanding	'	'	30,799,607	6,254,949
Entity Well-known Seasoned Issuer	'Yes	'	'	'
Entity Voluntary Filers	'No	'	'	'
Entity Current Reporting Status	'Yes	'	'	'
Entity Public Float	'	$718,464,935	'	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Investments	'	'
Debt instruments, trading, at fair value	$4,312	$1,763
Equity securities, trading, at fair value	1,282,156	1,042,715
Other investments, at fair value	107,211	133,450
Total investments	1,393,679	1,177,928
Cash and cash equivalents	3,722	21,890
Restricted cash and cash equivalents	1,334,074	1,206,837
Financial contracts receivable, at fair value	104,048	22,744
Reinsurance balances receivable	167,340	173,221
Loss and loss adjustment expenses recoverable	16,829	34,451
Deferred acquisition costs, net	51,797	59,177
Unearned premiums ceded	3,173	3,616
Notes receivable	16,049	19,330
Other assets	4,565	3,559
Total assets	3,095,276	2,722,753
Liabilities	'	'
Securities sold, not yet purchased, at fair value	1,111,690	908,368
Financial contracts payable, at fair value	18,857	19,637
Due to prime brokers	314,702	326,488
Loss and loss adjustment expense reserves	329,894	356,470
Unearned premium reserves	173,057	188,185
Reinsurance balances payable	38,789	35,292
Funds withheld	10,126	17,415
Other liabilities	11,857	10,488
Total liabilities	2,008,972	1,862,343
Equity	'	'
Preferred share capital (par value $0.10; authorized, 50,000,000; none issued)	0	0
Ordinary share capital (Class A: par value $0.10; authorized, 100,000,000; issued and outstanding, 30,791,865 (2012: 30,447,179): Class B: par value $0.10; authorized, 25,000,000; issued and outstanding, 6,254,949 (2012: 6,254,949))	3,705	3,670
Additional paid-in capital	496,622	492,469
Retained earnings	551,268	325,569
Shareholdersb equity attributable to shareholders	1,051,595	821,708
Non-controlling interest in joint venture	34,709	38,702
Total equity	1,086,304	860,410
Total liabilities and equity	$3,095,276	$2,722,753

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Shareholders' equity	'	'
Preferred share capital, par value (in dollars per share)	$0.10	$0.10
Preferred share capital, authorized (in shares)	50,000,000	50,000,000
Preferred share capital, issued (in shares)	0	0
Class A	'	'
Shareholders' equity	'	'
Common Stock, Par or Stated Value Per Share	$0.10	$0.10
Ordinary share capital, authorized (in shares)	100,000,000	100,000,000
Ordinary share capital, issued (in shares)	30,791,865	30,447,179
Ordinary share capital, outstanding (in shares)	30,791,865	30,447,179
Class B	'	'
Shareholders' equity	'	'
Common Stock, Par or Stated Value Per Share	$0.10	$0.10
Ordinary share capital, authorized (in shares)	25,000,000	25,000,000
Ordinary share capital, issued (in shares)	6,254,949	6,254,949
Ordinary share capital, outstanding (in shares)	6,254,949	6,254,949

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues	'	'	'	'	'	'	'	'	'	'	'
Gross premiums written	$124,775	$148,765	$135,198	$126,964	$123,994	$67,644	$83,986	$152,220	$535,702	$427,844	$397,659
Gross premiums ceded	-1,855	-2,389	-2,514	3,978	30	30,637	4,602	-10,994	-2,780	24,275	-46,920
Net premiums written	122,920	146,376	132,684	130,942	124,024	98,281	88,588	141,226	532,922	452,119	350,739
Change in net unearned premium reserves	18,617	17,515	316	-21,471	-5,470	18,276	41,426	-39,637	14,977	14,595	29,036
Net amount	141,537	163,891	133,000	109,471	118,554	116,557	130,014	101,589	547,899	466,714	379,775
Net investment income	83,306	49,448	24,247	61,139	-52,219	96,450	-36,896	71,606	218,140	78,941	23,118
Other income (expense), net	-850	-1	-488	389	-2	191	-236	-212	-950	-259	253
Total revenues	223,993	213,338	156,759	170,999	66,333	213,198	92,882	172,983	765,089	545,396	403,146
Expenses	'	'	'	'	'	'	'	'	'	'	'
Loss and loss adjustment expenses incurred, net	99,504	94,366	78,345	66,278	89,333	126,624	87,337	63,307	338,493	366,601	241,690
Acquisition costs, net	34,119	53,521	42,936	41,296	34,971	33,820	37,905	36,025	171,872	142,721	138,751
General and administrative expenses	4,930	7,085	5,943	3,760	3,919	4,637	4,359	4,624	21,718	17,539	13,892
Total expenses	138,553	154,972	127,224	111,334	128,223	165,081	129,601	103,956	532,083	526,861	394,333
Income before income tax expense	85,440	58,366	29,535	59,665	-61,890	48,117	-36,719	69,027	233,006	18,535	8,813
Income tax expense	2	-90	-142	-308	620	-645	201	-262	-538	-86	-247
Net income including non-controlling interest	85,442	58,276	29,393	59,357	-61,270	47,472	-36,518	68,765	232,468	18,449	8,566
Income attributable to non-controlling interest in joint venture	1,512	1,740	893	2,624	-667	1,335	-449	3,632	6,769	3,851	1,797
Net income	$83,930	$56,536	$28,500	$56,733	($60,603)	$46,137	($36,069)	$65,133	$225,699	$14,598	$6,769
Earnings per share	'	'	'	'	'	'	'	'	'	'	'
Basic	$2.27	$1.53	$0.77	$1.54	($1.65)	$1.26	($0.98)	$1.78	$6.13	$0.40	$0.19
Diluted	$2.22	$1.50	$0.76	$1.52	($1.65)	$1.23	($0.98)	$1.75	$6.01	$0.39	$0.18
Weighted average number of ordinary shares used in the determination of earnings per share	'	'	'	'	'	'	'	'	'	'	'
Basic	36,908,919	36,875,716	36,830,046	36,730,315	36,702,128	36,678,653	36,660,267	36,550,953	36,838,128	36,702,128	36,548,466
Diluted	37,746,223	37,645,053	37,537,500	37,424,894	36,702,128	37,402,725	36,660,267	37,279,371	37,585,167	37,361,338	37,286,454

CONSOLIDATED_STATEMENTS_OF_SHA

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $)	Total	Ordinary share capital	Additional paid-in capital	Retained earnings	Shareholders' equity attributable to shareholders	Non-controlling interest in joint venture
In Thousands, unless otherwise specified	Total	Ordinary share capital	Additional paid-in capital	Retained earnings	Shareholders' equity attributable to shareholders	Non-controlling interest in joint venture
Balance at Dec. 31, 2010	$839,161	$3,646	$485,555	$304,202	$793,403	$45,758
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Issue of Class A ordinary shares, net of forfeitures	8	8	0	0	8	0
Share-based compensation expense, net of forfeitures	2,923	0	2,923	0	2,923	0
Non-controlling interest withdrawal from joint venture, net	-4,960	0	0	0	0	-4,960
Income attributable to non-controlling interest in joint venture	1,797	0	0	0	0	1,797
Net income	6,769	0	0	6,769	6,769	0
Balance at Dec. 31, 2011	845,698	3,654	488,478	310,971	803,103	42,595
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Issue of Class A ordinary shares, net of forfeitures	332	16	316	0	332	0
Share-based compensation expense, net of forfeitures	3,675	0	3,675	0	3,675	0
Non-controlling interest withdrawal from joint venture, net	-7,744	0	0	0	0	-7,744
Income attributable to non-controlling interest in joint venture	3,851	0	0	0	0	3,851
Net income	14,598	0	0	14,598	14,598	0
Balance at Dec. 31, 2012	860,410	3,670	492,469	325,569	821,708	38,702
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Issue of Class A ordinary shares, net of forfeitures	527	35	492	0	527	0
Share-based compensation expense, net of forfeitures	3,661	0	3,661	0	3,661	0
Non-controlling interest withdrawal from joint venture, net	-10,762	0	0	0	0	-10,762
Income attributable to non-controlling interest in joint venture	6,769	0	0	0	0	6,769
Net income	225,699	0	0	225,699	225,699	0
Balance at Dec. 31, 2013	$1,086,304	$3,705	$496,622	$551,268	$1,051,595	$34,709

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash provided by (used in) operating activities	'	'	'
Net income	$225,699	$14,598	$6,769
Adjustments to reconcile net income to net cash provided by (used in) operating activities	'	'	'
Net change in unrealized gains and losses on investments and financial contracts	-154,792	-67,307	76,170
Net realized (gains) losses on investments and financial contracts	-141,976	-60,762	-139,760
Foreign exchange (gains) losses on restricted cash and cash equivalents, net	-19,305	-3,682	6,953
Income attributable to non-controlling interest in joint venture	6,769	3,851	1,797
Share-based compensation expense, net of forfeitures	3,675	3,689	2,931
Depreciation expense	325	250	232
Net change in	'	'	'
Reinsurance balances receivable	5,881	-31,943	-31,711
Loss and loss adjustment expenses recoverable	17,622	-4,693	-17,782
Deferred acquisition costs, net	7,380	9,548	18,664
Unearned premiums ceded	443	23,617	-19,809
Other assets	-291	1,683	-1,378
Loss and loss adjustment expense reserves	-26,576	115,191	54,812
Unearned premium reserves	-15,128	-37,550	-9,248
Reinsurance balances payable	3,497	3,100	18,215
Funds withheld	-7,289	-20,616	8,957
Other liabilities	1,369	434	-1,732
Net cash used in operating activities	-92,697	-50,592	-25,920
Investing activities	'	'	'
Purchases of investments, trading	-931,036	-830,515	-848,274
Sales of investments, trading	933,356	903,344	812,235
Purchases of financial contracts	-64,153	-70,658	-51,277
Dispositions of financial contracts	90,282	39,417	49,389
Securities sold, not yet purchased	940,486	822,718	847,821
Dispositions of securities sold, not yet purchased	-766,680	-645,225	-778,744
Change in due to prime brokers	-11,786	66,129	-12,712
Change in restricted cash and cash equivalents, net	-107,932	-245,693	12,878
Change in notes receivable, net	3,281	-1,893	-3,232
Non-controlling interest withdrawal from joint venture	-10,762	-7,744	-4,960
Fixed assets additions	-1,040	0	-460
Net cash provided by investing activities	74,016	29,880	22,664
Financing activities	'	'	'
Net proceeds from exercise of stock options	513	318	0
Net cash provided by financing activities	513	318	0
Net decrease in cash and cash equivalents	-18,168	-20,394	-3,256
Cash and cash equivalents at beginning of the period	21,890	42,284	45,540
Cash and cash equivalents at end of the period	3,722	21,890	42,284
Supplementary information	'	'	'
Interest paid in cash	23,741	23,506	15,882
Interest received in cash	1,468	1,213	530
Income tax paid in cash	$531	$216	$499

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
ORGANIZATION AND BASIS OF PRESENTATION	'
	ORGANIZATION AND BASIS OF PRESENTATION

	Greenlight Capital Re, Ltd. ("GLRE") was incorporated as an exempted company under the Companies Law of the Cayman Islands on July 13, 2004. GLRE’s principal wholly-owned subsidiary, Greenlight Reinsurance, Ltd. ("Greenlight Re"), provides global specialty property and casualty reinsurance. Greenlight Re has a Class D insurer license issued in accordance with the terms of The Insurance Law, 2010 and underlying regulations thereto (the "Law") and is subject to regulation by the Cayman Islands Monetary Authority ("CIMA"), in terms of the Law. Greenlight Re commenced underwriting in April 2006. Effective May 30, 2007, GLRE completed an initial public offering of 11,787,500 Class A ordinary shares at $19.00 per share. Concurrently, 2,631,579 Class B ordinary shares of GLRE were sold at $19.00 per share in a private placement offering. During 2008, Verdant Holding Company, Ltd. ("Verdant"), a wholly-owned subsidiary of GLRE, was incorporated in the state of Delaware. During 2010, GLRE established Greenlight Reinsurance Ireland, Ltd. ("GRIL"), a wholly-owned reinsurance subsidiary based in Dublin, Ireland. GRIL is authorized as a non-life reinsurance undertaking in accordance with the provisions of the European Communities (Reinsurance) Regulations 2006 ("Irish Regulations"). GRIL provides multi-line property and casualty reinsurance capacity to the European broker market and provides GLRE with an additional platform to serve clients located in Europe and North America. As used herein, the ‘‘Company” refers collectively to GLRE and its consolidated subsidiaries.

	The Class A ordinary shares of GLRE are listed on Nasdaq Global Select Market under the symbol "GLRE".

	These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The consolidated financial statements include the accounts of GLRE and the consolidated financial statements of its wholly owned subsidiaries, Greenlight Re, GRIL and Verdant. All significant intercompany transactions and balances have been eliminated on consolidation.

	Reclassifications
	Certain prior period balances have been reclassified to conform to the current period presentation. The reclassifications resulted in no changes to net income or retained earnings for any of the periods presented.

SIGNIFICANT_ACCOUNTING_POLICIE

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the period. Actual results could differ from these estimates.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and certain short-term, highly liquid investments with original maturity dates of three months or less.

Restricted Cash and Cash Equivalents

The Company is required to maintain certain cash in segregated accounts with prime brokers and derivative counterparties. The amount of restricted cash held by prime brokers is primarily used to support the liability created from securities sold, not yet purchased, and for collateralizing the letters of credit issued under certain letter of credit facilities (see Notes 4 and 6). The amount of cash encumbered varies depending on the market value of the securities sold, not yet purchased, and letters of credit issued. In addition, derivative counterparties require cash collateral to support the current value of any amounts that may be due to the counterparty based on the value of the underlying financial instrument.

Premium Revenue Recognition

The Company accounts for reinsurance contracts in accordance with U.S. GAAP. In the event that a reinsurance contract does not transfer sufficient risk, deposit accounting is used and the contract is reported as a deposit liability.

The Company writes excess of loss contracts as well as quota share contracts. The Company estimates the ultimate premiums for the entire contract period. These estimates are based on information received from the ceding companies and estimates from actuarial pricing models used by the Company. For excess of loss contracts, the total ultimate estimated premiums are recorded as premiums written at the inception of the contract. For quota share contracts, the premiums are recorded as written based on cession statements from cedents which typically are received monthly or quarterly depending on terms specified in each contract. For any reporting lag, premiums written are estimated based on the portion of the ultimate estimated premiums relating to the risks underwritten during the lag period.

Changes in premium estimates, including premium receivable on both excess of loss and quota share contracts, are expected and may result in significant adjustments in any period. These estimates change over time as additional information regarding the underlying business volume is obtained. Any subsequent adjustments arising on such estimates are recorded in the period in which they are determined.

Certain contracts allow for reinstatement premiums in the event of a full limit loss prior to the expiry of a contract. A reinstatement premium is not due until there is a full limit loss event and therefore, in accordance with U.S. GAAP, the Company records a reinstatement premium as written only in the event that a client incurs a full limit loss on the contract and the contract allows for a reinstatement of coverage upon payment of an additional premium. For catastrophe contracts which contractually require the payment of a reinstatement premium equal to or greater than the original premium upon the occurrence of a full limit loss, the reinstatement premiums are earned over the original contract period. Reinstatement premiums that are contractually calculated on a pro-rata basis of the original premiums, are earned over the remaining coverage period.

Certain contracts provide for a penalty to be paid if the contract is terminated and cancelled prior to its expiration term. Cancellation penalties are recognized in the period the notice of cancellation is received and are recorded in the consolidated statements of income under other income (expense).

Premiums written are generally recognized as earned over the contract period in proportion to the period of risk covered. Unearned premiums consist of the unexpired portion of reinsurance provided.

Reinsurance Premiums Ceded

The Company reduces the risk of future losses on business assumed by reinsuring certain risks and exposures with other reinsurers (retrocessionaires). The Company remains liable to the extent that any retrocessionaire fails to meet its obligations and to the extent the Company does not hold sufficient security for their unpaid obligations.

Ceded premiums are written during the period in which the risks incept and are expensed over the contract period in proportion to the period of protection. Unearned premiums ceded consist of the unexpired portion of reinsurance obtained.

Deferred Acquisition Costs

Policy acquisition costs, such as commission and brokerage costs, relate directly to, and vary with, the writing of reinsurance contracts. Acquisition costs relating solely to bound contracts are deferred subject to ultimate recoverability and are amortized over the related contract term. The Company evaluates the recoverability of deferred acquisition costs by determining if the sum of future earned premiums and anticipated investment income is greater than the expected future claims and expenses. If a loss is probable on the unexpired portion of policies in force, a premium deficiency loss is recognized. At December 31, 2013 and 2012, the deferred acquisition costs were considered fully recoverable and no premium deficiency loss was recorded.

Acquisition costs also include profit commissions which are expensed when incurred. Profit commissions are calculated and accrued based on the expected loss experience for contracts and recorded when the current loss estimate indicates that a profit commission is probable under the contract terms. As of December 31, 2013, $10.5 million (2012: $9.6 million) of profit commission reserves were included in reinsurance balances payable on the consolidated balance sheets. For the year ended December 31, 2013, $3.7 million (2012: $1.5 million and 2011: $3.9 million) of net profit commission expenses were included in acquisition costs, respectively, on the consolidated statements of income.

Funds Withheld

Funds withheld include reinsurance balances retained from retrocessionaires as security for a period of time in accordance with the contract terms. Any interest expense that the Company incurs during the period these funds are withheld, are included under net investment income in the consolidated statements of income.

Loss and Loss Adjustment Expense Reserves and Recoverable

The Company establishes reserves for contracts based on estimates of the ultimate cost of all losses including losses incurred but not reported ("IBNR"). These estimated ultimate reserves are based on the Company’s own actuarial estimates derived from reports received from ceding companies, industry data and historical experience. These estimates are reviewed by the Company periodically on a contract by contract basis and adjusted as necessary. Since reserves are estimates, the final settlement of losses may vary from the reserves established and any adjustments to the estimates, which may be material, are recorded in the period they are determined.

Loss and loss adjustment expenses recoverable include the amounts due from retrocessionaires for unpaid loss and loss adjustment expenses on retrocession agreements. Ceded losses incurred but not reported are estimated based on the Company’s actuarial estimates. These estimates are reviewed periodically and adjusted when deemed necessary. The Company may not be able to ultimately recover the loss and loss adjustment expense recoverable amounts due to the retrocessionaires’ inability to pay. The Company regularly evaluates the financial condition of its retrocessionaires and records provisions for uncollectible reinsurance expenses recoverable when recovery is no longer probable.

Notes Receivable

Notes receivable include promissory notes receivable from third party entities. These notes are recorded at cost along with accrued interest, if any, which approximates the fair value. The Company regularly reviews all notes receivable individually for impairment and records provisions for uncollectible and non-performing notes. The Company places notes on non-accrual status when the value of the note is not considered impaired but there is uncertainty as to the collection of interest based on the terms of the note. The Company resumes accrual of interest on a note when none of the principal or interest remains past due or outstanding, and the Company expects to collect the remaining contractual principal and interest. Interest collected on notes that are placed on non-accrual status is treated on a cash-basis and recorded as interest income when collected, provided that the recorded value of the note is deemed to be fully collectible. Where doubt exists as to the collectability of the remaining recorded value of the notes placed on non-accrual status, any payments received are applied to reduce the recorded value of the notes.

For the year ended December 31, 2013, the notes receivable earned interest at annual interest rates ranging from 10.0% to 16.0% and had remaining maturity terms ranging from approximately 2 years to 5 years. Interest income earned on notes receivable is included under net investment income in the consolidated statements of income.

At December 31, 2013, included in the notes receivable balance was $10.5 million (2012: $16.5 million), related to a note placed on non-accrual status based on expectations of the Company’s ability to collect any interest that would accrue up to maturity. For the years ended December 31, 2013, 2012 and 2011, no interest was received relating to the note placed on non-accrual status. During the years ended December 31, 2013, 2012 and 2011, the Company recorded an impairment charge of $6.0 million, $0 and $0, respectively, relating to the accrued interest and principal on the note placed on non-accrual status. Impairment charges are included under net investment income in the consolidated statements of income.

At December 31, 2013, included in the notes receivable balance was $0.1 million of accrued interest (2012: $2.0 million). Based on management’s assessment, the recorded values of the notes receivable, net of valuation allowance, at December 31, 2013 and 2012, were expected to be fully collectible and therefore no other provision for uncollectible amounts was deemed necessary at December 31, 2013 and 2012.

Deposit Assets and Liabilities

In accordance with U.S. GAAP, deposit accounting is used in the event that a reinsurance contract does not transfer sufficient risk, or a contract provides retroactive reinsurance. Any losses on such contracts are charged to earnings immediately. Any gains relating to such contracts are deferred and amortized over the estimated remaining settlement period. All such deferred gains are included in reinsurance balances payable in the consolidated balance sheets. Amortized gains are recorded in the consolidated statements of income as other income. At December 31, 2013, included in the consolidated balance sheets under reinsurance balances receivable and reinsurance balances payable were $1.6 million and $0 of deposit assets and deposit liabilities (2012: $5.1 million and $0.7 million), respectively. For the year ended December 31, 2013, $1.3 million was included in other income (expense), net, relating to losses on deposit accounted contracts (2012: $0.2 million, 2011: $0.9 million). For the years ended December 31, 2013, 2012 and 2011, there was no gain on deposit accounted contracts recorded.

Fixed Assets

Fixed assets are included in other assets on the consolidated balance sheets and are recorded at cost when acquired. Fixed assets are comprised of computer software, furniture and fixtures and leasehold improvements and are depreciated, using the straight-line method, over their estimated useful lives, which are five years for both computer software, and furniture and fixtures. Leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or remaining lease term. The Company periodically reviews fixed assets that have finite lives, and that are not held for sale, for impairment by comparing the carrying value of the assets to their estimated future undiscounted cash flows. For the years ended December 31, 2013, 2012 and 2011, there were no impairments in fixed assets.

At December 31, 2013, the cost, accumulated depreciation and net book values of the fixed assets were as follows:

Cost

Accumulated depreciation

Net book value

($ in thousands)

Computer software

556

(206

)

350

Furniture and fixtures

620

(340

)

280

Leasehold improvements

2,002

(703

)

1,299

Total

3,178

(1,249

)

1,929

At December 31, 2012, the cost, accumulated depreciation and net book values of the fixed assets were as follows:

Cost

Accumulated depreciation

Net book value

($ in thousands)

Computer software

200

(200

)

—

Furniture and fixtures

451

(232

)

219

Leasehold improvements

1,487

(492

)

995

Total

2,138

(924

)

1,214

Financial Instruments

Investments in Securities and Investments in Securities Sold, Not Yet Purchased

The Company’s investments in debt instruments and equity securities that are classified as "trading securities" are carried at fair value. The fair values of the listed equity investments are derived based on quoted prices (unadjusted) in active markets for identical assets (Level 1 inputs). The fair values of listed equities that have restrictions on sale or transfer which expire within one year, are determined by adjusting the observed market price of the equity using a liquidity discount based on observable market inputs. The fair values of debt instruments are derived based on inputs that are observable, either directly or indirectly, such as market maker or broker quotes reflecting recent transactions (Level 2 inputs), and are generally derived based on the average of multiple market maker or broker quotes which are considered to be binding. Where quotes are not available, debt instruments are valued using cash flow models using assumptions and estimates that may be subjective and non-observable (Level 3 inputs).

The Company’s "other investments" may include investments in private and unlisted equity securities, limited partnerships, and commodities, which are all carried at fair value. The fair values of commodities are determined based on quoted prices in active markets for identical assets (Level 1). The Company maximizes the use of observable direct or indirect inputs (Level 2 inputs) when deriving the fair values for “other investments”. For limited partnerships and private and unlisted equity securities, where observable inputs are not available, the fair values are derived based on unobservable inputs (Level 3 inputs) such as management’s assumptions developed from available information using the services of the investment advisor, including the most recent net asset values obtained from the managers of those underlying investments.

For securities classified as "trading securities", and "other investments", any realized and unrealized gains or losses are determined on the basis of the specific identification method (by reference to cost or amortized cost, as appropriate) and included in net investment income in the consolidated statements of income.

Dividend income and expense are recorded on the ex-dividend date. The ex-dividend date is the date as of when the underlying security must have been traded to be eligible for the dividend declared. Interest income and interest expense are recorded on an accrual basis.

Derivative Financial Instruments

U.S. GAAP requires that an entity recognize all derivatives in the balance sheet at fair value. It also requires that unrealized gains and losses resulting from changes in fair value be included in income or comprehensive income, depending on whether the instrument qualifies as a hedge transaction, and if so, the type of hedge transaction. The Company’s derivative financial instrument assets are included in financial contracts receivable. Derivative financial instrument liabilities are generally included in financial contracts payable. The Company's derivatives do not qualify as hedges for financial reporting purposes and are recorded in the consolidated balance sheets on a gross basis and not offset against any collateral pledged or received. Pursuant to the International Swaps and Derivatives Association ("ISDA") master agreements, securities lending agreements and other derivatives agreements, the Company and its counterparties typically have the ability to net certain payments owed to each other in specified circumstances. In addition, in the event a party to one of the ISDA master agreements, securities lending agreements or other derivatives agreements defaults, or a transaction is otherwise subject to termination, the non-defaulting party generally has the right to set off against payments owed to the defaulting party or collateral held by the non-defaulting party.

Financial Contracts

The Company enters into financial contracts with counterparties as part of its investment strategy. Financial contracts which include total return swaps, credit default swaps ("CDS"), futures, options, currency forwards and other derivative instruments are recorded at their fair value with any unrealized gains and losses included in net investment income in the consolidated statements of income. Financial contracts receivable represents derivative contracts whereby, based upon the contract's current fair value, the Company will be entitled to receive payments upon settlement of the contract. Financial contracts payable represents derivative contracts whereby, based upon the contract's current fair value, the Company will be obligated to make payments upon settlement of the contract.

Total return swap agreements, included on the consolidated balance sheets as financial contracts receivable and financial contracts payable, are derivative financial instruments whereby the Company is either entitled to receive or obligated to pay the product of a notional amount multiplied by the movement in an underlying security, which the Company may not own, over a specified time frame. In addition, the Company may also be obligated to pay or receive other payments based on interest rates, dividend payments and receipts, or foreign exchange movements during a specified period. The Company measures its rights or obligations to the counterparty based on the fair value movements of the underlying security together with any other payments due. These contracts are carried at fair value, based on observable inputs (Level 2 inputs) with the resultant unrealized gains and losses reflected in net investment income in the consolidated statements of income. Additionally, any changes in the value of amounts received or paid on swap contracts are reported as a gain or loss in net investment income in the consolidated statements of income.

Financial contracts may also include exchange traded futures or options contracts that are based on the movement of a particular index, equity security, commodity, currency or interest rate. Where such contracts are traded in an active market, the Company’s obligations or rights on these contracts are recorded at fair value based on the observable quoted prices of the same or similar financial contracts in an active market (Level 1) or on broker quotes which reflect market information based on actual transactions (Level 2). Amounts invested in exchange traded options and over the counter ("OTC") options are recorded either as an asset or liability at inception. Subsequent to initial recognition, unexpired exchange traded option contracts are recorded at fair value based on quoted prices in active markets (Level 1). For OTC options or exchange traded options where a quoted price in an active market is not available, fair values are derived based upon observable inputs (Level 2) such as multiple quotes from brokers and market makers, which are considered to be binding.

The Company purchases and sells CDS for strategic investment purposes. A CDS is a derivative instrument that provides protection against an investment loss due to specified credit or default events of a reference entity. The seller of a CDS guarantees to pay the buyer a specified amount if the reference entity defaults on its obligations or fails to perform. The buyer of a CDS pays a premium over time to the seller in exchange for obtaining this protection. A CDS trading in an active market is valued at fair value based on broker or market maker quotes for identical instruments in an active market (Level 2) or based on the current credit spreads on identical contracts (Level 2).

Share-Based Compensation

The Company has established a stock incentive plan for directors, employees and consultants. In addition, the Company granted share purchase options in 2004 to a service provider in exchange for services received (see Note 10).

U.S. GAAP requires the Company to recognize share-based compensation transactions using the fair value at the grant date of the award. The Company measures compensation for restricted shares and restricted stock units ("RSUs") based on the price of the Company’s common shares at the grant date and the expense is recognized on a straight line basis over the vesting period. Share purchase options are expensed over the vesting period on a graded vesting basis.

Determining the fair value of share purchase options at the grant date requires significant estimation and judgment. The Company uses an option-pricing model (Black-Scholes option pricing model) to assist in the calculation of fair value for share purchase options. The Company's shares have not been publicly traded for a sufficient length of time to solely use the Company's performance to reasonably estimate the expected volatility. Therefore, when estimating the expected volatility, the Company takes into consideration the historical volatility of similar entities. The Company considers factors such as an entity's industry, stage of life cycle, size and financial leverage when selecting similar entities. The Company uses a sample peer group of companies in the reinsurance industry as well as the Company’s own historical volatility in determining the expected volatility. Additionally, the Company uses the full life of the options, ten years, as the estimated term of the options, and has assumed no forfeitures and no dividends paid during the life of the options.

Service provider share purchase options are expensed in the consolidated statements of income when services are rendered. For share purchase options issued under the employee stock incentive plan, compensation cost is calculated and expensed over the vesting periods on a graded vesting basis (see Note 10).

If actual results differ significantly from these estimates and assumptions, particularly in relation to the Company’s estimation of volatility which requires the most judgment, share-based compensation expense, primarily with respect to future share-based awards, could be materially impacted.

Foreign Exchange

The reporting and functional currency of the Company and all its subsidiaries is the U.S. dollar. Transactions in foreign currencies are recorded in U.S. dollars at the exchange rates in effect on the transaction date. Monetary assets and liabilities in foreign currencies at the balance sheet date are translated at the exchange rate in effect at the balance sheet date and translation exchange gains and losses, if any, are included in the consolidated statements of income.

Other Assets

Other assets consist primarily of investment income receivable, prepaid expenses, fixed assets and deferred tax assets.

Other Liabilities

Other liabilities consist primarily of dividends payable on securities sold, not yet purchased, and employee bonus accruals. At December 31, 2013, other liabilities included accrued bonus of $4.3 million (2012: $2.8 million). Under the Company's bonus program, each employee’s target bonus consists of two components: a discretionary component based on a qualitative assessment of each employee’s performance and a quantitative component based on the return on deployed equity (‘‘RODE”) for each underwriting year relating to reinsurance operations. The qualitative portion of an employee’s annual bonus is accrued at each employee's target amount, which may differ significantly from the actual amount approved and awarded annually by the Compensation Committee. The quantitative portion of each employee’s annual bonus is accrued based on the expected RODE for each underwriting year and adjusted for changes in the expected RODE and actual investment return each quarter until all losses are settled and the underwriting year is declared closed. The quantitative bonus is calculated and paid in annual installments between two to five years from the end of the fiscal year in which the business was underwritten. Any further changes are incorporated into the following open underwriting year. The expected RODE calculation utilizes proprietary models which require significant estimation and judgment. Actual RODE may vary significantly from the expected RODE and any adjustments to the quantitative bonus estimates, which may be material, are recorded in the period in which they are determined.

Also included in other liabilities are accruals for income taxes payable, professional fees and other general expenses.

Non-controlling Interest

Non-controlling interest in joint venture on the consolidated balance sheets represents DME Advisors, LP’s (‘‘DME Advisors”) share of assets in the joint venture whereby DME Advisors manages jointly held assets as disclosed in Note 13. DME Advisors’ share of investment income or loss is included in the consolidated statements of income as income attributable to non-controlling interest in joint venture.

Comprehensive Income (Loss)

The Company has no other comprehensive income (loss), other than the net income (loss) disclosed in the consolidated statements of income.

Earnings Per Share

Basic earnings per share are based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share includes the dilutive effect of RSUs and additional potential common shares issuable when stock options are exercised and are determined using the treasury stock method. The Company treats its unvested restricted stock as participating securities in accordance with U.S. GAAP which requires that unvested stock awards which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (referred to as "participating securities"), be included in the number of shares outstanding for both basic and diluted earnings per share calculations. In the event of a net loss, all RSUs, stock options outstanding and all participating securities are excluded from the calculation of both basic and diluted loss per share since their inclusion would be anti-dilutive.

Year ended December 31

2013

2012

2011

Weighted average shares outstanding - basic

36,838,128

36,702,128

36,548,466

Effect of dilutive service provider share-based awards

144,726

147,036

170,056

Effect of dilutive employee and director share-based awards

602,313

512,174

567,932

Weighted average share outstanding - diluted

37,585,167

37,361,338

37,286,454

Anti-dilutive stock options outstanding

218,197

180,000

Taxation

Under current Cayman Islands law, no corporate entity, including GLRE and Greenlight Re, is obligated to pay taxes in the Cayman Islands on either income or capital gains. The Company has an undertaking from the Governor-in-Cabinet of the Cayman Islands, pursuant to the provisions of the Tax Concessions Law, as amended, that, in the event that the Cayman Islands enacts any legislation that imposes tax on profits, income, gains or appreciations, or any tax in the nature of estate duty or inheritance tax, such tax will not be applicable to GLRE, Greenlight Re nor their respective operations, or to the Class A or Class B ordinary shares or related obligations, until February 1, 2025.

Verdant is incorporated in Delaware and therefore is subject to taxes in accordance with the U.S. federal rates and regulations prescribed by the U.S. Internal Revenue Service ("IRS"). Verdant’s taxable income is generally expected to be taxed at a rate of 35%.

GRIL is incorporated in Ireland and therefore is subject to the Irish corporation tax rate of 12.5% on its trading income, and 25% on its non-trading income, if any.

Any deferred tax asset is evaluated for recovery and a valuation allowance is recorded when it is more likely than not that the deferred tax asset will not be realized in the future. The Company has not taken any income tax positions that are subject to significant uncertainty or that are reasonably likely to have a material impact on the Company.

Segment Information

Under U.S. GAAP, operating segments are based on the internal information that management uses for allocating resources and assessing performance as the source of the Company's reportable segments.

The Company manages its business on the basis of one operating segment, Property and Casualty Reinsurance, in accordance with the qualitative and quantitative criteria established by U.S. GAAP.

Recently Adopted Accounting Standards

In January 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2013-01 ("ASU 2013-01"), Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 clarifies the scope of Accounting Standards Update No. 2011-11 ("ASU 2011-11"), Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. ASU 2011-11 originally required enhanced disclosures by requiring improved information about financial instruments and derivative instruments. ASU 2013-01 clarifies that ASU 2011-11 applies to derivatives including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. ASU 2013-01 also clarifies that other types of financial assets and financial liabilities subject to a master netting arrangement are no longer subject to the disclosure requirements of ASU 2011-11. ASU 2011-11 and ASU 2013-01 became effective for the Company during the first quarter of 2013 with retrospective disclosure required for all comparative periods presented. The adoption of ASU 2011-11 and ASU 2013-01 did not have a material impact on the Company’s results of operations or financial position as it only affected the Company's disclosures.

FINANCIAL_INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2013
Financial Instruments [Abstract]	'
FINANCIAL INSTRUMENTS	'
	FINANCIAL INSTRUMENTS

	In the normal course of its business, the Company purchases and sells various financial instruments which include listed and unlisted equities, corporate and sovereign debt, commodities, futures, put and call options, currency forwards, other derivatives and similar instruments sold, not yet purchased.

	The Company is exposed to credit risk in relation to counterparties that may default on their obligations to the Company. The amount of counterparty credit risk predominantly relates to the value of financial contracts receivable and assets held at counterparties. The Company mitigates its counterparty credit risk by using several counterparties which decreases the likelihood of any significant concentration of credit risk with any one counterparty. In addition, the Company is exposed to credit risk on corporate and sovereign debt instruments to the extent that the debtors may default on their debt obligations.

	The Company is exposed to market risk including interest rate and foreign exchange fluctuations on financial instruments that are valued at market prices. Market movements can be volatile and difficult to predict. This may affect the ultimate gains or losses realized upon the sale of its holdings as well as the amount of net investment income reported in the consolidated statements of income. Management utilizes the services of the Company's investment advisor to monitor the Company's positions to reduce the risk of potential loss due to changes in market values.

	Purchases and sales of investments are disclosed in the consolidated statements of cash flows. Net realized gains on the sale of investments, financial contracts, and investments sold, not yet purchased during 2013 were $142.0 million (2012: $60.8 million gains, 2011: $139.8 million gains). Gross realized gains were $352.9 million (2012: $268.1 million, 2011: $337.9 million) and gross realized losses were $210.9 million (2012: $207.3 million, 2011: $198.1 million). For the year ended December 31, 2013, included in net investment income in the consolidated statements of income were $154.8 million of net gains (2012: $67.6 million of net gains, 2011: $75.7 million of net losses) relating to change in unrealized gains and losses on trading securities still held at the balance sheet date.

	As of December 31, 2013, cash and investments with a fair value of $410.3 million (2012: $441.7 million) have been pledged as security against letters of credit issued.

	As of December 31, 2013, the Company’s investment in Apple Inc. and Micron Technology Inc. were the only investments in excess of 10% of the Company’s shareholders’ equity, with fair values of $161.4 million and $147.0 million, or 14.9% and 13.5% of shareholders' equity, respectively. As of December 31, 2012, the Company’s investment in gold and gold derivatives was the only investment in excess of 10% of the Company’s shareholders’ equity, with fair values of $97.6 million, or 11.3% of shareholders' equity.

	*Fair Value Hierarchy*

	The Company’s financial instruments are carried at fair value, and the net unrealized gains or losses are included in net investment income in the consolidated statements of income.

	The following table presents the Company’s investments, categorized by the level of the fair value hierarchy as of December 31, 2013:


			Fair value measurements as of December 31, 2013
			Quoted prices in				Significant other				Significant				Total
			active markets				observable				unobservable
	Description		(Level 1)				inputs				inputs
							(Level 2)				(Level 3)
	Assets:		($ in thousands)
	Debt instruments		$	—			$	3,785			$	527			$	4,312

	Listed equity securities		1,274,920				7,236				—				1,282,156

	Commodities		60,888				—				—				60,888

	Private and unlisted equity securities		—				—				46,323				46,323

	Financial contracts receivable		4,500				99,548				—				104,048

			$	1,340,308			$	110,569			$	46,850			$	1,497,727

	Liabilities:
	Listed equity securities, sold not yet purchased		$	(917,123	)		$	—			$	—			$	(917,123	)

	Debt instruments, sold not yet purchased		—				(194,567		)		—				(194,567		)

	Financial contracts payable		—				(18,857		)		—				(18,857		)

			$	(917,123	)		$	(213,424	)		$	—			$	(1,130,547	)


	The following table presents the Company’s investments, categorized by the level of the fair value hierarchy as of December 31, 2012:


			Fair value measurements as of December 31, 2012
			Quoted prices in				Significant other				Significant				Total
			active markets				observable				unobservable
	Description		(Level 1)				inputs				inputs
							(Level 2)				(Level 3)
	Assets:		($ in thousands)
	Debt instruments		$	—			$	1,503			$	260			$	1,763

	Listed equity securities		1,040,562				2,153				—				1,042,715

	Commodities		94,649				—				—				94,649

Private and unlisted equity securities		—				—				38,801				38,801

Financial contracts receivable		—				22,744				—				22,744

		$	1,135,211			$	26,400			$	39,061			$	1,200,672

Liabilities:
Listed equity securities, sold not yet purchased		$	(679,897	)		$	—			$	—			$	(679,897	)

Debt instruments, sold not yet purchased		—				(228,471		)		—				(228,471		)

Financial contracts payable		—				(19,637		)		—				(19,637		)

		$	(679,897	)		$	(248,108	)		$	—			$	(928,005	)


The following table presents the reconciliation of the balances for all investments measured at fair value using significant unobservable inputs (Level 3) for the year ended December 31, 2013:


2013		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Debt instruments				Private and unlisted equity securities				Total
		($ in thousands)
Beginning balance		$	260			$	38,801			$	39,061

Purchases		9,224				38,086				47,310

Sales		(9,224		)		(7,252		)		(16,476		)
Total realized and unrealized gains (losses) and amortization included in earnings, net		267				1,269				1,536

Transfers into Level 3		—				—				—

Transfers out of Level 3		—				(24,581		)		(24,581		)

Ending balance		$	527			$	46,323			$	46,850


During the year ended December 31, 2013, $5.0 million of securities at fair value based on the date of transfer, were transferred from Level 3 to Level 2, as these securities started actively trading on a listed exchange during 2013. However due to lock-up restrictions on these securities, they were classified as Level 2 upon transfer until the lock-up period expires. Additionally, during the year ended December 31, 2013, $19.6 million of securities at fair value based on the date of transfer, were transferred from Level 3 to Level 1 as these securities began actively trading on listed exchange and there were no lock-up restrictions on these securities. During the year ended December 31, 2013, $2.4 million of securities at fair value based on the date of transfer, were transferred from Level 2 to Level 1 as the lock-up period restrictions on those securities expired.

The following table presents the reconciliation of the balances for all investments measured at fair value using significant unobservable inputs (Level 3) for the year ended December 31, 2012:



2012		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Debt instruments				Private and unlisted equity securities				Financial contracts receivable				Total
		($ in thousands)
Beginning balance		$	465			$	31,179			$	263			$	31,907

Purchases		—				11,518				—				11,518

Sales		(1		)		(1,754		)		—				(1,755		)

Total realized and unrealized gains (losses) and amortization included in earnings, net		(204		)		2,834				(263		)		2,367

Transfers into Level 3		—				—				—				—

Transfers out of Level 3		—				(4,976		)		—				(4,976		)

Ending balance		$	260			$	38,801			$	—			$	39,061


During the year ended December 31, 2012, $32.4 million of securities at fair value based on the date of transfer, were transferred from Level 2 to Level 1 as the lock-up period restrictions on those securities expired. Additionally, for the year ended December 31, 2012, $5.0 million of securities at fair value based on the date of transfer, were transferred from Level 3 to Level 2, as these securities began actively trading on a listed exchange during the year ended December 31, 2012. However, due to lock-up period restrictions on these securities, a liquidity discount was used in determining their fair value at December 31, 2012, and therefore classified as Level 2.

There were no other transfers between Level 1, Level 2 or Level 3 during the years ended December 31, 2013 and 2012.

For the year ended December 31, 2013, included in net investment income in the consolidated statements of income were realized gains relating to Level 3 securities of $0.7 million (2012: realized gains of $0.6 million). For Level 3 classified securities held as of the reporting date, the change in unrealized losses for the year ended December 31, 2013 of $1.1 million (2012: unrealized gains of $2.0 million) were included in net investment income in the consolidated statements of income. In addition, for the year ended December 31, 2013, amortization expense of $0 (2012: $0.3 million) relating to financial contracts receivable valued using unobservable inputs, was included in other income (expense), net.

Investments

Debt Instruments, Trading

At December 31, 2013, the following investments were included in debt instruments, trading:


2013		Cost/				Unrealized				Unrealized				Fair
		amortized				gains				losses				value
		cost
		($ in thousands)
Corporate debt – U.S.		$	2,116			$	—			$	(1,589	)		$	527

Corporate debt – Non U.S.		3,761				115				(91		)		3,785

Total debt instruments		$	5,877			$	115			$	(1,680	)		$	4,312


At December 31, 2012, the following investments were included in debt instruments, trading:


2012		Cost/				Unrealized				Unrealized				Fair
		amortized				gains				losses				value
		cost
		($ in thousands)
Corporate debt – U.S.		$	2,317			$	205			$	(1,856	)		$	666

Corporate debt – Non U.S.		1,179				—				(82		)		1,097

Total debt instruments		$	3,496			$	205			$	(1,938	)		$	1,763


The maturity distribution for debt instruments held at December 31, 2013 and 2012, was as follows:


		2013								2012
		Cost/				Fair				Cost/				Fair
		amortized				value				amortized				value
		cost								cost
		($ in thousands)
Within one year		$	—			$	—			$	—			$	—

From one to five years		—				—				—				—

From five to ten years		—				—				—				—

More than ten years		5,877				4,312				3,496				1,763

		$	5,877			$	4,312			$	3,496			$	1,763


Investment in Equity Securities, Trading

At December 31, 2013, the following long positions were included in investment in equity securities, trading:


2013		Cost				Unrealized				Unrealized				Fair
						gains				losses				value
		($ in thousands)
Equities – listed		$	923,594			$	361,695			$	(28,712	)		$	1,256,577

Exchange traded funds		50,253				—				(24,674		)		25,579

		$	973,847			$	361,695			$	(53,386	)		$	1,282,156


At December 31, 2012, the following long positions were included in investment in equity securities, trading:


2012		Cost				Unrealized				Unrealized				Fair
						gains				losses				value
		($ in thousands)
Equities – listed		$	875,322			$	199,519			$	(70,275	)		$	1,004,566

Exchange traded funds		38,819				—				(670		)		38,149

		$	914,141			$	199,519			$	(70,945	)		$	1,042,715


Other Investments

"Other investments" include commodities and private and unlisted equity securities. As of December 31, 2013 and 2012, commodities were comprised of gold bullion.

At December 31, 2013, the following securities were included in other investments:


2013		Cost				Unrealized				Unrealized				Fair
						gains				losses				value
		($ in thousands)
Commodities		$	54,633			$	6,255			$	—			$	60,888

Private and unlisted equity securities		45,544				8,170				(7,391		)		46,323

		$	100,177			$	14,425			$	(7,391	)		$	107,211


At December 31, 2012, the following securities were included in other investments:


2012		Cost				Unrealized				Unrealized				Fair
						gains				losses				value
		($ in thousands)
Commodities		$	59,929			$	34,719			$	—			$	94,648

Private and unlisted equity securities		36,672				4,914				(2,784		)		38,802

		$	96,601			$	39,633			$	(2,784	)		$	133,450


As of December 31, 2013, included in private and unlisted equity securities are investments in private equity funds with a fair value of $41.6 million (2012: $24.3 million) determined based on unadjusted net asset values reported by the managers of these securities. Some of these values were reported from periods prior to December 31, 2013. The private equity funds have varying lock-up periods and as of December 31, 2013, all of the funds had redemption restrictions, and therefore have been categorized within Level 3 of the fair value hierarchy. The redemption restrictions have been in place since inception of the investments and are not expected to lapse. As of December 31, 2013, the Company had $6.3 million (2012: $12.6 million) of unfunded commitments relating to private equity funds whose fair values are determined based on unadjusted net asset values reported by the managers of these securities. These commitments are included in the amounts presented in the schedule of commitments and contingencies in Note 14 of these consolidated financial statements.

Investments in Securities Sold, Not Yet Purchased

Securities sold, not yet purchased are securities that the Company has sold, but does not own, in anticipation of a decline in the market value of the security. The Company’s risk is that the value of the security will increase rather than decline. Consequently, the settlement amount of the liability for securities sold, not yet purchased may exceed the amount recorded in the consolidated balance sheet as the Company is obligated to purchase the securities sold, not yet purchased in the market at prevailing prices to settle its obligations. To sell a security, not yet purchased, the Company needs to borrow the security for delivery to the buyer. On each day the transaction is open, the liability for the obligation to replace the borrowed security is marked-to-market and an unrealized gain or loss is recorded. At the time the transaction is closed, the Company realizes a gain or loss equal to the difference between the price at which the security was sold and the cost of replacing the borrowed security. While the transaction is open, the Company will also incur an expense for any dividends or interest which will be paid to the lender of the securities.

At December 31, 2013, the following securities were included in investments in securities sold, not yet purchased:


2013		Proceeds				Unrealized gains				Unrealized losses				Fair value
		($ in thousands)
Equities – listed		$	(836,708	)		$	57,854			$	(130,621	)		$	(909,475	)

Exchange traded funds		(6,318		)		—				(1,330		)		(7,648		)

Corporate debt – U.S.		(8,135		)		2				(235		)		(8,368		)

Sovereign debt – Non U.S.		(170,375		)		—				(15,824		)		(186,199		)

		$	(1,021,536	)		$	57,856			$	(148,010	)		$	(1,111,690	)


At December 31, 2012, the following securities were included in investments in securities sold, not yet purchased:


2012		Proceeds				Unrealized gains				Unrealized losses				Fair value
		($ in thousands)
Equities – listed		$	(697,278	)		$	76,172			$	(58,791	)		$	(679,897	)

Corporate debt – U.S.		(7,353		)		26				(381		)		(7,708		)

Sovereign debt – Non U.S.		(207,122		)		—				(13,641		)		(220,763		)

		$	(911,753	)		$	76,198			$	(72,813	)		$	(908,368	)


Financial Contracts

As of December 31, 2013 and 2012, the Company had entered into total return swaps, CDS, options, futures, forwards and interest rate options contracts with various financial institutions to meet certain investment objectives. Under the terms of each of these financial contracts, the Company is either entitled to receive or is obligated to make payments which are based on the product of a formula contained within each contract that includes the change in the fair value of the underlying or reference security.

At December 31, 2013, the fair values of financial contracts outstanding were as follows:


Financial Contracts		Listing		Notional amount of			Fair value of net assets
		currency		underlying instruments			(obligations)
							on financial
							contracts
				($ in thousands)
Financial contracts receivable
Forwards		JPY		71,162			$	383

Futures		JPY/USD		117,494			4,500

Interest rate options		USD		391,559			26

Put options		USD		217,359			12,923

Total return swaps – equities		EUR/GBP/HKD/USD		178,988			83,325

Warrants and rights on listed equities		EUR		5,237			2,891

Total financial contracts receivable, at fair value							$	104,048

Financial contracts payable
Credit default swaps, purchased – corporate debt		USD		273,877			$	(3,625	)

Credit default swaps, purchased – sovereign debt		USD		251,467			(3,980		)

Forwards		KRW		32,100			(58		)

Total return swaps – equities		EUR/GBP/HKD		36,983			(11,194		)

Total financial contracts payable, at fair value							$	(18,857	)

At December 31, 2012, the fair values of financial contracts outstanding were as follows:


Financial Contracts		Listing		Notional amount of			Fair value of net assets
		currency		underlying instruments			(obligations)
							on financial
							contracts
				($ in thousands)
Financial contracts receivable
Call options		USD		90,374			$	4,498

Credit default swaps, purchased – corporate debt		USD		39,665			265

Interest rate options		USD		2,299,933			109

Put options		USD		314,695			17,709

Total return swaps – equities		GBP/HKD/JPY		3,664			163

Total financial contracts receivable, at fair value							$	22,744

Financial contracts payable
Credit default swaps, purchased – corporate debt		USD		234,212			$	(3,365	)

Credit default swaps, purchased – sovereign debt		USD		251,467			(5,443		)

Put options		USD		16,071			(1,636		)

Total return swaps – equities		GBP/HKD		76,697			(9,193		)

Warrants and rights on listed equities		USD/CAD		—			—

Total financial contracts payable, at fair value							$	(19,637	)

As of December 31, 2013 and 2012, included in interest rate options are contracts on U.S. and Japanese interest rates denominated in U.S. dollars. Included in put options (under financial contracts receivable) are options on foreign currencies, primarily the Japanese Yen, the Australian Dollar and the Chinese Yuan, denominated in U.S. dollars.

Options are derivative financial instruments that give the buyer, in exchange for a premium payment, the right, but not the obligation, to either purchase from (call option) or sell to (put option) the writer, a specified underlying security at a specified price on or before a specified date. The Company enters into option contracts to meet certain investment objectives. For exchange traded option contracts, the exchange acts as the counterparty to specific transactions and therefore bears the risk of delivery to and from counterparties of specific positions. For OTC options, a dealer acts as the counterparty and therefore the Company is exposed to credit risk to the extent the dealer is unable to meet its obligations. As of December 31, 2013, the Company held OTC put options (long) with fair values of $12.9 million. As of December 31, 2012, the Company held OTC put options (long) and call options (long) with fair values of $17.2 million and $1.5 million, respectively.

During the years ended December 31, 2013, 2012 and 2011, the Company reported gains and losses on derivatives as follows:


Derivatives not designated as hedging instruments		Location of gains and losses on derivatives recognized in income		Gain (loss) on derivatives recognized
				in income
				Year ended December 31
				2013				2012				2011
				($ in thousands)
Credit default swaps, issued – corporate debt		Net investment income (loss)		$	—			$	—			$	4,785

Credit default swaps, purchased – corporate debt		Net investment income (loss)		(3,552		)		(7,342		)		1,042

Credit default swaps, purchased – sovereign debt		Net investment income (loss)		(1,087		)		(5,086		)		14,957

Currency forwards		Net investment income (loss)		11,209				—				(3,612		)

Futures		Net investment income (loss)		12,504				(13,064		)		(2,365		)

Interest rate options		Net investment income (loss)		(82		)		(2,127		)		(9,625		)
Options, warrants, and rights		Net investment income (loss)		21,446				(8,988		)		(29,185		)

Total return swaps – equities		Net investment income (loss)		85,638				(13,176		)		8,094

Weather derivative swap		Other income (expense), net		—				(263		)		(451		)

Total				$	126,076			$	(50,046	)		$	(16,360	)


The Company generally does not enter into derivatives for risk management or hedging purposes. The volume of derivative activities varies from period to period depending on potential investment opportunities.

For the year ended December 31, 2013, the Company’s volume of derivative activities (based on notional amounts) was as follows:


2013		Year ended December 31
Derivatives not designated as hedging instruments		Entered				Exited
		($ in thousands)
Currency forwards		$	423,443			$	115,884

Futures		401,672				292,529

Interest rate options (1)		—				376,385

Options (1)		930,410				965,991

Total return swaps		194,343				88,404

Total		$	1,949,868			$	1,839,193

(1) Exited amount excludes options which expired or were exercised during the period.

For the year ended December 31, 2012, the Company’s volume of derivative activities (based on notional amounts) was as follows:


2012		Year ended December 31
Derivatives not designated as hedging instruments		Entered				Exited
		($ in thousands)
Credit default swaps		$	—			$	45,966

Futures		1,033,604				1,208,785

Options (1)		818,319				436,033

Total return swaps		67,755				61,535

Weather derivative swap		—				5,000

Total		$	1,919,678			$	1,757,319

(1) Exited amount excludes options which expired or were exercised during the period.

The Company does not offset its derivative instruments and presents all amounts in the condensed consolidated balance sheets on a gross basis. The Company has pledged cash collateral to derivative counterparties to support the current value of amounts due to the counterparties based on the value of the underlying security.

As of December 31, 2013, the gross and net amounts of derivative instruments and the cash collateral applicable to derivative instruments were as follows:


31-Dec-13		(i)				(ii)				(iii) =i) - (ii)				(iv) Gross amounts not offset in the balance sheet				(v) =iii) + (iv)
Description		Gross amounts of recognized assets (liabilities)				Gross amounts offset in the balance sheet				Net amounts of assets (liabilities) presented in the balance sheet				Cash collateral (received) pledged				Net amount of asset (liability)
		($ in thousands)
Financial contracts receivable		$	104,048			$	—			$	104,048			$	(45,168	)		$	58,880

Financial contracts payable		(18,857		)		—				(18,857		)		34,859				16,002

Securities sold, not yet purchased		(1,111,690		)		—				(1,111,690		)		1,111,690				—


As of December 31, 2012, the gross and net amounts of derivative instruments and the cash collateral applicable to derivative instruments were as follows:


31-Dec-12		(i)				(ii)				(iii) =i) - (ii)				(iv) Gross amounts not offset in the balance sheet				(v) =iii) + (iv)
Description		Gross amounts of recognized assets (liabilities)				Gross amounts offset in the balance sheet				Net amounts of assets (liabilities) presented in the balance sheet				Cash collateral (received) pledged				Net amount of asset (liability)
		($ in thousands)
Financial contracts receivable		$	22,744			$	—			$	22,744			$	(947	)		$	21,797

Financial contracts payable		(19,637		)		—				(19,637		)		39,268				19,631

Securities sold, not yet purchased		(908,368		)		—				(908,368		)		908,368				—

DUE_TO_PRIME_BROKERS

DUE TO PRIME BROKERS	12 Months Ended
DUE TO PRIME BROKERS	Dec. 31, 2013
Due to and from Broker-Dealers and Clearing Organizations [Abstract]	'
DUE TO PRIME BROKERS	'
	DUE TO PRIME BROKERS

	As of December 31, 2013, the amount due to prime brokers is comprised of margin-borrowing from prime brokers relating to investments purchased on margin as well as the margin-borrowing for providing collateral to support some of the Company’s outstanding letters of credit (see Notes 6 and 14). Under term margin agreements and certain letter of credit facility agreements, the Company pledges certain investment securities to borrow cash from the prime brokers. The borrowed cash is placed in a custodial account in the name of the Company and this custodial account provides collateral for any letters of credit issued. Since there is no legal right of offset, the Company’s liability for the cash borrowed from the prime brokers is included on the consolidated balance sheets as due to prime brokers while the cash held in the custodial account is included on the consolidated balance sheets as restricted cash and cash equivalents. At December 31, 2013, the amounts due to prime brokers included $202.2 million (2012: $252.7 million) of cash borrowed under the term margin agreements to provide collateral for letters of credit facilities and $112.5 million (2012: $73.7 million) of borrowing relating to investment purchases.

	The Company's original investment guidelines allowed for temporary (30 days) leverage for investment purposes up to 20% of net invested assets, and for an extended time period, up to 5% of net invested assets. During 2013, the Board of Directors granted temporary waivers of the 5% leverage restriction. These waivers allowed for an aggregate of 20% net margin leverage for extended periods which terminated on July 24, 2013. Effective July 24, 2013, Greenlight Re's investment guidelines were amended to allow up to 15% net margin leverage for extended periods of time and up to 30% net margin leverage for periods of less than 30 days.

CASH_AND_CASH_EQUIVALENTS

CASH AND CASH EQUIVALENTS (Cash and Cash Equivalents)	12 Months Ended
	Dec. 31, 2013
Cash and Cash Equivalents	'
Cash and Cash Equivalents [Line Items]	'
CASH AND CASH EQUIVALENTS	'
	CASH AND CASH EQUIVALENTS



		2013		2012
		($ in thousands)
	Cash at banks	$	3,674	$	7,561

	Cash held with brokers	48		14,329

	Total cash and cash equivalents	$	3,722	$	21,890


	Due to the short term nature of cash and cash equivalents, management believes the above noted carrying values approximate their fair value. Cash at banks include cash held at non-U.S. financial institutions which are not insured by the FDIC or any other deposit insurance programs.

RESTRICTED_CASH_AND_CASH_EQUIV

RESTRICTED CASH AND CASH EQUIVALENTS (Restricted Cash and Cash Equivalents)	12 Months Ended
	Dec. 31, 2013
Restricted Cash and Cash Equivalents	'
Restricted Cash and Cash Equivalents Items [Line Items]	'
RESTRICTED CASH AND CASH EQUIVALENTS	'
	RESTRICTED CASH AND CASH EQUIVALENTS

	The Company is required to maintain certain cash in segregated accounts with prime brokers and swap counterparties. The amount of restricted cash held by prime brokers is primarily used to support the liability created from securities sold, not yet purchased, and for collateralizing the letters of credit issued under a certain letter of credit facility (see Notes 4 and 14). The amount of cash encumbered varies depending on the market value of the securities sold, not yet purchased and letters of credit issued. Swap counterparties require cash collateral to support the current value of any amounts that may be due to the counterparty based on the value of the underlying security.



		2013		2012
		($ in thousands)
	Cash held by prime brokers relating to securities sold, not yet purchased	$	1,111,690	$	910,003

	Cash collateral relating to letters of credit issued	202,248		252,748

	Cash and cash equivalents held by swap counterparties	20,136		44,086

	Total restricted cash and cash equivalents	$	1,334,074	$	1,206,837

LOSS_AND_LOSS_ADJUSTMENT_EXPEN

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES	12 Months Ended
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES	Dec. 31, 2013
Insurance Loss Reserves [Abstract]	'
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES	'
	LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES

	A summary of changes in outstanding loss and loss adjustment expense reserves is as follows:


			2013				2012			2011
			($ in thousands)
	Gross balance at January 1		$	356,470			$	241,279		$	186,467
	Gross balance at January 1		$	356,470			$	241,279		$	186,467
	Less: Losses recoverable		(34,451		)		(29,758		)	(11,976		)
	Net balance at January 1		322,019				211,521			174,491
	Net balance at January 1		322,019				211,521			174,491
	Incurred losses related to:
	Current year		344,613				309,703			215,675
	Current year		344,613				309,703			215,675
	Prior years		(6,120		)		56,898			26,015
	Prior years		(6,120		)		56,898			26,015
	Total incurred		338,493				366,601			241,690
	Total incurred		338,493				366,601			241,690
	Paid losses related to:
	Current year		(177,871		)		(130,717		)	(81,732		)
	Prior years		(170,018		)		(125,767		)	(122,898		)
	Total paid		(347,889		)		(256,484		)	(204,630		)
	Foreign currency revaluation		442				381			(30		)
	Foreign currency revaluation		442				381			(30		)
	Net balance at December 31		313,065				322,019			211,521
	Net balance at December 31		313,065				322,019			211,521
	Add: Losses recoverable		16,829				34,451			29,758
	Add: Losses recoverable		16,829				34,451			29,758
	Gross balance at December 31		$	329,894			$	356,470		$	241,279
	Gross balance at December 31		$	329,894			$	356,470		$	241,279

	For the year ended December 31, 2013, the net favorable loss development relating to prior year contracts amounted to $6.1 million and was primarily related to the following:


	●	Elimination of $15.0 million of reserves relating to super-storm Sandy based on additional information received from the client which indicated that the losses would not exceed the threshold of coverage provided under the contract. As a result of the reversal of loss reserves, the Company also reversed reinstatement premiums earned of $2.6 million;


	●	$4.0 million of favorable loss development relating to commercial automobile business due to better than expected loss development on open claims and settling of claims at lower amounts than expected. Loss reserves were decreased on these contracts after a detailed review of existing claims data received from the clients, audits of claim files at the third party claims administrators and actuarial analysis based on all available information;


	●	$3.0 million favorable loss development relating to a non-standard automobile contract as a result of final settlement of losses upon commutation of the contract at an amount lower than originally reserved. However, because this contract included a sliding scale ceding commission rate, the decrease in loss reserves was offset by a $2.3 million increase in ceding commissions recorded as acquisition costs;


	●	$2.4 million favorable loss development relating to Florida homeowners' insurance business due to better than expected development on sinkhole claims, primarily as a result of legislative changes implemented in the State of Florida during 2012;


	●	$17.7 million of adverse loss development, net of retrocession recoveries, relating to general liability business. Loss reserves were increased on these contracts after a detailed review of existing claims data received from the clients, audits of claim files at the third party claims administrators and actuarial analysis based on all available information; and


	●	$4.0 million of adverse loss development on a 2007 casualty clash contract based on updated claims and loss information received from the client. The new information indicated that ground up losses under the contract estimated by the client had increased resulting in additional losses attaching to the Company's layer. As a result of this increase in loss reserves, the Company recorded reinstatement premiums of $1.2 million.

	There were no other significant developments of prior period loss reserves during the year ended December 31, 2013.

	For the year ended December 31, 2012, the net loss reserves on prior period contracts increased by $56.9 million which primarily related to the following:


	●	$18.8 million of adverse loss development on a commercial motor liability contract that has been in run-off since 2010. The increase in loss reserves was based on updated loss data received from the third party claims adjuster and the client, as well as the Company's quarterly analysis of the remaining open claims and the reserves required to settle and resolve all remaining claims and any new reported claims;


	●	$21.9 million of adverse loss development, net of retrocession recoveries, relating to commercial motor liability exposures that are currently in run-off on two multi-line quota share contracts. Since these contracts are less mature than the Company's other commercial motor liability contract, there is more uncertainty as to the ultimate losses to be paid. As a result, the Company has recorded loss reserves for the commercial motor portion of these contracts consistent with the loss ratio recorded for the more mature commercial motor contract. Loss reserves were increased on these contracts after extensive review of existing claims data, the Company's previous experience with commercial motor liability business and actuarial analysis based on data received from third party claims handlers and the client;


●	$9.0 million of adverse loss development on a 2010 natural peril contract relating to the 2010 New Zealand earthquake. This adverse loss development resulted from revised estimated losses expected on the underlying policies by the ceding insurer, primarily due to complex engineering and structural requirements as well as building-code changes being implemented in New Zealand. The updated loss reserves resulted in a full limit loss of $10.0 million under this contract; and


●	$4.6 million of adverse loss development, net of retrocession recoveries, on prior period Florida homeowners' contracts due to a combination of an increase in attritional losses as well as an increase in sinkhole losses based on updated information received from the ceding insurer during the period as well as a reassessment in connection with the Company's quarterly reserve analysis. These contracts contain sliding scale commission adjustments which offset some of the adverse loss development. Therefore, $4.6 million of adverse loss development was offset by a reduction of $1.3 million in commission expenses.

There were no other significant developments of prior period loss reserves during the year ended December 31, 2012.

For the year ended December 31, 2011, the net losses incurred included $26.0 million related to net adverse loss development on reserves relating to prior years. During the year ended December 31, 2011, the loss development on prior year contracts primarily related to the following:


●	Adverse loss development of $15.7 million based on data received from the client and the Company's reserve analysis relating to prior year commercial motor liability contracts that are in run-off. The Company received additional loss data from the client during 2011 that indicated higher than expected paid and incurred losses. During 2011, based on a review of the client’s actual loss data and as part of the Company's quarterly reserve analysis, the Company increased its loss reserves accordingly;


●	Adverse loss development of $9.7 million, net of retrocession recoveries, on multi-line quota share contracts based on data received from the clients and a reassessment in connection with the Company's quarterly reserve analysis which indicated higher large loss activity on the accounts than originally expected;


●	Adverse loss development of $1.6 million on Florida homeowners’ contracts based on data received from the client and a reassessment in connection with the Company's quarterly reserve analysis; and


●	Favorable loss development of $1.3 million relating to a specialty health contract based on data received from the client and a reassessment in connection with the Company's quarterly reserve analysis.

There were no other significant developments of prior period loss reserves during the year ended December 31, 2011.

At December 31, 2013 and 2012, loss and loss adjustment expense reserves were comprised of the following:



		2013				2012
		($ in thousands)
Case reserves		$	137,825			$	140,674
Case reserves		$	137,825			$	140,674
IBNR		192,069				215,796
IBNR		192,069				215,796
Total		$	329,894			$	356,470
Total		$	329,894			$	356,470

RETROCESSION

RETROCESSION	12 Months Ended
RETROCESSION	Dec. 31, 2013
Reinsurance Disclosures [Abstract]	'
RETROCESSION	'
	RETROCESSION

	The Company, from time to time, purchases retrocessional coverage for one or more of the following reasons: to manage its overall exposure, to reduce its net liability on individual risks, to obtain additional underwriting capacity and to balance its underwriting portfolio. Additionally, retrocession can be used as a mechanism to share the risks and rewards of business written and therefore can be used as a tool to align the Company's interests with those of its counterparties. The Company currently has coverages that provide for recovery of a portion of loss and loss expenses incurred on certain contracts. Loss and loss adjustment expenses recoverable from the retrocessionaires are recorded as assets.

	For the year ended December 31, 2013, loss and loss adjustment expenses incurred of $338.5 million (2012: $366.6 million and 2011: $241.7 million) reported on the consolidated statements of income are net of loss and loss expenses recovered and recoverable of $(10.2) million (2012: $13.0 million and 2011: $28.1 million). The negative loss and loss expenses recovered for the year ended December 31, 2013, were due to reversal of loss reserves on retrocession contracts that were novated during the first quarter of 2013.

	Retrocession contracts do not relieve the Company from its obligations to the insureds. Failure of retrocessionaires to honor their obligations could result in losses to the Company. At December 31, 2013, the Company had loss reserves recoverable of $16.8 million (December 31, 2012: $34.3 million) with unrated retrocessionaires. At December 31, 2013 and 2012, $4.0 million and $11.4 million, respectively, of losses recoverable from unrated retrocessionaires were secured by cash collateral, and the remainder was secured by other collateral in the form of guarantees.

	At December 31, 2013, uncollateralized loss reserves recoverable of $12.8 million related to an unrated retrocessionaire who is contractually obligated to post collateral but has failed to do so. During 2013, an arbitration panel ruled in favor of the Company. The retrocessionaire challenged the arbitration award, seeking to set it aside. A judge in the Grand Court in Grand Cayman subsequently ordered the retrocessionaire to post security in the amount of the arbitration award pending a hearing on the merits. Additionally, at December 31, 2013 the parent entity of the retrocessionaire was also delinquent in its payment to the Company of $12.0 million relating to ceding commission adjustments included in reinsurance balances receivable. The Company has initiated legal proceedings in order to enforce its contractual rights. The Company believes it will be successful in its pending legal actions.

	The Company regularly evaluates the financial condition of all its retrocessionaires to assess the ability of the retrocessionaires to honor their obligations. At December 31, 2013 and 2012, no provision for uncollectible losses recoverable was considered necessary.

SHARE_CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
SHARE CAPITAL	'
	SHARE CAPITAL

	The holders of all ordinary shares are entitled to share equally in dividends declared by the Board of Directors. In the event of a winding-up or dissolution of the Company, the ordinary shareholders share equally and ratably in the assets of the Company, after payment of all debts and liabilities of the Company and after liquidation of any issued and outstanding preferred shares. At December 31, 2013, no preferred shares were issued or outstanding. The Board of Directors is authorized to establish the rights and restrictions for preferred shares as they deem appropriate.

	The Third Amended and Restated Memorandum and Articles of Association as revised by special resolution on July 10, 2008 (the "Articles"), provide that the holders of Class A ordinary shares generally are entitled to one vote per share. However, except upon unanimous consent of the Board of Directors, no Class A shareholder is permitted to vote an amount of shares which would cause any United States person to own (directly, indirectly or constructively under applicable United States tax attribution and constructive ownership rules) 9.9% or more of the total voting power of all issued and outstanding ordinary shares. The Articles further provide that the holders of Class B ordinary shares generally are entitled to ten votes per share. However, holders of Class B ordinary shares, together with their affiliates, are limited to voting that number of Class B ordinary shares equal to 9.5% of the total voting power of the total issued and outstanding ordinary shares.

	Pursuant to the Shareholders' Agreement, dated August 11, 2004, by and among the Company and certain of its shareholders, (the “Shareholders’ Agreement”) the holders of at least 50% of the outstanding Registrable Securities (as defined in the Shareholders' Agreement), may, subject to certain conditions, request to have all or part of their Registrable Securities to become registered. The Shareholders' Agreement requires, among other things, that the Company use its commercially reasonable best efforts to have a registration statement covering such Registrable Securities to be declared effective. The registration rights granted pursuant to the Shareholders' Agreement are not deemed to be liabilities; therefore, there has been no recognition in the consolidated financial statements of the registration rights granted pursuant to the Shareholders' Agreement.

	As of December 31, 2013, the Company had an unused Form S-3 registration statement, declared effective by the SEC on July 10, 2009, which was renewed in June 2012 and expires in June 2015 unless renewed, for an aggregate principal amount of $200 million in securities.

	Shares authorized for issuance are comprised of 300,000 (2012: 300,000) Class A ordinary shares in relation to share purchase options granted to a service provider and 3,500,000 (2012: 3,500,000) Class A ordinary shares authorized for the Company’s stock incentive plan for eligible directors, employees and consultants. As of December 31, 2013, 20,000 (2012: 250,000) Class A ordinary shares remained available for future issuance relating to share purchase options granted to the service provider, and 961,587 (2012: 1,136,504) Class A ordinary shares remained available for future issuance under the Company's stock incentive plan. The stock incentive plan is administered by the Compensation Committee of the Board of Directors.

	The Board has adopted a share repurchase plan. Under the share repurchase plan, the Board authorized the Company to purchase up to 2.0 million of its Class A ordinary shares from time to time. Class A ordinary shares or securities convertible into Class A ordinary shares, may be purchased in the open market or through privately negotiated transactions. The timing of such repurchases and actual number of shares repurchased will depend on a variety of factors including price, market conditions and applicable regulatory and corporate requirements. The share repurchase plan, which expires on June 30, 2014, does not require the Company to repurchase any specific number of shares and may be modified, suspended or terminated at any time without prior notice. As of December 31, 2013, 2.0 million shares remained available under the share repurchase plan. Under the Companies Law of the Cayman Islands, the Company cannot hold treasury shares; therefore, all ordinary shares repurchased are canceled immediately upon repurchase.

	The following table is a summary of voting ordinary shares issued and outstanding:


		2013		2012		2011
		Class A	Class B	Class A	Class B	Class A	Class B
	Balance – beginning of year	30,447,179	6,254,949	30,283,200	6,254,949	30,200,835	6,254,949

	Issue of ordinary shares, net of forfeitures	344,686	—	163,979	—	82,365	—

	Balance – end of year	30,791,865	6,254,949	30,447,179	6,254,949	30,283,200	6,254,949



	Previously, Greenlight Re, the Company's reinsurance subsidiary based in the Cayman Islands, was required to maintain a minimum net worth of US$120,000. During 2012, CIMA adopted the Insurance (Capital and Solvency) (Classes B, C, and D Insurers) Regulations, 2012 (the "Insurance Regulations"). The Insurance Regulations impose a Minimum Capital Requirement of US$50.0 million and a Prescribed Capital Requirement of $449.4 million on Greenlight Re as of December 31, 2013. Greenlight Re's statutory capital and surplus of $988.7 million exceeded the Minimum Capital Requirement as well as the Prescribed Capital Requirement. For the years ended December 31, 2013, 2012 and 2011, Greenlight Re's net income was $229.8 million, $15.3 million, and $10.3 million, respectively.

	Greenlight Re is not required to prepare separate statutory financial statements for filing with CIMA and there were no material differences between Greenlight Re's GAAP capital, surplus and net income, and its statutory capital, surplus and net income as of December 31, 2013 and 2012.

	As of December 31, 2013, none of the Company's retained earnings were restricted from payment of dividends to the Company's shareholders. However, since most of the Company's capital and retained earnings are invested in its subsidiaries, a dividend from one or more of the Company's subsidiaries would likely be required in order to fund a dividend to the Company's shareholders. Any dividends declared and paid from Greenlight Re to the Company would require approval of CIMA. As of December 31, 2013, $539.3 million of Greenlight Re's capital and surplus was available for distribution as dividends. The amount of dividends that GRIL is permitted to distribute is limited to its retained earnings and the Central Bank of Ireland has powers to intervene if a dividend payment were to lead to a breach of regulatory capital requirements. As of December 31, 2013, $6.0 million of GRIL's capital and surplus was available for distribution as dividends.

	GRIL is obliged to maintain a minimum level of capital (the "Required Minimum Margin"). As of December 31, 2013 and 2012 GRIL met those requirements. As of December 31, 2013 and 2012, GRIL's statutory capital and surplus was the same as its U.S. GAAP capital and surplus of $46.1 million and $42.5 million, respectively. The required solvency margin for GRIL as of December 31, 2013 and 2012 was $13.6 million and $8.3 million, respectively. GRIL's statutory net income (loss) was $3.6 million, $1.8 million and $(1.6) million for the years ended December 31, 2013, 2012 and 2011, respectively.

	Additional paid-in capital includes the premium per share paid by the subscribing shareholders for Class A and B ordinary shares which have a par value of $0.10 each. It also includes share-based awards earned not yet issued.

SHAREBASED_COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
SHARE-BASED COMPENSATION	'
	SHARE-BASED COMPENSATION

	The Company has a stock incentive plan for directors, employees and consultants as detailed in Note 9 above.

	Service Provider Share Purchase Options

	On September 20, 2004, the Company had granted share purchase options to a service provider to purchase 400,000 Class A ordinary shares at an exercise price of $10 per share. The Company had previously repurchased 100,000 of the share purchase options. During the year ended December 31, 2013, 230,000 share purchase options were exercised (2012: 0, 2011: 50,000) resulting in the issuance of 161,734 Class A ordinary shares (2012: 0, 2011: 25,843). As of December 31, 2013, there were 20,000 service provider share purchase options outstanding (2012: 250,000) with an exercise price of $10 per share option, which will expire in August 2014.

	Employee and Director Restricted Shares

	As part of its stock incentive plan, the Company issues restricted shares for which the fair value is equal to the price of the Company’s Class A ordinary shares on the grant date. Compensation based on the grant date fair market value of the shares is expensed on a straight line basis over the vesting period.

	For the year ended December 31, 2013, 111,231 (2012: 112,477, 2011: 99,573) restricted Class A ordinary shares were issued to employees pursuant to the Company’s stock incentive plan. These shares contain certain restrictions relating to, among other things, vesting, forfeiture in the event of termination of employment and transferability. Each of these restricted shares will cliff vest after three years from the date of issuance, subject to the grantee’s continued service with the Company. During the vesting period, the holder of the restricted shares retains voting rights and is entitled to any dividends declared by the Company.

	For the year ended December 31, 2013, the Company also issued to non-employee directors an aggregate of 36,374 (2012: 35,994, 2011: 36,565) restricted Class A ordinary shares as part of their remuneration for services to the Company. Each of these restricted shares issued to non-employee directors contain similar restrictions to those issued to employees and will vest on the earlier of the first anniversary of the share issuance or the Company’s next annual general meeting, subject to the grantee’s continued service with the Company.

	For the year ended December 31, 2013, 16,826 (2012: 7,492, 2011: 79,616) restricted shares were forfeited by employees who left the Company prior to the expiration of the vesting period. For the year ended December 31, 2013, in accordance with U.S. GAAP, stock compensation expense of $0.2 million (2012: $0.2 million, 2011: $0.8 million) relating to the forfeited restricted shares was reversed.

	The Company recorded $3.2 million of share-based compensation expense relating to restricted shares for the year ended December 31, 2013 (2012: $3.1 million, 2011: $2.4 million). As of December 31, 2013, there were $3.5 million (2012: $3.4 million, 2011: $3.0 million) of unrecognized compensation costs related to non-vested restricted shares which are expected to be recognized over a weighted average period of 1.7 years (2012: 1.7 years, 2011: 1.6 years). For the year ended December 31, 2013, the total fair value of restricted shares vested was $2.8 million (2012: $3.3 million, 2011: $3.3 million).

	The restricted share award activity during the years ended December 31, 2013 and 2012 was as follows:


			Number of			Weighted
			non-vested			average
			restricted			grant date
			shares			fair value
	Balance at December 31, 2011		358,563			$	21.03

	Granted		148,471			24.6

	Vested		(191,136	)		17.34

	Forfeited		(7,492	)		25.36

	Balance at December 31, 2012		308,406			24.93

	Granted		147,605			24.59

	Vested		(110,194	)		25.08

	Forfeited		(16,826	)		24.55

	Balance at December 31, 2013		328,991			$	24.74


	Employee and Director Stock Options

	For the year ended December 31, 2013, 38,197 Class A ordinary share purchase options were granted to the Company's Chief Executive Officer, pursuant to his employment contract (2012: 45,290). These options vest 25% on the date of the grant, and 25% each on the anniversary thereof in 2014, 2015 and 2016, and expire 10 years after the grant date. The grant date fair value of these options was $13.09 per share (2012: $11.04 per share), based on the Black-Scholes option pricing model. The Company’s shares have not been publicly traded for a sufficient length of time to reasonably estimate the expected volatility. Therefore, the Company determined the expected volatility based primarily on the historical volatility of a peer group of companies in the reinsurance industry while also considering the Company’s own historical volatility in determining the expected volatility.

	The Company uses the Black-Scholes option pricing model to determine the valuation of its options and has applied the assumptions set forth in the following table.


			2013			2012			2011
	Risk free rate		2.85	%		1.5	%		2.27	%
	Estimated volatility		35	%		35	%		35	%
	Expected term (in years)		10			10			10

	Dividend yield		0	%		0	%		0	%
	Forfeiture rate		0	%		0	%		0	%

	At the present time, the Board of Directors does not anticipate that any dividends will be declared during the expected term of the options. The Company uses graded vesting for expensing employee stock options. The total compensation cost expensed for the year ended December 31, 2013 related to employee and director stock options was $0.6 million (2012: $0.6 million, 2011: $0.5 million). At December 31, 2013, the total compensation cost related to non-vested options not yet recognized was $0.4 million (2012: $0.5 million, 2011: $0.6 million) to be recognized over a weighted average period of 1.5 years (2012: 1.5 years, 2011: 1.7 years) assuming the employees complete their service period for vesting of the options.

For the year ended December 31, 2013, 56,500 (2012: 23,000, 2011: 0) stock options were exercised resulting in the issuance of 52,173 (2012: 23,000, 2011: 0) Class A ordinary shares. The intrinsic value of options exercised during the year ended December 31, 2013 was $0.8 million (2012: $0.2 million, 2011: $0.0 million). For any options exercised, the Company issues new Class A ordinary shares from the shares authorized for issuance as part of the Company’s stock incentive plan.

Employee and director stock option activity during the years ended December 31, 2013 and 2012 was as follows:


	Number of			Weighted				Weighted
	options			average				average
				exercise				grant date
				price				fair value
Balance at December 31, 2011	1,399,000			$	15.06			$	6.73

Granted	45,290			23.8				11.04

Exercised	(23,000	)		13.85				7.13

Forfeited	—			—				—

Expired	—			—				—

Balance at December 31, 2012	1,421,290			15.36				6.87

Granted	38,197			26.44				13.09

Exercised	(56,500	)		11.44				5.7

Forfeited	—			—				—

Expired	—			—				—

Balance at December 31, 2013	1,402,987			$	15.82			$	7.08


At December 31, 2013, the weighted-average remaining contractual term for options outstanding was 3.3 years (2012: 4.1 years).

At December 31, 2013, 1,326,694 (2012: 1,337,323) stock options were exercisable. These options had a weighted-average exercise price of $15.35 (2012: $14.92) and a weighted-average remaining contractual term of 3.0 years (2012: 3.8 years).

The weighted average grant date fair value of options granted during the year ended December 31, 2013 was $13.09 (2012: $11.04, 2011: $10.32). The aggregate intrinsic value of options outstanding and options exercisable at December 31, 2013 was $25.1 million and $24.4 million, respectively (2012: $12.2 million and $12.1 million, respectively). During the year ended December 31, 2013, 45,871 (2012: 36,323, 2011: 85,000) options vested which had a weighted average grant date fair value of $11.08 (2012: $10.55, 2011: $9.00).

Employee Restricted Stock Units

The Company issues RSUs to certain employees as part of the stock incentive plan. The grant date fair value of the RSUs is equal to the price of the Company’s Class A ordinary shares on the grant date. Compensation based on the grant date fair market value of the RSUs is expensed on a straight line basis over the vesting period.

For the year ended December 31, 2013, 5,941 (2012: nil, 2011: nil) RSUs were issued to employees pursuant to the Company’s stock incentive plan. These shares contain certain restrictions relating to, among other things, vesting, forfeiture in the event of termination of employment and transferability. Each of these RSUs will cliff vest after three years from the date of issuance, subject to the grantee’s continued service with the Company. On the vesting date, the Company converts each RSU into one Class A ordinary share and issues new Class A ordinary shares from the shares authorized for issuance as part of the Company’s stock incentive plan.


		Number of			Weighted
		non-vested			average
		RSUs			grant date
					fair value
Balance at December 31, 2012		—			$	—

Granted		5,941			24.41

Vested		—			—

Forfeited		—			—

Balance at December 31, 2013		5,941			$	24.41


For the years ended December 31, 2013, 2012 and 2011, the general and administrative expenses included stock compensation expense (net of forfeitures) of $3.8 million, $3.7 million and $2.9 million, respectively, for the expensing of the fair value of stock options, restricted stocks and RSUs granted to employees and directors.

NET_INVESTMENT_INCOME

NET INVESTMENT INCOME	12 Months Ended
	Dec. 31, 2013
Net Investment Income [Abstract]	'
NET INVESTMENT INCOME	'
	NET INVESTMENT INCOME

	A summary of net investment income (loss) for the years ended December 31, 2013, 2012 and 2011 is as follows:



		2013			2012			2011
		($ in thousands)
	Realized gains	$	141,976		$	60,762		$	139,760

	Change in unrealized gains	154,791			67,569			(75,719		)

	Investment related foreign exchange gains (losses)	19,305			3,682			(6,953		)

	Interest and dividend income	22,265			21,131			17,528

	Interest, dividend and other expenses	(47,665		)	(38,545		)	(30,837		)
	Investment advisor compensation	(72,532		)	(35,658		)	(20,661		)
	Net investment income	$	218,140		$	78,941		$	23,118


	Investment returns are calculated monthly and compounded to calculate the annual returns. The resulting actual investment income may vary depending on cash flows into or out of the investment account. For the year ended December 31, 2013, investment income, net of all fees and expenses, resulted in a gain of 19.6% on the investment portfolio. This compares to a gain of 7.1% and a gain of 2.1% reported for the years ended December 31, 2012 and 2011, respectively.

TAXATION

TAXATION	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
TAXATION	'
	TAXATION

	The Company and Greenlight Re are each domiciled in the Cayman Islands and under current Cayman Islands law, no corporate entity, including the Company and Greenlight Re, is obligated to pay taxes in the Cayman Islands on either income or capital gains. Each of the Company and Greenlight Re intends to conduct all of its operations in a manner that will not cause it to be treated as engaging in a trade or business within the United States and will not cause it to be subject to current U.S. federal income taxation on its net income. However, because there are no definitive standards provided by the Internal Revenue Code, regulations or court decisions as to the specific activities that constitute being engaged in the conduct of a trade or business within the United States, and as any such determination is essentially factual in nature, there can be no assurance that the IRS will not successfully assert that the Company or Greenlight Re is engaged in a trade or business within the U.S.

	Verdant is incorporated in Delaware, and therefore is subject to taxes in accordance with the U.S. federal rates and regulations prescribed by the IRS. Verdant’s taxable income is taxed at an effective tax rate of 35%. GRIL is incorporated in Ireland and, therefore, is subject to the Irish corporation tax. GRIL is taxed at a rate of 12.5% on its trading income.

	At December 31, 2013, included in the consolidated balance sheet under other assets is a deferred tax asset of $0.05 million (2012: $0.05 million) resulting solely from the temporary differences in recognition of expenses. An accrual has been recorded for current taxes payable under other liabilities in the consolidated balance sheet at December 31, 2013 for $0.3 million (2012: $0.3 million). Based on the timing of the reversal of the temporary differences and likelihood of generating sufficient taxable income to realize the future tax benefit, management believes it is more likely than not that the deferred tax asset will be fully realized in the future and therefore no valuation allowance has been recorded. The Company has not taken any tax positions that are subject to uncertainty or that are reasonably likely to have a material impact to the Company, Greenlight Re, GRIL or Verdant.

	The following table sets forth our current and deferred income tax benefit (expense) on a consolidated basis for the years ended December 31, 2013, 2012 and 2011:



		2013			2012				2011
		($ in thousands)
	Current tax (expense) benefit	$	(534	)	$	(246	)		$	(226	)
	Tax recovered	—			169			(1)	—

	Deferred tax (expense) benefit	(4		)	(9		)		(21		)
	Income tax (expense) benefit	$	(538	)	$	(86	)		$	(247	)

	(1) During the year ended December 31, 2012, $0.2 million of tax refunds were received by GRIL relating to its operating losses for the 2011 tax year which were carried back and applied against the taxes previously paid for the 2010 tax year.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2013
Related Party Transactions [Abstract]	'
RELATED PARTY TRANSACTIONS	'
	RELATED PARTY TRANSACTIONS

	Investment Advisory Agreement

	As of December 31, 2013, the Company and its reinsurance subsidiaries were party to an investment advisory agreement with DME Advisors (the "prior agreement") under which the Company, its reinsurance subsidiaries and DME Advisors created a joint venture for the purpose of managing certain jointly held assets. Effective January 1, 2014, the prior agreement was amended and restated to replace DME Advisors with DME Advisors, LLC ("DME") as the participant to the joint venture (the "venture agreement"). Simultaneously, the Company, its reinsurance subsidiaries and DME entered into a separate investment advisory agreement with DME Advisors (the "advisory agreement"). DME and DME Advisors are related to the Company and an affiliate of David Einhorn, Chairman of the Company’s Board of Directors.

	Pursuant to the prior agreement, performance allocation equal to 20% of the net income of the Company’s share of the account managed by DME Advisors was allocated, subject to a loss carry forward provision, to DME Advisors’ account. The loss carry forward provision allowed DME Advisors to earn a reduced performance allocation of 10% on net investment income in any year subsequent to the year in which the investment account incurred a loss, until all the losses were recouped and an additional amount equal to 150% of the aggregate investment loss was earned. DME Advisors was not entitled to earn a performance allocation in a year in which the investment portfolio incurred a loss. For the year ended December 31, 2013, the net investment income (see Note 11) was net of performance allocation of $54.2 million (2012: $18.8 million, 2011: $5.4 million). Effective January 1, 2014, pursuant to the venture agreement, the terms of the performance allocation remained unchanged except that the performance allocation is allocated to DME instead of DME Advisors.

	Additionally, pursuant to the prior agreement, a monthly management fee, equal to 0.125% (1.5% on an annual basis) of the Company’s capital account managed by DME Advisors was payable to DME Advisors. For the year ended December 31, 2013, the net investment income (see Note 11) is net of management fees of $18.3 million (2012: $16.9 million, 2011: $15.2 million). The management fees have been fully paid as of December 31, 2013. Under the advisory agreement, the 0.125% monthly fee will continue to be paid to DME Advisors.

	Pursuant to the prior agreement, the Company had agreed to indemnify DME Advisors for any expense, loss, liability, or damage arising out of any claim asserted or threatened in connection with DME Advisors serving as the Company’s investment advisor. The Company would reimburse DME Advisors for reasonable costs and expenses of investigating and/or defending such claims provided such claims were not caused due to gross negligence, breach of contract or misrepresentation by DME Advisors. For the year ended December 31, 2013, there were no indemnification payments made by the Company. Pursuant to the advisory agreement and the venture agreement, the Company continues to indemnity DME Advisors and DME. See Note 17 for further details on the venture agreement and the advisory agreement.

	Service Agreement

	The Company has entered into a service agreement with DME Advisors, pursuant to which DME Advisors provides investor relations services to the Company for compensation of five thousand dollars per month (plus expenses). The agreement is automatically renewed annually until terminated by either the Company or DME Advisors for any reason with 30 days prior written notice to the other party.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	COMMITMENTS AND CONTINGENCIES

	Letters of Credit

	At December 31, 2013, the Company had the following letter of credit facilities, which automatically renew each year unless terminated by either party in accordance with the required notice period:


			Facility			Termination Date	Notice period required for termination
			($ in thousands)
	Bank of America, N.A.		$	200,000		July 20, 2014	90 days prior to termination date

	Butterfield Bank (Cayman) Limited		60,000			June 30, 2014	90 days prior to termination date

	Citibank Europe plc		400,000			October 11, 2014	120 days prior to termination date

	JP Morgan Chase Bank N.A.		100,000			January 27, 2015	120 days prior to termination date

			$	760,000


	As of December 31, 2013, an aggregate amount of $379.1 million (2012: $416.5 million) in letters of credit were issued under the above facilities. Under the facilities, the Company provides collateral that may consist of equity securities, restricted cash, and cash and cash equivalents. As of December 31, 2013, total equity securities, restricted cash, and cash and cash equivalents with a fair value in the aggregate of $410.3 million (2012: $441.7 million) were pledged as security against the letters of credit issued (also see Note 4). Each of the facilities contain customary events of default and restrictive covenants, including but not limited to, limitations on liens on collateral, transactions with affiliates, mergers and sales of assets, as well as solvency and maintenance of certain minimum pledged equity requirements, and restricts issuance of any debt without the consent of the letter of credit provider. Additionally, if an event of default exists, as defined in the letter of credit facilities, Greenlight Re will be prohibited from paying dividends to its parent company. The Company was in compliance with all the covenants of each of these facilities as of December 31, 2013 and 2012.

	Operating Lease Obligations

	Greenlight Re has entered into lease agreements for office space in the Cayman Islands. Under the terms of the lease agreements, Greenlight Re is committed to annual rent payments ranging from $0.3 million at inception to $0.5 million at lease termination. The leases expire on June 30, 2018 and Greenlight Re has the option to renew the leases for a further five year term. Included in the schedule below are the minimum lease payment obligations relating to these leases as of December 31, 2013.

	GRIL has entered into a lease agreement for office space in Dublin, Ireland. Under the terms of this lease agreement, GRIL is committed to average annual rent payments denominated in Euros approximating €0.1 million until May 2016 (net of rent inducements), and adjusted to the prevailing market rates for each of three subsequent five-year terms. GRIL has the option to terminate the lease agreement in 2016 and 2021. Included in the schedule below are the net minimum lease payment obligations relating to this lease as of December 31, 2013.

	The total rent expense related to leased office space for the year ended December 31, 2013 was $0.5 million, (2012: $0.4 million, 2011: $0.3 million ).

	Specialist Service Agreement

	The Company has entered into a service agreement with a specialist service provider for the provision of administration and support in developing and maintaining business relationships, reviewing and recommending programs and managing risks relating to certain specialty lines of business. The specialist service provider does not have any authority to bind the Company to any reinsurance contracts. Under the terms of the agreement, the Company has committed to quarterly payments to the service provider. If the agreement is terminated, the Company is obligated to make minimum payments for another two years to ensure contracts to which the Company is bound are adequately administered by the specialist service provider. Included in the schedule below are the minimum payment obligations relating to this agreement.

	Private Equity and Limited Partnerships

	From time to time the Company makes investments in private equity vehicles. As part of the Company's participation in such private equity investments, the Company may make funding commitments. As of December 31, 2013, the Company had commitments to invest an additional $6.3 million (2012: $20.8 million) in private equity investments. Included in the schedule below are the minimum payment obligations relating to these investments.

	Schedule of Commitments and Contingencies

	The following is a schedule of future minimum payments required under the above commitments:


		2014			2015			2016		2017		2018		Thereafter		Total
		($ in thousands)
	Operating lease obligations	$	557		$	557		$	500	$	466	$	233	$	—	$	2,313

	Specialist service agreement	700			400			150		—		—		—		1,250

	Private equity and limited partnerships (1)	6,280			—			—		—		—		—		6,280

		$	7,537		$	957		$	650	$	466	$	233	$	—	$	9,843


	(1) Given the nature of these investments, the Company is unable to determine with any degree of accuracy when these commitments will be called. Therefore, for purposes of the above table, the Company has assumed that all commitments with no fixed payment schedules will be called during the year ended December 31, 2014.

	Litigation

	From time to time in the normal course of business, the Company may be involved in formal and informal dispute resolution procedures, which may include arbitration or litigation, the outcomes of which determine the rights and obligations under the Company's reinsurance contracts and other contractual agreements. In some disputes, the Company may seek to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company may resist attempts by others to collect funds or enforce alleged rights. While the final outcome of legal disputes cannot be predicted with certainty, the Company does not believe that any existing dispute, when finally resolved, will have a material adverse effect on the Company's business, financial condition or operating results.

SEGMENT_REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
SEGMENT REPORTING	'
	SEGMENT REPORTING

	The Company manages its business on the basis of one operating segment, Property and Casualty Reinsurance.

	Substantially all of the business is sourced through reinsurance brokers. The following table sets forth the premiums sourced from brokers who each accounted for more than 10% of the Company's gross written premiums:


			Year ended December 31
			2013							2012							2011
			($ in thousands)
	Largest broker		$	282,337			52.7	%		$	242,665			56.7	%		$	139,251		35	%

	2nd largest broker		119,117				22.2			63,044				14.7			107,641			27.1

	3rd largest broker		—				—			48,497				11.3			50,985			12.8

	4th largest broker		—				—			—				—			49,398			12.4

			$	401,454			74.9	%		$	354,206			82.7	%		$	347,275		87.3	%


	The following tables provide a breakdown of the Company's gross premiums written by line of business and by geographic area of risks insured for the periods indicated:

	Gross Premiums Written by Line of Business


			Year ended December 31
			2013							2012							2011
			($ in thousands)
	Property
	Aviation		$	168			—	%		$	—			—	%		$	—		—	%

	Commercial lines		9,999				1.9			15,110				3.5			10,019			2.5

	Energy		659				0.1			—				—			—			—

	Motor physical damage		57,952				10.8			60,262				14.1			7,026			1.8

	Personal lines		145,807				27.2			81,662				19.1			158,482			39.9

	Total Property		214,585				40			157,034				36.7			175,527			44.2

	Casualty
	General liability (1)		(815		)		(0.2	)		22,462				5.3			34,379			8.6

	Marine liability		1,956				0.4			2,240				0.5			360			0.1

	Motor liability		253,698				47.4			178,204				41.7			86,937			21.9

	Professional liability		29,901				5.6			17,301				4			20,631			5.2

	Total Casualty		284,740				53.2			220,207				51.5			142,307			35.8

	Specialty
	Financial (1)		3,498				0.7			(256		)		(0.1	)		12,364			3.1

	Health		37,094				6.9			33,874				7.9			38,640			9.7

	Workers’ compensation (1)		(4,215		)		(0.8	)		16,985				4			28,821			7.2

	Total Specialty		36,377				6.8			50,603				11.8			79,825			20

			$	535,702			100	%		$	427,844			100	%		$	397,659		100	%


(1) The negative balance represents reversal of premiums due to premium adjustments, termination of contracts or premiums returned upon novation or commutation of contracts.

Gross Premiums Written by Geographic Area of Risks Insured



		Year ended December 31
		2013							2012							2011
		($ in thousands)
U.S.		$	497,044			92.8	%		$	399,082			93.3	%		$	353,999		89	%

Worldwide (1)		9,821				1.8			11,134				2.6			22,595			5.7

Caribbean (2)		(95		)		—			328				0.1			300			0.1

Europe		28,932				5.4			17,300				4			20,765			5.2

		$	535,702			100	%		$	427,844			100	%		$	397,659		100	%



-1	"Worldwide" is comprised of contracts that reinsure risks in more than one geographic area and do not specifically exclude the U.S.


-2	The negative balance represents reversal of premiums due to premium adjustments, termination of contracts or premiums returned upon novation or commutation of contracts.

QUARTERLY_FINANCIAL_RESULTS_UN

QUARTERLY FINANCIAL RESULTS (UNAUDITED)	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'
QUARTERLY FINANCIAL RESULTS (UNAUDITED)	'
	QUARTERLY FINANCIAL RESULTS (UNAUDITED)

	The following table presents the quarterly financial results for each of the quarters ended during 2013:



			2013
			Quarter ended

			31-Mar				30-Jun				30-Sep				31-Dec
			($ in thousands, except per share amounts)
	Revenues
	Gross premiums written		$	126,964			$	135,198			$	148,765			$	124,775

	Gross premiums ceded		3,978				(2,514		)		(2,389		)		(1,855		)

	Net premiums written		130,942				132,684				146,376				122,920

	Change in net unearned premium reserves		(21,471		)		316				17,515				18,617

	Net premiums earned		109,471				133,000				163,891				141,537

	Net investment income		61,139				24,247				49,448				83,306

	Other income (expense), net		389				(488		)		(1		)		(850		)

	Total revenues		170,999				156,759				213,338				223,993

	Expenses

	Loss and loss adjustment expenses incurred, net		66,278				78,345				94,366				99,504

	Acquisition costs, net		41,296				42,936				53,521				34,119

	General and administrative expenses		3,760				5,943				7,085				4,930

	Total expenses		111,334				127,224				154,972				138,553

	Income before income tax expense		59,665				29,535				58,366				85,440

	Income tax (expense) benefit		(308		)		(142		)		(90		)		2

	Net income including non-controlling interest		59,357				29,393				58,276				85,442

	Net loss attributable to non-controlling interest in joint venture		(2,624		)		(893		)		(1,740		)		(1,512		)
	Net income		$	56,733			$	28,500			$	56,536			$	83,930

	Earnings per share

	Basic		$	1.54			$	0.77			$	1.53			$	2.27

	Diluted		$	1.52			$	0.76			$	1.5			$	2.22

	Weighted average number of ordinary shares used in the determination of earnings per share:

	Basic		36,730,315				36,830,046				36,875,716				36,908,919

	Diluted		37,424,894				37,537,500				37,645,053				37,746,223




	The following table presents the quarterly financial results for each of the quarters ended during 2012:



		2012
		Quarter ended

		31-Mar				30-Jun				30-Sep				31-Dec
		($ in thousands, except per share amounts)
Revenues
Gross premiums written		$	152,220			$	83,986			$	67,644			$	123,994

Gross premiums ceded		(10,994		)		4,602				30,637				30

Net premiums written		141,226				88,588				98,281				124,024

Change in net unearned premium reserves		(39,637		)		41,426				18,276				(5,470		)

Net premiums earned		101,589				130,014				116,557				118,554

Net investment income (loss)		71,606				(36,896		)		96,450				(52,219		)

Other income (expense), net		(212		)		(236		)		191				(2		)

Total revenues		172,983				92,882				213,198				66,333

Expenses

Loss and loss adjustment expenses incurred, net		63,307				87,337				126,624				89,333

Acquisition costs, net		36,025				37,905				33,820				34,971

General and administrative expenses		4,624				4,359				4,637				3,919

Total expenses		103,956				129,601				165,081				128,223

Income (loss) before income tax expense		69,027				(36,719		)		48,117				(61,890		)

Income tax (expense) benefit		(262		)		201				(645		)		620

Net income (loss) including non-controlling interest		68,765				(36,518		)		47,472				(61,270		)

Net (income) loss attributable to non-controlling interest in joint venture		(3,632		)		449				(1,335		)		667

Net income (loss)		$	65,133			$	(36,069	)		$	46,137			$	(60,603	)

Earnings (loss) per share

Basic		$	1.78			$	(0.98	)		$	1.26			$	(1.65	)

Diluted		$	1.75			$	(0.98	)		$	1.23			$	(1.65	)

Weighted average number of ordinary shares used in the determination of earnings and loss per share

Basic		36,550,953				36,660,267				36,678,653				36,702,128

Diluted		37,279,371				36,660,267				37,402,725				36,702,128

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2013
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	SUBSEQUENT EVENTS

	Effective January 1, 2014, the Company, Greenlight Re, GRIL and DME, (each a "Participant" and collectively the "Participants"), entered into a venture agreement for the purpose of managing certain jointly held assets of each of the Participants. The venture agreement amends and restates the prior agreement dated August 31, 2010 among the Company, Greenlight Re, GRIL and DME Advisors.
	The venture agreement (i) replaces DME Advisors with DME as a Participant and (2) simultaneously provides for the Participants to enter into an advisory agreement with DME Advisors.
	The term of the venture agreement is January 1, 2014 through December 31, 2016. The term of the prior agreement was from August 31, 2010 through December 31, 2013. The venture agreement renews automatically for successive three-year periods unless at least 90 days prior to the end of the then current term, DME notifies the other Participants of its desire to terminate the venture agreement or any other Participant notifies DME of its desire to withdraw from the venture agreement. During the term of the venture agreement, neither the Company, Greenlight Re nor GRIL shall engage an investment advisor other than DME or DME Advisors (or an affiliate of DME) to manage its investable assets (as defined in the venture agreement). Additionally, the Company, Greenlight Re and GRIL have agreed to use commercially reasonable efforts to cause each of their respective current and future subsidiaries to become participants or enter into similar agreements.
	Other than the duration, the material terms of the venture agreement are identical to the prior agreement. In particular, pursuant to the venture agreement:
	•DME Advisors will receive a monthly management fee based on an annual rate of 1.5% of the capital account balance of each Participant; and

	•DME will receive a performance allocation based on the positive performance change in such Participant’s capital account equal to 20% of net profits calculated per annum, subject to a loss carry forward provision.
	The loss carry forward provision allows DME to earn a reduced performance allocation of 10% on profits in any year subsequent to the year in which a Participant’s capital account (other than DME) incurs a loss, until all the losses are recouped and an additional amount equal to 150% of the loss is earned. DME is not entitled to a performance allocation in a year in which the investment portfolio incurs a loss.
	Each of the Company, Greenlight Re and GRIL has agreed to release DME and its affiliates from, and to indemnify and hold them harmless against, any liability arising out of the venture agreement, subject to certain exceptions. Furthermore, DME has agreed to indemnify the Company, Greenlight Re, and GRIL against any liability incurred in connection with certain actions.
	The Company, Greenlight Re or GRIL may withdraw as a Participant under the venture agreement with at least 90 days notice prior to the end of the then current term and prior to the expiration of the venture agreement's term only ‘‘for cause,’’ which the agreement defines as:


	•	a material violation of applicable law relating to DME’s or DME Advisors' business;


	•	DME’s or DME Advisors' gross negligence, willful misconduct or reckless disregard of any of DME's obligations under this agreement or DME Advisors' obligations under the advisory agreement;


	•	a material breach by DME or DME Advisors of Greenlight Re’s or GRIL's investment guidelines that is not cured within a 15-day period; or


	•	a material breach by DME or DME Advisors' of its obligations to return and deliver assets as any other Participant may request.
	In addition, GRIL may withdraw as a Participant under the venture agreement prior to the expiration of its term due to unsatisfactory long term performance of DME or DME Advisors as determined solely by the Board of Directors of GRIL on each anniversary date of the venture agreement.
	Additionally, effective January 1, 2014, Greenlight Re, GRIL, DME, and DME Advisors entered into the advisory agreement to provide discretionary advisory services relating to the assets and liabilities of the Participants. Pursuant to the advisory agreement, DME Advisors may formulate the overall investment strategy to be carried out for the Participants, and exercise full discretion in the management of the trading, investment transactions and related borrowing activities of the Participants in order to implement such strategy. The management fee shall be debited against the account of each Participant (other than DME) and paid in cash to DME Advisors on the first day of each month.
	Each Participant has agreed to release DME Advisors and its affiliates from, and to indemnify and hold them harmless against, any liability arising out of the investment agreement, subject to certain exceptions such as gross negligence, willful misconduct or reckless disregard of its obligations or uncured breach of the investment guidelines. Furthermore, DME Advisors has agreed to indemnify each of the Participants against any liability incurred in connection with certain actions.

SCHEDULE_I

SCHEDULE I	12 Months Ended
	Dec. 31, 2013
Summary of Investments, Other than Investments in Related Parties [Abstract]	'
SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES	'
	SCHEDULE I


	GREENLIGHT CAPITAL RE, LTD.
	SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES
	AS OF DECEMBER 31, 2013

	(expressed in thousands of U.S. dollars)


	Type of Investment	Cost		Fair Value		Balance
						Sheet Value
		($ in thousands)
	Debt instruments, trading, at fair value	$	5,877	$	4,312	$	4,312

	Equity securities, trading, at fair value
	Common stocks, listed	923,594		1,256,577		1,256,577

	Exchange traded funds	50,253		25,579		25,579

	Total equity securities, trading, at fair value	973,847		1,282,156		1,282,156

	Total investments, trading	$	979,724	$	1,286,468	$	1,286,468

	Other investments, at fair value
	Private and unlisted equities securities	$	54,633	$	60,888	$	60,888

	Commodities	45,544		46,323		46,323

	Total other investments, at fair value	100,177		107,211		107,211

	Total investments	$	1,079,901	$	1,393,679	$	1,393,679

SCHEDULE_II

SCHEDULE II	12 Months Ended
	Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]	'
CONDENSED FINANCIAL INFORMATION OF REGISTRANT	'
	SCHEDULE II


	GREENLIGHT CAPITAL RE, LTD.
	CONDENSED FINANCIAL INFORMATION OF REGISTRANT
	CONDENSED BALANCE SHEETS — PARENT COMPANY ONLY

	(expressed in thousands of U.S. dollars)


			31-Dec-13				31-Dec-12
			($ in thousands)
	Cash and cash equivalents		$	5			$	14

	Investment in subsidiaries		1,035,423				807,148

	Note receivable		3,728				1,675

	Due from subsidiaries		16,247				14,241

	Total assets		$	1,055,403			$	823,078

	Liabilities and shareholders’ equity
	Liabilities
	Due to subsidiaries		$	3,808			$	1,370

	Total liabilities		3,808				1,370

	Shareholders’ equity
	Share capital		3,705				3,670

	Additional paid-in capital		496,622				492,469

	Retained earnings		551,268				325,569

	Total shareholders’ equity		1,051,595				821,708

	Total liabilities and shareholders’ equity		$	1,055,403			$	823,078




	GREENLIGHT CAPITAL RE, LTD.
	CONDENSED FINANCIAL INFORMATION OF REGISTRANT
	CONDENSED STATEMENTS OF INCOME — PARENT COMPANY ONLY

	(expressed in thousands of U.S. dollars)



			Year ended December 31
			2013				2012				2011
			($ in thousands)
	Revenue
	Investment income		$	1,100			$	810			$	740

	Total revenues		1,100				810				740

	Expenses

	General and administrative expenses		3,735				3,603				2,884

	Net income (loss) before equity in earnings of consolidated subsidiaries		(2,635		)		(2,793		)		(2,144		)
Equity in earnings of consolidated subsidiaries		228,334				17,391				8,913

Consolidated net income		$	225,699			$	14,598			$	6,769






SCHEDULE II (continued)


GREENLIGHT CAPITAL RE, LTD.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED STATEMENTS OF CASH FLOWS — PARENT COMPANY ONLY

(expressed in thousands of U.S. dollars)


		Year Ended December 31
		2013				2012				2011
		($ in thousands)
Cash provided by (used in) operating activities
Net income		$	225,699			$	14,598			$	6,769

Adjustments to reconcile net income (loss) to cash provided by operating activities
Equity in earnings of consolidated subsidiaries		(228,334		)		(17,391		)		(8,913		)
Share-based compensation expense		3,675				3,689				2,884

Change in
Due from subsidiaries		(2,006		)		(52		)		(1,523		)
Due to subsidiaries		2,438				587				783

Total operating activities		1,472				1,431				—

Investing activities
Change in note receivable		(2,053		)		(1,675		)		—

Contributed surplus to subsidiaries, net		59				(85		)		—

Total investing activities		(1,994		)		(1,760		)		—

Financing activities
Net proceeds from exercise of stock options		513				318				—

Total financing activities		513				318				—

Net (decrease) increase in cash and cash equivalents		(9		)		(11		)		—

Cash and cash equivalents at beginning of the year		14				25				25

Cash and cash equivalents at end of the year		$	5			$	14			$	25

SCHEDULE_III

SCHEDULE III	12 Months Ended
	Dec. 31, 2013
Supplementary Insurance Information [Abstract]	'
SUPPLEMENTARY INSURANCE INFORMATION	'
	SCHEDULE III


	GREENLIGHT CAPITAL RE, LTD.
	SUPPLEMENTARY INSURANCE INFORMATION
	AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011

	(expressed in thousands of U.S. dollars)


	Year	Segment	Deferred		Reserves		Unearned		Net		Net		Net losses,		Amortization		Other		Gross
			acquisition		for losses		premiums		premiums		investment		and loss		of deferred		operating		premiums
			costs, net		and loss		– gross		earned		income (loss)		adjustment		acquisition		expenses		written
					adjustment								expenses		costs
					expenses
					– gross
	2013	Property & Casualty	$	51,797	$	329,894	$	173,057	$	547,899	$	218,140	$	338,493	$	171,872	$	21,718	$	535,702

	2012	Property & Casualty	$	59,177	$	356,470	$	188,185	$	466,714	$	78,941	$	366,601	$	142,721	$	17,539	$	427,844

	2011	Property & Casualty	$	68,725	$	241,279	$	225,735	$	379,775	$	23,118	$	241,690	$	138,751	$	13,892	$	397,659

SCHEDULE_IV

SCHEDULE IV	12 Months Ended
	Dec. 31, 2013
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]	'
SUPPLEMENTARY REINSURANCE INFORMATION	'
	SCHEDULE IV


	GREENLIGHT CAPITAL RE, LTD.
	SUPPLEMENTARY REINSURANCE INFORMATION
	AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011

	(expressed in thousands of U.S. dollars)


	Year	Segment	Direct gross		Premiums			Premiums		Net amount		Percentage of
			premiums		ceded to			assumed from				amount
					other companies			other companies				assumed to net
	2013	Property & Casualty	$	—	$	2,780		$	535,702	$	532,922	101	%

	2012	Property & Casualty	$	—	$	(24,275	)	$	427,844	$	452,119	95	%

	2011	Property & Casualty	$	—	$	46,920		$	397,659	$	350,739	113	%

SIGNIFICANT_ACCOUNTING_POLICIE1

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2013
Accounting Policies [Abstract]	'
Reclassifications	'
	Reclassifications
	Certain prior period balances have been reclassified to conform to the current period presentation. The reclassifications resulted in no changes to net income or retained earnings for any of the periods presented.
Use of Estimates	'
	Use of Estimates

	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the period. Actual results could differ from these estimates.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents

	Cash and cash equivalents consist of cash and certain short-term, highly liquid investments with original maturity dates of three months or less.
Restricted Cash and Cash Equivalents	'
	Restricted Cash and Cash Equivalents

	The Company is required to maintain certain cash in segregated accounts with prime brokers and derivative counterparties. The amount of restricted cash held by prime brokers is primarily used to support the liability created from securities sold, not yet purchased, and for collateralizing the letters of credit issued under certain letter of credit facilities (see Notes 4 and 6). The amount of cash encumbered varies depending on the market value of the securities sold, not yet purchased, and letters of credit issued. In addition, derivative counterparties require cash collateral to support the current value of any amounts that may be due to the counterparty based on the value of the underlying financial instrument.
Premium Revenue Recognition	'
	Premium Revenue Recognition

	The Company accounts for reinsurance contracts in accordance with U.S. GAAP. In the event that a reinsurance contract does not transfer sufficient risk, deposit accounting is used and the contract is reported as a deposit liability.

	The Company writes excess of loss contracts as well as quota share contracts. The Company estimates the ultimate premiums for the entire contract period. These estimates are based on information received from the ceding companies and estimates from actuarial pricing models used by the Company. For excess of loss contracts, the total ultimate estimated premiums are recorded as premiums written at the inception of the contract. For quota share contracts, the premiums are recorded as written based on cession statements from cedents which typically are received monthly or quarterly depending on terms specified in each contract. For any reporting lag, premiums written are estimated based on the portion of the ultimate estimated premiums relating to the risks underwritten during the lag period.

	Changes in premium estimates, including premium receivable on both excess of loss and quota share contracts, are expected and may result in significant adjustments in any period. These estimates change over time as additional information regarding the underlying business volume is obtained. Any subsequent adjustments arising on such estimates are recorded in the period in which they are determined.

	Certain contracts allow for reinstatement premiums in the event of a full limit loss prior to the expiry of a contract. A reinstatement premium is not due until there is a full limit loss event and therefore, in accordance with U.S. GAAP, the Company records a reinstatement premium as written only in the event that a client incurs a full limit loss on the contract and the contract allows for a reinstatement of coverage upon payment of an additional premium. For catastrophe contracts which contractually require the payment of a reinstatement premium equal to or greater than the original premium upon the occurrence of a full limit loss, the reinstatement premiums are earned over the original contract period. Reinstatement premiums that are contractually calculated on a pro-rata basis of the original premiums, are earned over the remaining coverage period.

	Certain contracts provide for a penalty to be paid if the contract is terminated and cancelled prior to its expiration term. Cancellation penalties are recognized in the period the notice of cancellation is received and are recorded in the consolidated statements of income under other income (expense).

	Premiums written are generally recognized as earned over the contract period in proportion to the period of risk covered. Unearned premiums consist of the unexpired portion of reinsurance provided.
Reinsurance Premiums Ceded	'
	Reinsurance Premiums Ceded

	The Company reduces the risk of future losses on business assumed by reinsuring certain risks and exposures with other reinsurers (retrocessionaires). The Company remains liable to the extent that any retrocessionaire fails to meet its obligations and to the extent the Company does not hold sufficient security for their unpaid obligations.

	Ceded premiums are written during the period in which the risks incept and are expensed over the contract period in proportion to the period of protection. Unearned premiums ceded consist of the unexpired portion of reinsurance obtained.
Deferred Acquisition Costs	'
	Deferred Acquisition Costs

	Policy acquisition costs, such as commission and brokerage costs, relate directly to, and vary with, the writing of reinsurance contracts. Acquisition costs relating solely to bound contracts are deferred subject to ultimate recoverability and are amortized over the related contract term. The Company evaluates the recoverability of deferred acquisition costs by determining if the sum of future earned premiums and anticipated investment income is greater than the expected future claims and expenses. If a loss is probable on the unexpired portion of policies in force, a premium deficiency loss is recognized. At December 31, 2013 and 2012, the deferred acquisition costs were considered fully recoverable and no premium deficiency loss was recorded.

	Acquisition costs also include profit commissions which are expensed when incurred. Profit commissions are calculated and accrued based on the expected loss experience for contracts and recorded when the current loss estimate indicates that a profit commission is probable under the contract terms. As of December 31, 2013, $10.5 million (2012: $9.6 million) of profit commission reserves were included in reinsurance balances payable on the consolidated balance sheets. For the year ended December 31, 2013, $3.7 million (2012: $1.5 million and 2011: $3.9 million) of net profit commission expenses were included in acquisition costs, respectively, on the consolidated statements of income.
Funds Withheld	'
	Funds Withheld

	Funds withheld include reinsurance balances retained from retrocessionaires as security for a period of time in accordance with the contract terms. Any interest expense that the Company incurs during the period these funds are withheld, are included under net investment income in the consolidated statements of income.
Loss and Loss Adjustment Expense Reserves and Recoverable	'
	Loss and Loss Adjustment Expense Reserves and Recoverable

	The Company establishes reserves for contracts based on estimates of the ultimate cost of all losses including losses incurred but not reported ("IBNR"). These estimated ultimate reserves are based on the Company’s own actuarial estimates derived from reports received from ceding companies, industry data and historical experience. These estimates are reviewed by the Company periodically on a contract by contract basis and adjusted as necessary. Since reserves are estimates, the final settlement of losses may vary from the reserves established and any adjustments to the estimates, which may be material, are recorded in the period they are determined.

	Loss and loss adjustment expenses recoverable include the amounts due from retrocessionaires for unpaid loss and loss adjustment expenses on retrocession agreements. Ceded losses incurred but not reported are estimated based on the Company’s actuarial estimates. These estimates are reviewed periodically and adjusted when deemed necessary. The Company may not be able to ultimately recover the loss and loss adjustment expense recoverable amounts due to the retrocessionaires’ inability to pay. The Company regularly evaluates the financial condition of its retrocessionaires and records provisions for uncollectible reinsurance expenses recoverable when recovery is no longer probable.
Notes Receivable	'
	Notes Receivable

	Notes receivable include promissory notes receivable from third party entities. These notes are recorded at cost along with accrued interest, if any, which approximates the fair value. The Company regularly reviews all notes receivable individually for impairment and records provisions for uncollectible and non-performing notes. The Company places notes on non-accrual status when the value of the note is not considered impaired but there is uncertainty as to the collection of interest based on the terms of the note. The Company resumes accrual of interest on a note when none of the principal or interest remains past due or outstanding, and the Company expects to collect the remaining contractual principal and interest. Interest collected on notes that are placed on non-accrual status is treated on a cash-basis and recorded as interest income when collected, provided that the recorded value of the note is deemed to be fully collectible. Where doubt exists as to the collectability of the remaining recorded value of the notes placed on non-accrual status, any payments received are applied to reduce the recorded value of the notes.
Deposit Assets and Liabilities	'
	Deposit Assets and Liabilities

	In accordance with U.S. GAAP, deposit accounting is used in the event that a reinsurance contract does not transfer sufficient risk, or a contract provides retroactive reinsurance. Any losses on such contracts are charged to earnings immediately. Any gains relating to such contracts are deferred and amortized over the estimated remaining settlement period. All such deferred gains are included in reinsurance balances payable in the consolidated balance sheets. Amortized gains are recorded in the consolidated statements of income as other income.
Fixed Assets	'
	Fixed Assets

	Fixed assets are included in other assets on the consolidated balance sheets and are recorded at cost when acquired. Fixed assets are comprised of computer software, furniture and fixtures and leasehold improvements and are depreciated, using the straight-line method, over their estimated useful lives, which are five years for both computer software, and furniture and fixtures. Leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or remaining lease term. The Company periodically reviews fixed assets that have finite lives, and that are not held for sale, for impairment by comparing the carrying value of the assets to their estimated future undiscounted cash flows.
Financial Instruments	'
	Financial Instruments

	Investments in Securities and Investments in Securities Sold, Not Yet Purchased

	The Company’s investments in debt instruments and equity securities that are classified as "trading securities" are carried at fair value. The fair values of the listed equity investments are derived based on quoted prices (unadjusted) in active markets for identical assets (Level 1 inputs). The fair values of listed equities that have restrictions on sale or transfer which expire within one year, are determined by adjusting the observed market price of the equity using a liquidity discount based on observable market inputs. The fair values of debt instruments are derived based on inputs that are observable, either directly or indirectly, such as market maker or broker quotes reflecting recent transactions (Level 2 inputs), and are generally derived based on the average of multiple market maker or broker quotes which are considered to be binding. Where quotes are not available, debt instruments are valued using cash flow models using assumptions and estimates that may be subjective and non-observable (Level 3 inputs).

	The Company’s "other investments" may include investments in private and unlisted equity securities, limited partnerships, and commodities, which are all carried at fair value. The fair values of commodities are determined based on quoted prices in active markets for identical assets (Level 1). The Company maximizes the use of observable direct or indirect inputs (Level 2 inputs) when deriving the fair values for “other investments”. For limited partnerships and private and unlisted equity securities, where observable inputs are not available, the fair values are derived based on unobservable inputs (Level 3 inputs) such as management’s assumptions developed from available information using the services of the investment advisor, including the most recent net asset values obtained from the managers of those underlying investments.

	For securities classified as "trading securities", and "other investments", any realized and unrealized gains or losses are determined on the basis of the specific identification method (by reference to cost or amortized cost, as appropriate) and included in net investment income in the consolidated statements of income.

	Dividend income and expense are recorded on the ex-dividend date. The ex-dividend date is the date as of when the underlying security must have been traded to be eligible for the dividend declared. Interest income and interest expense are recorded on an accrual basis.
Derivative Financial Instruments	'
	Derivative Financial Instruments

	U.S. GAAP requires that an entity recognize all derivatives in the balance sheet at fair value. It also requires that unrealized gains and losses resulting from changes in fair value be included in income or comprehensive income, depending on whether the instrument qualifies as a hedge transaction, and if so, the type of hedge transaction. The Company’s derivative financial instrument assets are included in financial contracts receivable. Derivative financial instrument liabilities are generally included in financial contracts payable. The Company's derivatives do not qualify as hedges for financial reporting purposes and are recorded in the consolidated balance sheets on a gross basis and not offset against any collateral pledged or received. Pursuant to the International Swaps and Derivatives Association ("ISDA") master agreements, securities lending agreements and other derivatives agreements, the Company and its counterparties typically have the ability to net certain payments owed to each other in specified circumstances. In addition, in the event a party to one of the ISDA master agreements, securities lending agreements or other derivatives agreements defaults, or a transaction is otherwise subject to termination, the non-defaulting party generally has the right to set off against payments owed to the defaulting party or collateral held by the non-defaulting party.

	Financial Contracts

	The Company enters into financial contracts with counterparties as part of its investment strategy. Financial contracts which include total return swaps, credit default swaps ("CDS"), futures, options, currency forwards and other derivative instruments are recorded at their fair value with any unrealized gains and losses included in net investment income in the consolidated statements of income. Financial contracts receivable represents derivative contracts whereby, based upon the contract's current fair value, the Company will be entitled to receive payments upon settlement of the contract. Financial contracts payable represents derivative contracts whereby, based upon the contract's current fair value, the Company will be obligated to make payments upon settlement of the contract.

	Total return swap agreements, included on the consolidated balance sheets as financial contracts receivable and financial contracts payable, are derivative financial instruments whereby the Company is either entitled to receive or obligated to pay the product of a notional amount multiplied by the movement in an underlying security, which the Company may not own, over a specified time frame. In addition, the Company may also be obligated to pay or receive other payments based on interest rates, dividend payments and receipts, or foreign exchange movements during a specified period. The Company measures its rights or obligations to the counterparty based on the fair value movements of the underlying security together with any other payments due. These contracts are carried at fair value, based on observable inputs (Level 2 inputs) with the resultant unrealized gains and losses reflected in net investment income in the consolidated statements of income. Additionally, any changes in the value of amounts received or paid on swap contracts are reported as a gain or loss in net investment income in the consolidated statements of income.

	Financial contracts may also include exchange traded futures or options contracts that are based on the movement of a particular index, equity security, commodity, currency or interest rate. Where such contracts are traded in an active market, the Company’s obligations or rights on these contracts are recorded at fair value based on the observable quoted prices of the same or similar financial contracts in an active market (Level 1) or on broker quotes which reflect market information based on actual transactions (Level 2). Amounts invested in exchange traded options and over the counter ("OTC") options are recorded either as an asset or liability at inception. Subsequent to initial recognition, unexpired exchange traded option contracts are recorded at fair value based on quoted prices in active markets (Level 1). For OTC options or exchange traded options where a quoted price in an active market is not available, fair values are derived based upon observable inputs (Level 2) such as multiple quotes from brokers and market makers, which are considered to be binding.

	The Company purchases and sells CDS for strategic investment purposes. A CDS is a derivative instrument that provides protection against an investment loss due to specified credit or default events of a reference entity. The seller of a CDS guarantees to pay the buyer a specified amount if the reference entity defaults on its obligations or fails to perform. The buyer of a CDS pays a premium over time to the seller in exchange for obtaining this protection. A CDS trading in an active market is valued at fair value based on broker or market maker quotes for identical instruments in an active market (Level 2) or based on the current credit spreads on identical contracts (Level 2).
Share-based Compensation	'
	Share-Based Compensation

	The Company has established a stock incentive plan for directors, employees and consultants. In addition, the Company granted share purchase options in 2004 to a service provider in exchange for services received (see Note 10).

	U.S. GAAP requires the Company to recognize share-based compensation transactions using the fair value at the grant date of the award. The Company measures compensation for restricted shares and restricted stock units ("RSUs") based on the price of the Company’s common shares at the grant date and the expense is recognized on a straight line basis over the vesting period. Share purchase options are expensed over the vesting period on a graded vesting basis.

	Determining the fair value of share purchase options at the grant date requires significant estimation and judgment. The Company uses an option-pricing model (Black-Scholes option pricing model) to assist in the calculation of fair value for share purchase options. The Company's shares have not been publicly traded for a sufficient length of time to solely use the Company's performance to reasonably estimate the expected volatility. Therefore, when estimating the expected volatility, the Company takes into consideration the historical volatility of similar entities. The Company considers factors such as an entity's industry, stage of life cycle, size and financial leverage when selecting similar entities. The Company uses a sample peer group of companies in the reinsurance industry as well as the Company’s own historical volatility in determining the expected volatility. Additionally, the Company uses the full life of the options, ten years, as the estimated term of the options, and has assumed no forfeitures and no dividends paid during the life of the options.

	Service provider share purchase options are expensed in the consolidated statements of income when services are rendered. For share purchase options issued under the employee stock incentive plan, compensation cost is calculated and expensed over the vesting periods on a graded vesting basis (see Note 10).

	If actual results differ significantly from these estimates and assumptions, particularly in relation to the Company’s estimation of volatility which requires the most judgment, share-based compensation expense, primarily with respect to future share-based awards, could be materially impacted.
Foreign Exchange	'
	Foreign Exchange

	The reporting and functional currency of the Company and all its subsidiaries is the U.S. dollar. Transactions in foreign currencies are recorded in U.S. dollars at the exchange rates in effect on the transaction date. Monetary assets and liabilities in foreign currencies at the balance sheet date are translated at the exchange rate in effect at the balance sheet date and translation exchange gains and losses, if any, are included in the consolidated statements of income.
Other Assets	'
	Other Assets

	Other assets consist primarily of investment income receivable, prepaid expenses, fixed assets and deferred tax assets.
Other Liabilities	'
	Other Liabilities

	Other liabilities consist primarily of dividends payable on securities sold, not yet purchased, and employee bonus accruals. At December 31, 2013, other liabilities included accrued bonus of $4.3 million (2012: $2.8 million). Under the Company's bonus program, each employee’s target bonus consists of two components: a discretionary component based on a qualitative assessment of each employee’s performance and a quantitative component based on the return on deployed equity (‘‘RODE”) for each underwriting year relating to reinsurance operations. The qualitative portion of an employee’s annual bonus is accrued at each employee's target amount, which may differ significantly from the actual amount approved and awarded annually by the Compensation Committee. The quantitative portion of each employee’s annual bonus is accrued based on the expected RODE for each underwriting year and adjusted for changes in the expected RODE and actual investment return each quarter until all losses are settled and the underwriting year is declared closed. The quantitative bonus is calculated and paid in annual installments between two to five years from the end of the fiscal year in which the business was underwritten. Any further changes are incorporated into the following open underwriting year. The expected RODE calculation utilizes proprietary models which require significant estimation and judgment. Actual RODE may vary significantly from the expected RODE and any adjustments to the quantitative bonus estimates, which may be material, are recorded in the period in which they are determined.

	Also included in other liabilities are accruals for income taxes payable, professional fees and other general expenses.
Non-controlling Interest	'
	Non-controlling Interest

	Non-controlling interest in joint venture on the consolidated balance sheets represents DME Advisors, LP’s (‘‘DME Advisors”) share of assets in the joint venture whereby DME Advisors manages jointly held assets as disclosed in Note 13. DME Advisors’ share of investment income or loss is included in the consolidated statements of income as income attributable to non-controlling interest in joint venture.
Comprehensive Income (Loss)	'
	Comprehensive Income (Loss)

	The Company has no other comprehensive income (loss), other than the net income (loss) disclosed in the consolidated statements of income.
Earnings Per Share	'
	Earnings Per Share

	Basic earnings per share are based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share includes the dilutive effect of RSUs and additional potential common shares issuable when stock options are exercised and are determined using the treasury stock method. The Company treats its unvested restricted stock as participating securities in accordance with U.S. GAAP which requires that unvested stock awards which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (referred to as "participating securities"), be included in the number of shares outstanding for both basic and diluted earnings per share calculations. In the event of a net loss, all RSUs, stock options outstanding and all participating securities are excluded from the calculation of both basic and diluted loss per share since their inclusion would be anti-dilutive.
Taxation	'
	Taxation

	Under current Cayman Islands law, no corporate entity, including GLRE and Greenlight Re, is obligated to pay taxes in the Cayman Islands on either income or capital gains. The Company has an undertaking from the Governor-in-Cabinet of the Cayman Islands, pursuant to the provisions of the Tax Concessions Law, as amended, that, in the event that the Cayman Islands enacts any legislation that imposes tax on profits, income, gains or appreciations, or any tax in the nature of estate duty or inheritance tax, such tax will not be applicable to GLRE, Greenlight Re nor their respective operations, or to the Class A or Class B ordinary shares or related obligations, until February 1, 2025.

	Verdant is incorporated in Delaware and therefore is subject to taxes in accordance with the U.S. federal rates and regulations prescribed by the U.S. Internal Revenue Service ("IRS"). Verdant’s taxable income is generally expected to be taxed at a rate of 35%.

	GRIL is incorporated in Ireland and therefore is subject to the Irish corporation tax rate of 12.5% on its trading income, and 25% on its non-trading income, if any.

	Any deferred tax asset is evaluated for recovery and a valuation allowance is recorded when it is more likely than not that the deferred tax asset will not be realized in the future. The Company has not taken any income tax positions that are subject to significant uncertainty or that are reasonably likely to have a material impact on the Company.
Segment Information	'
	Segment Information

	Under U.S. GAAP, operating segments are based on the internal information that management uses for allocating resources and assessing performance as the source of the Company's reportable segments.

	The Company manages its business on the basis of one operating segment, Property and Casualty Reinsurance, in accordance with the qualitative and quantitative criteria established by U.S. GAAP.
Recently Adopted Accounting Standards	'
	Recently Adopted Accounting Standards

	In January 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2013-01 ("ASU 2013-01"), Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 clarifies the scope of Accounting Standards Update No. 2011-11 ("ASU 2011-11"), Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. ASU 2011-11 originally required enhanced disclosures by requiring improved information about financial instruments and derivative instruments. ASU 2013-01 clarifies that ASU 2011-11 applies to derivatives including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. ASU 2013-01 also clarifies that other types of financial assets and financial liabilities subject to a master netting arrangement are no longer subject to the disclosure requirements of ASU 2011-11. ASU 2011-11 and ASU 2013-01 became effective for the Company during the first quarter of 2013 with retrospective disclosure required for all comparative periods presented. The adoption of ASU 2011-11 and ASU 2013-01 did not have a material impact on the Company’s results of operations or financial position as it only affected the Company's disclosures.

SIGNIFICANT_ACCOUNTING_POLICIE2

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Property, Plant and Equipment	'
	At December 31, 2013, the cost, accumulated depreciation and net book values of the fixed assets were as follows:


		Cost			Accumulated depreciation
								Net book value
		($ in thousands)
	Computer software	$	556		$	(206	)	$	350

	Furniture and fixtures	620			(340		)	280

	Leasehold improvements	2,002			(703		)	1,299

	Total	$	3,178		$	(1,249	)	$	1,929


	At December 31, 2012, the cost, accumulated depreciation and net book values of the fixed assets were as follows:


		Cost			Accumulated depreciation
								Net book value
		($ in thousands)
	Computer software	$	200		$	(200	)	$	—

	Furniture and fixtures	451			(232		)	219

	Leasehold improvements	1,487			(492		)	995

	Total	$	2,138		$	(924	)	$	1,214

Schedule of Weighted Average Number of Shares	'


		Year ended December 31
		2013		2012			2011
	Weighted average shares outstanding - basic	36,838,128		36,702,128			36,548,466

	Effect of dilutive service provider share-based awards	144,726		147,036			170,056

	Effect of dilutive employee and director share-based awards	602,313		512,174			567,932

	Weighted average share outstanding - diluted	37,585,167		37,361,338			37,286,454

	Anti-dilutive stock options outstanding	218,197		180,000			180,000

FINANCIAL_INSTRUMENTS_Tables

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2013
Financial Instruments [Abstract]	'
Fair Value Measurements, Recurring and Nonrecurring	'
	The following table presents the Company’s investments, categorized by the level of the fair value hierarchy as of December 31, 2013:


			Fair value measurements as of December 31, 2013
			Quoted prices in				Significant other				Significant				Total
			active markets				observable				unobservable
	Description		(Level 1)				inputs				inputs
							(Level 2)				(Level 3)
	Assets:		($ in thousands)
	Debt instruments		$	—			$	3,785			$	527			$	4,312

	Listed equity securities		1,274,920				7,236				—				1,282,156

	Commodities		60,888				—				—				60,888

	Private and unlisted equity securities		—				—				46,323				46,323

	Financial contracts receivable		4,500				99,548				—				104,048

			$	1,340,308			$	110,569			$	46,850			$	1,497,727

	Liabilities:
	Listed equity securities, sold not yet purchased		$	(917,123	)		$	—			$	—			$	(917,123	)

	Debt instruments, sold not yet purchased		—				(194,567		)		—				(194,567		)

	Financial contracts payable		—				(18,857		)		—				(18,857		)

			$	(917,123	)		$	(213,424	)		$	—			$	(1,130,547	)


	The following table presents the Company’s investments, categorized by the level of the fair value hierarchy as of December 31, 2012:


			Fair value measurements as of December 31, 2012
			Quoted prices in				Significant other				Significant				Total
			active markets				observable				unobservable
	Description		(Level 1)				inputs				inputs
							(Level 2)				(Level 3)
	Assets:		($ in thousands)
	Debt instruments		$	—			$	1,503			$	260			$	1,763

	Listed equity securities		1,040,562				2,153				—				1,042,715

	Commodities		94,649				—				—				94,649

	Private and unlisted equity securities		—				—				38,801				38,801

	Financial contracts receivable		—				22,744				—				22,744

			$	1,135,211			$	26,400			$	39,061			$	1,200,672

	Liabilities:
	Listed equity securities, sold not yet purchased		$	(679,897	)		$	—			$	—			$	(679,897	)

	Debt instruments, sold not yet purchased		—				(228,471		)		—				(228,471		)

	Financial contracts payable		—				(19,637		)		—				(19,637		)

			$	(679,897	)		$	(248,108	)		$	—			$	(928,005	)

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	'
	The following table presents the reconciliation of the balances for all investments measured at fair value using significant unobservable inputs (Level 3) for the year ended December 31, 2012:



	2012		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
			Debt instruments				Private and unlisted equity securities				Financial contracts receivable				Total
			($ in thousands)
	Beginning balance		$	465			$	31,179			$	263			$	31,907

	Purchases		—				11,518				—				11,518

	Sales		(1		)		(1,754		)		—				(1,755		)

	Total realized and unrealized gains (losses) and amortization included in earnings, net		(204		)		2,834				(263		)		2,367

	Transfers into Level 3		—				—				—				—

	Transfers out of Level 3		—				(4,976		)		—				(4,976		)

	Ending balance		$	260			$	38,801			$	—			$	39,061

	The following table presents the reconciliation of the balances for all investments measured at fair value using significant unobservable inputs (Level 3) for the year ended December 31, 2013:


	2013		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
			Debt instruments				Private and unlisted equity securities				Total
			($ in thousands)
	Beginning balance		$	260			$	38,801			$	39,061

	Purchases		9,224				38,086				47,310

	Sales		(9,224		)		(7,252		)		(16,476		)
	Total realized and unrealized gains (losses) and amortization included in earnings, net		267				1,269				1,536

	Transfers into Level 3		—				—				—

	Transfers out of Level 3		—				(24,581		)		(24,581		)

	Ending balance		$	527			$	46,323			$	46,850

Trading Securities (and Certain Trading Assets)	'
	At December 31, 2013, the following investments were included in debt instruments, trading:


	2013		Cost/				Unrealized				Unrealized				Fair
			amortized				gains				losses				value
			cost
			($ in thousands)
	Corporate debt – U.S.		$	2,116			$	—			$	(1,589	)		$	527

	Corporate debt – Non U.S.		3,761				115				(91		)		3,785

	Total debt instruments		$	5,877			$	115			$	(1,680	)		$	4,312


	At December 31, 2012, the following investments were included in debt instruments, trading:


	2012		Cost/				Unrealized				Unrealized				Fair
			amortized				gains				losses				value
			cost
			($ in thousands)
	Corporate debt – U.S.		$	2,317			$	205			$	(1,856	)		$	666

	Corporate debt – Non U.S.		1,179				—				(82		)		1,097

	Total debt instruments		$	3,496			$	205			$	(1,938	)		$	1,763

	At December 31, 2013, the following long positions were included in investment in equity securities, trading:


	2013		Cost				Unrealized				Unrealized				Fair
							gains				losses				value
			($ in thousands)
	Equities – listed		$	923,594			$	361,695			$	(28,712	)		$	1,256,577

	Exchange traded funds		50,253				—				(24,674		)		25,579

			$	973,847			$	361,695			$	(53,386	)		$	1,282,156


	At December 31, 2012, the following long positions were included in investment in equity securities, trading:


	2012		Cost				Unrealized				Unrealized				Fair
							gains				losses				value
			($ in thousands)
	Equities – listed		$	875,322			$	199,519			$	(70,275	)		$	1,004,566

	Exchange traded funds		38,819				—				(670		)		38,149

			$	914,141			$	199,519			$	(70,945	)		$	1,042,715

Investments Classified by Contractual Maturity Date	'
	The maturity distribution for debt instruments held at December 31, 2013 and 2012, was as follows:


			2013								2012
			Cost/				Fair				Cost/				Fair
			amortized				value				amortized				value
			cost								cost
			($ in thousands)
	Within one year		$	—			$	—			$	—			$	—

	From one to five years		—				—				—				—

	From five to ten years		—				—				—				—

	More than ten years		5,877				4,312				3,496				1,763

			$	5,877			$	4,312			$	3,496			$	1,763

Investment Holdings, Other than Securities	'
	At December 31, 2013, the following securities were included in other investments:


	2013		Cost				Unrealized				Unrealized				Fair
							gains				losses				value
			($ in thousands)
	Commodities		$	54,633			$	6,255			$	—			$	60,888

	Private and unlisted equity securities		45,544				8,170				(7,391		)		46,323

			$	100,177			$	14,425			$	(7,391	)		$	107,211


	At December 31, 2012, the following securities were included in other investments:


	2012		Cost				Unrealized				Unrealized				Fair
							gains				losses				value
			($ in thousands)
	Commodities		$	59,929			$	34,719			$	—			$	94,648

	Private and unlisted equity securities		36,672				4,914				(2,784		)		38,802

			$	96,601			$	39,633			$	(2,784	)		$	133,450

Investments Sold, Not yet Purchased	'
	At December 31, 2013, the following securities were included in investments in securities sold, not yet purchased:


	2013		Proceeds				Unrealized gains				Unrealized losses				Fair value
			($ in thousands)
	Equities – listed		$	(836,708	)		$	57,854			$	(130,621	)		$	(909,475	)

	Exchange traded funds		(6,318		)		—				(1,330		)		(7,648		)

	Corporate debt – U.S.		(8,135		)		2				(235		)		(8,368		)

	Sovereign debt – Non U.S.		(170,375		)		—				(15,824		)		(186,199		)

			$	(1,021,536	)		$	57,856			$	(148,010	)		$	(1,111,690	)


	At December 31, 2012, the following securities were included in investments in securities sold, not yet purchased:


	2012		Proceeds				Unrealized gains				Unrealized losses				Fair value
			($ in thousands)
	Equities – listed		$	(697,278	)		$	76,172			$	(58,791	)		$	(679,897	)

	Corporate debt – U.S.		(7,353		)		26				(381		)		(7,708		)

	Sovereign debt – Non U.S.		(207,122		)		—				(13,641		)		(220,763		)

			$	(911,753	)		$	76,198			$	(72,813	)		$	(908,368	)

Schedule of Derivative Instruments	'
	At December 31, 2013, the fair values of financial contracts outstanding were as follows:


	Financial Contracts		Listing		Notional amount of			Fair value of net assets
			currency		underlying instruments			(obligations)
								on financial
								contracts
					($ in thousands)
	Financial contracts receivable
	Forwards		JPY		71,162			$	383

	Futures		JPY/USD		117,494			4,500

	Interest rate options		USD		391,559			26

	Put options		USD		217,359			12,923

	Total return swaps – equities		EUR/GBP/HKD/USD		178,988			83,325

	Warrants and rights on listed equities		EUR		5,237			2,891

	Total financial contracts receivable, at fair value							$	104,048

	Financial contracts payable
	Credit default swaps, purchased – corporate debt		USD		273,877			$	(3,625	)

	Credit default swaps, purchased – sovereign debt		USD		251,467			(3,980		)

	Forwards		KRW		32,100			(58		)

	Total return swaps – equities		EUR/GBP/HKD		36,983			(11,194		)

	Total financial contracts payable, at fair value							$	(18,857	)

	At December 31, 2012, the fair values of financial contracts outstanding were as follows:


	Financial Contracts		Listing		Notional amount of			Fair value of net assets
			currency		underlying instruments			(obligations)
								on financial
								contracts
					($ in thousands)
	Financial contracts receivable
	Call options		USD		90,374			$	4,498

	Credit default swaps, purchased – corporate debt		USD		39,665			265

	Interest rate options		USD		2,299,933			109

	Put options		USD		314,695			17,709

	Total return swaps – equities		GBP/HKD/JPY		3,664			163

	Total financial contracts receivable, at fair value							$	22,744

	Financial contracts payable
	Credit default swaps, purchased – corporate debt		USD		234,212			$	(3,365	)

	Credit default swaps, purchased – sovereign debt		USD		251,467			(5,443		)

	Put options		USD		16,071			(1,636		)

	Total return swaps – equities		GBP/HKD		76,697			(9,193		)

Warrants and rights on listed equities		USD/CAD		—			—

Total financial contracts payable, at fair value							$	(19,637	)
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	'
	During the years ended December 31, 2013, 2012 and 2011, the Company reported gains and losses on derivatives as follows:


	Derivatives not designated as hedging instruments		Location of gains and losses on derivatives recognized in income		Gain (loss) on derivatives recognized
					in income
					Year ended December 31
					2013				2012				2011
					($ in thousands)
	Credit default swaps, issued – corporate debt		Net investment income (loss)		$	—			$	—			$	4,785

	Credit default swaps, purchased – corporate debt		Net investment income (loss)		(3,552		)		(7,342		)		1,042

	Credit default swaps, purchased – sovereign debt		Net investment income (loss)		(1,087		)		(5,086		)		14,957

	Currency forwards		Net investment income (loss)		11,209				—				(3,612		)

	Futures		Net investment income (loss)		12,504				(13,064		)		(2,365		)

	Interest rate options		Net investment income (loss)		(82		)		(2,127		)		(9,625		)
	Options, warrants, and rights		Net investment income (loss)		21,446				(8,988		)		(29,185		)

	Total return swaps – equities		Net investment income (loss)		85,638				(13,176		)		8,094

	Weather derivative swap		Other income (expense), net		—				(263		)		(451		)

	Total				$	126,076			$	(50,046	)		$	(16,360	)

Derivatives volume of activities	'
	For the year ended December 31, 2013, the Company’s volume of derivative activities (based on notional amounts) was as follows:


	2013		Year ended December 31
	Derivatives not designated as hedging instruments		Entered				Exited
			($ in thousands)
	Currency forwards		$	423,443			$	115,884

	Futures		401,672				292,529

	Interest rate options (1)		—				376,385

	Options (1)		930,410				965,991

	Total return swaps		194,343				88,404

	Total		$	1,949,868			$	1,839,193

	(1) Exited amount excludes options which expired or were exercised during the period.

	For the year ended December 31, 2012, the Company’s volume of derivative activities (based on notional amounts) was as follows:


	2012		Year ended December 31
	Derivatives not designated as hedging instruments		Entered				Exited
			($ in thousands)
	Credit default swaps		$	—			$	45,966

	Futures		1,033,604				1,208,785

	Options (1)		818,319				436,033

	Total return swaps		67,755				61,535

	Weather derivative swap		—				5,000

	Total		$	1,919,678			$	1,757,319

	(1) Exited amount excludes options which expired or were exercised during the period.
Offsetting assets and liabilities	'
	As of December 31, 2013, the gross and net amounts of derivative instruments and the cash collateral applicable to derivative instruments were as follows:


	31-Dec-13		(i)				(ii)				(iii) =i) - (ii)				(iv) Gross amounts not offset in the balance sheet			(v) =iii) + (iv)
	Description		Gross amounts of recognized assets (liabilities)				Gross amounts offset in the balance sheet				Net amounts of assets (liabilities) presented in the balance sheet				Cash collateral (received) pledged			Net amount of asset (liability)
			($ in thousands)
	Financial contracts receivable		$	104,048			$	—			$	104,048			$	(45,168	)	$	58,880

	Financial contracts payable		(18,857		)		—				(18,857		)		34,859			16,002

	Securities sold, not yet purchased		(1,111,690		)		—				(1,111,690		)		1,111,690			—


	As of December 31, 2012, the gross and net amounts of derivative instruments and the cash collateral applicable to derivative instruments were as follows:


	31-Dec-12		(i)				(ii)				(iii) =i) - (ii)				(iv) Gross amounts not offset in the balance sheet			(v) =iii) + (iv)
	Description		Gross amounts of recognized assets (liabilities)				Gross amounts offset in the balance sheet				Net amounts of assets (liabilities) presented in the balance sheet				Cash collateral (received) pledged			Net amount of asset (liability)
			($ in thousands)
	Financial contracts receivable		$	22,744			$	—			$	22,744			$	(947	)	$	21,797

	Financial contracts payable		(19,637		)		—				(19,637		)		39,268			19,631

	Securities sold, not yet purchased		(908,368		)		—				(908,368		)		908,368			—

CASH_AND_CASH_EQUIVALENTS_Tabl

CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
	Dec. 31, 2013
Cash and Cash Equivalents [Abstract]	'
Schedule of Cash and Cash Equivalents	'


		2013		2012
		($ in thousands)
	Cash at banks	$	3,674	$	7,561

	Cash held with brokers	48		14,329

	Total cash and cash equivalents	$	3,722	$	21,890

RESTRICTED_CASH_AND_CASH_EQUIV1

RESTRICTED CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
	Dec. 31, 2013
Cash and Cash Equivalents [Abstract]	'
Schedule of Restricted Cash and Cash Equivalents	'


		2013		2012
		($ in thousands)
	Cash held by prime brokers relating to securities sold, not yet purchased	$	1,111,690	$	910,003

	Cash collateral relating to letters of credit issued	202,248		252,748

	Cash and cash equivalents held by swap counterparties	20,136		44,086

	Total restricted cash and cash equivalents	$	1,334,074	$	1,206,837

LOSS_AND_LOSS_ADJUSTMENT_EXPEN1

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables)	12 Months Ended
	Dec. 31, 2013
Insurance Loss Reserves [Abstract]	'
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	'
	A summary of changes in outstanding loss and loss adjustment expense reserves is as follows:


		2013			2012			2011
		($ in thousands)
	Gross balance at January 1	$	356,470		$	241,279		$	186,467

	Less: Losses recoverable	(34,451		)	(29,758		)	(11,976		)
	Net balance at January 1	322,019			211,521			174,491

	Incurred losses related to:
	Current year	344,613			309,703			215,675

	Prior years	(6,120		)	56,898			26,015

	Total incurred	338,493			366,601			241,690

	Paid losses related to:
	Current year	(177,871		)	(130,717		)	(81,732		)
	Prior years	(170,018		)	(125,767		)	(122,898		)
	Total paid	(347,889		)	(256,484		)	(204,630		)
	Foreign currency revaluation	442			381			(30		)

	Net balance at December 31	313,065			322,019			211,521

	Add: Losses recoverable	16,829			34,451			29,758

	Gross balance at December 31	$	329,894		$	356,470		$	241,279

Component of Loss and Loss Adjustment Expense Reserves	'
	At December 31, 2013 and 2012, loss and loss adjustment expense reserves were comprised of the following:



		2013			2012
		($ in thousands)
	Case reserves	$	137,825		$	140,674

	IBNR	192,069			215,796

	Total	$	329,894		$	356,470

SHARE_CAPITAL_Tables

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
Schedule of Common Stock Outstanding Roll Forward	'
	The following table is a summary of voting ordinary shares issued and outstanding:


		2013		2012		2011
		Class A	Class B	Class A	Class B	Class A	Class B
	Balance – beginning of year	30,447,179	6,254,949	30,283,200	6,254,949	30,200,835	6,254,949

	Issue of ordinary shares, net of forfeitures	344,686	—	163,979	—	82,365	—

	Balance – end of year	30,791,865	6,254,949	30,447,179	6,254,949	30,283,200	6,254,949

SHAREBASED_COMPENSATION_Tables

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	'
	The Company uses the Black-Scholes option pricing model to determine the valuation of its options and has applied the assumptions set forth in the following table.


			2013			2012		2011
	Risk free rate		2.85	%		1.5	%	2.27	%
	Estimated volatility		35	%		35	%	35	%
	Expected term (in years)		10			10		10

	Dividend yield		0	%		0	%	0	%
	Forfeiture rate		0	%		0	%	0	%
Schedule of Share-based Compensation, Stock Options, Activity	'
	Employee and director stock option activity during the years ended December 31, 2013 and 2012 was as follows:


		Number of			Weighted			Weighted
		options			average			average
					exercise			grant date
					price			fair value
	Balance at December 31, 2011	1,399,000			$	15.06		$	6.73

	Granted	45,290			23.8			11.04

	Exercised	(23,000	)		13.85			7.13

	Forfeited	—			—			—

	Expired	—			—			—

	Balance at December 31, 2012	1,421,290			15.36			6.87

	Granted	38,197			26.44			13.09

	Exercised	(56,500	)		11.44			5.7

	Forfeited	—			—			—

	Expired	—			—			—

	Balance at December 31, 2013	1,402,987			$	15.82		$	7.08

Restricted Stock	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	'
	The restricted share award activity during the years ended December 31, 2013 and 2012 was as follows:


			Number of			Weighted
			non-vested			average
			restricted			grant date
			shares			fair value
	Balance at December 31, 2011		358,563			$	21.03

	Granted		148,471			24.6

	Vested		(191,136	)		17.34

	Forfeited		(7,492	)		25.36

	Balance at December 31, 2012		308,406			24.93

	Granted		147,605			24.59

	Vested		(110,194	)		25.08

	Forfeited		(16,826	)		24.55

	Balance at December 31, 2013		328,991			$	24.74

RSUs	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	'


			Number of			Weighted
			non-vested			average
			RSUs			grant date
						fair value
	Balance at December 31, 2012		—			$	—

	Granted		5,941			24.41

	Vested		—			—

	Forfeited		—			—

	Balance at December 31, 2013		5,941			$	24.41

NET_INVESTMENT_INCOME_Tables

NET INVESTMENT INCOME (Tables)	12 Months Ended
	Dec. 31, 2013
Net Investment Income [Abstract]	'
Net Investment Income (Loss)	'
	A summary of net investment income (loss) for the years ended December 31, 2013, 2012 and 2011 is as follows:



		2013			2012			2011
		($ in thousands)
	Realized gains	$	141,976		$	60,762		$	139,760

	Change in unrealized gains	154,791			67,569			(75,719		)

	Investment related foreign exchange gains (losses)	19,305			3,682			(6,953		)

	Interest and dividend income	22,265			21,131			17,528

	Interest, dividend and other expenses	(47,665		)	(38,545		)	(30,837		)
	Investment advisor compensation	(72,532		)	(35,658		)	(20,661		)
	Net investment income	$	218,140		$	78,941		$	23,118

TAXATION_Tables

TAXATION (Tables)	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
Schedule of Components of Income Tax Benefit (Expense)	'
	The following table sets forth our current and deferred income tax benefit (expense) on a consolidated basis for the years ended December 31, 2013, 2012 and 2011:



		2013			2012				2011
		($ in thousands)
	Current tax (expense) benefit	$	(534	)	$	(246	)		$	(226	)
	Tax recovered	—			169			(1)	—

	Deferred tax (expense) benefit	(4		)	(9		)		(21		)
	Income tax (expense) benefit	$	(538	)	$	(86	)		$	(247	)

	(1) During the year ended December 31, 2012, $0.2 million of tax refunds were received by GRIL relating to its operating losses for the 2011 tax year which were carried back and applied against the taxes previously paid for the 2010 tax year.

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Schedule of Line of Credit Facilities	'
	At December 31, 2013, the Company had the following letter of credit facilities, which automatically renew each year unless terminated by either party in accordance with the required notice period:


			Facility			Termination Date	Notice period required for termination
			($ in thousands)
	Bank of America, N.A.		$	200,000		July 20, 2014	90 days prior to termination date

	Butterfield Bank (Cayman) Limited		60,000			June 30, 2014	90 days prior to termination date

	Citibank Europe plc		400,000			October 11, 2014	120 days prior to termination date

	JP Morgan Chase Bank N.A.		100,000			January 27, 2015	120 days prior to termination date

			$	760,000

Contractual Obligation, Fiscal Year Maturity Schedule	'
	The following is a schedule of future minimum payments required under the above commitments:


		2014			2015			2016		2017		2018		Thereafter		Total
		($ in thousands)
	Operating lease obligations	$	557		$	557		$	500	$	466	$	233	$	—	$	2,313

	Specialist service agreement	700			400			150		—		—		—		1,250

	Private equity and limited partnerships (1)	6,280			—			—		—		—		—		6,280

		$	7,537		$	957		$	650	$	466	$	233	$	—	$	9,843


	(1) Given the nature of these investments, the Company is unable to determine with any degree of accuracy when these commitments will be called. Therefore, for purposes of the above table, the Company has assumed that all commitments with no fixed payment schedules will be called during the year ended December 31, 2014.

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
Schedule of Revenue by Major Customers by Reporting Segments	'
	The following table sets forth the premiums sourced from brokers who each accounted for more than 10% of the Company's gross written premiums:


			Year ended December 31
			2013					2012					2011
			($ in thousands)
	Largest broker		$	282,337		52.7	%	$	242,665		56.7	%	$	139,251	35	%

	2nd largest broker		119,117			22.2		63,044			14.7		107,641		27.1

	3rd largest broker		—			—		48,497			11.3		50,985		12.8

	4th largest broker		—			—		—			—		49,398		12.4

			$	401,454		74.9	%	$	354,206		82.7	%	$	347,275	87.3	%

Schedule of Segment Reporting Information, by Segment	'
	The following tables provide a breakdown of the Company's gross premiums written by line of business and by geographic area of risks insured for the periods indicated:

	Gross Premiums Written by Line of Business


			Year ended December 31
			2013					2012					2011
			($ in thousands)
	Property
	Aviation		$	168		—	%	$	—		—	%	$	—	—	%

	Commercial lines		9,999			1.9		15,110			3.5		10,019		2.5

	Energy		659			0.1		—			—		—		—

	Motor physical damage		57,952			10.8		60,262			14.1		7,026		1.8

	Personal lines		145,807			27.2		81,662			19.1		158,482		39.9

	Total Property		214,585			40		157,034			36.7		175,527		44.2

	Casualty
	General liability (1)		(815		)	(0.2	)	22,462			5.3		34,379		8.6

	Marine liability		1,956			0.4		2,240			0.5		360		0.1

	Motor liability		253,698			47.4		178,204			41.7		86,937		21.9

	Professional liability		29,901			5.6		17,301			4		20,631		5.2

	Total Casualty		284,740			53.2		220,207			51.5		142,307		35.8

	Specialty
	Financial (1)		3,498			0.7		(256		)	(0.1	)	12,364		3.1

	Health		37,094			6.9		33,874			7.9		38,640		9.7

	Workers’ compensation (1)		(4,215		)	(0.8	)	16,985			4		28,821		7.2

	Total Specialty		36,377			6.8		50,603			11.8		79,825		20

			$	535,702		100	%	$	427,844		100	%	$	397,659	100	%


	(1) The negative balance represents reversal of premiums due to premium adjustments, termination of contracts or premiums returned upon novation or commutation of contracts.
Revenue from External Customers by Products and Services	'


			Year ended December 31
			2013					2012					2011
			($ in thousands)
	U.S.		$	497,044		92.8	%	$	399,082		93.3	%	$	353,999	89	%

	Worldwide (1)		9,821			1.8		11,134			2.6		22,595		5.7

	Caribbean (2)		(95		)	—		328			0.1		300		0.1

	Europe		28,932			5.4		17,300			4		20,765		5.2

			$	535,702		100	%	$	427,844		100	%	$	397,659	100	%



	-1	"Worldwide" is comprised of contracts that reinsure risks in more than one geographic area and do not specifically exclude the U.S.


	-2	The negative balance represents reversal of premiums due to premium adjustments, termination of contracts or premiums returned upon novation or commutation of contracts.

QUARTERLY_FINANCIAL_RESULTS_UN1

QUARTERLY FINANCIAL RESULTS (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'
Schedule of Quarterly Financial Information	'
	The following table presents the quarterly financial results for each of the quarters ended during 2013:



			2013
			Quarter ended

			31-Mar				30-Jun				30-Sep				31-Dec
			($ in thousands, except per share amounts)
	Revenues
	Gross premiums written		$	126,964			$	135,198			$	148,765			$	124,775

	Gross premiums ceded		3,978				(2,514		)		(2,389		)		(1,855		)

	Net premiums written		130,942				132,684				146,376				122,920

	Change in net unearned premium reserves		(21,471		)		316				17,515				18,617

	Net premiums earned		109,471				133,000				163,891				141,537

	Net investment income		61,139				24,247				49,448				83,306

	Other income (expense), net		389				(488		)		(1		)		(850		)

	Total revenues		170,999				156,759				213,338				223,993

	Expenses

	Loss and loss adjustment expenses incurred, net		66,278				78,345				94,366				99,504

	Acquisition costs, net		41,296				42,936				53,521				34,119

	General and administrative expenses		3,760				5,943				7,085				4,930

	Total expenses		111,334				127,224				154,972				138,553

	Income before income tax expense		59,665				29,535				58,366				85,440

	Income tax (expense) benefit		(308		)		(142		)		(90		)		2

	Net income including non-controlling interest		59,357				29,393				58,276				85,442

	Net loss attributable to non-controlling interest in joint venture		(2,624		)		(893		)		(1,740		)		(1,512		)
	Net income		$	56,733			$	28,500			$	56,536			$	83,930

	Earnings per share

	Basic		$	1.54			$	0.77			$	1.53			$	2.27

	Diluted		$	1.52			$	0.76			$	1.5			$	2.22

	Weighted average number of ordinary shares used in the determination of earnings per share:

	Basic		36,730,315				36,830,046				36,875,716				36,908,919

	Diluted		37,424,894				37,537,500				37,645,053				37,746,223




	The following table presents the quarterly financial results for each of the quarters ended during 2012:



		2012
		Quarter ended

		31-Mar				30-Jun				30-Sep				31-Dec
		($ in thousands, except per share amounts)
Revenues
Gross premiums written		$	152,220			$	83,986			$	67,644			$	123,994

Gross premiums ceded		(10,994		)		4,602				30,637				30

Net premiums written		141,226				88,588				98,281				124,024

Change in net unearned premium reserves		(39,637		)		41,426				18,276				(5,470		)

Net premiums earned		101,589				130,014				116,557				118,554

Net investment income (loss)		71,606				(36,896		)		96,450				(52,219		)

Other income (expense), net		(212		)		(236		)		191				(2		)

Total revenues		172,983				92,882				213,198				66,333

Expenses

Loss and loss adjustment expenses incurred, net		63,307				87,337				126,624				89,333

Acquisition costs, net		36,025				37,905				33,820				34,971

General and administrative expenses		4,624				4,359				4,637				3,919

Total expenses		103,956				129,601				165,081				128,223

Income (loss) before income tax expense		69,027				(36,719		)		48,117				(61,890		)

Income tax (expense) benefit		(262		)		201				(645		)		620

Net income (loss) including non-controlling interest		68,765				(36,518		)		47,472				(61,270		)

Net (income) loss attributable to non-controlling interest in joint venture		(3,632		)		449				(1,335		)		667

Net income (loss)		$	65,133			$	(36,069	)		$	46,137			$	(60,603	)

Earnings (loss) per share

Basic		$	1.78			$	(0.98	)		$	1.26			$	(1.65	)

Diluted		$	1.75			$	(0.98	)		$	1.23			$	(1.65	)

Weighted average number of ordinary shares used in the determination of earnings and loss per share

Basic		36,550,953				36,660,267				36,678,653				36,702,128

Diluted		37,279,371				36,660,267				37,402,725				36,702,128

SCHEDULE_II_Tables

SCHEDULE II (Tables) (Parent Company)	12 Months Ended
	Dec. 31, 2013
Parent Company	'
Condensed Financial Statements, Captions [Line Items]	'
Schedule of Condensed Balance Sheet	'
	GREENLIGHT CAPITAL RE, LTD.
	CONDENSED FINANCIAL INFORMATION OF REGISTRANT
	CONDENSED BALANCE SHEETS — PARENT COMPANY ONLY

	(expressed in thousands of U.S. dollars)


		31-Dec-13			31-Dec-12
		($ in thousands)
	Cash and cash equivalents	$	5		$	14

	Investment in subsidiaries	1,035,423			807,148

	Note receivable	3,728			1,675

	Due from subsidiaries	16,247			14,241

	Total assets	$	1,055,403		$	823,078

	Liabilities and shareholders’ equity
	Liabilities
	Due to subsidiaries	$	3,808		$	1,370

	Total liabilities	3,808			1,370

	Shareholders’ equity
	Share capital	3,705			3,670

	Additional paid-in capital	496,622			492,469

	Retained earnings	551,268			325,569

	Total shareholders’ equity	1,051,595			821,708

	Total liabilities and shareholders’ equity	$	1,055,403		$	823,078

Schedule of Condensed Income Statement	'
	GREENLIGHT CAPITAL RE, LTD.
	CONDENSED FINANCIAL INFORMATION OF REGISTRANT
	CONDENSED STATEMENTS OF INCOME — PARENT COMPANY ONLY

	(expressed in thousands of U.S. dollars)



		Year ended December 31
		2013			2012			2011
		($ in thousands)
	Revenue
	Investment income	$	1,100		$	810		$	740

	Total revenues	1,100			810			740

	Expenses

	General and administrative expenses	3,735			3,603			2,884

	Net income (loss) before equity in earnings of consolidated subsidiaries	(2,635		)	(2,793		)	(2,144		)
	Equity in earnings of consolidated subsidiaries	228,334			17,391			8,913

	Consolidated net income	$	225,699		$	14,598		$	6,769

Schedule of Condensed Cash Flow Statement	'
	GREENLIGHT CAPITAL RE, LTD.
	CONDENSED FINANCIAL INFORMATION OF REGISTRANT
	CONDENSED STATEMENTS OF CASH FLOWS — PARENT COMPANY ONLY

	(expressed in thousands of U.S. dollars)


		Year Ended December 31
		2013			2012			2011
		($ in thousands)
	Cash provided by (used in) operating activities
	Net income	$	225,699		$	14,598		$	6,769

	Adjustments to reconcile net income (loss) to cash provided by operating activities
	Equity in earnings of consolidated subsidiaries	(228,334		)	(17,391		)	(8,913		)
	Share-based compensation expense	3,675			3,689			2,884

	Change in
	Due from subsidiaries	(2,006		)	(52		)	(1,523		)
	Due to subsidiaries	2,438			587			783

	Total operating activities	1,472			1,431			—

	Investing activities
	Change in note receivable	(2,053		)	(1,675		)	—

	Contributed surplus to subsidiaries, net	59			(85		)	—

	Total investing activities	(1,994		)	(1,760		)	—

	Financing activities
	Net proceeds from exercise of stock options	513			318			—

	Total financing activities	513			318			—

	Net (decrease) increase in cash and cash equivalents	(9		)	(11		)	—

	Cash and cash equivalents at beginning of the year	14			25			25

	Cash and cash equivalents at end of the year	$	5		$	14		$	25

ORGANIZATION_AND_BASIS_OF_PRES1

ORGANIZATION AND BASIS OF PRESENTATION (Details) (USD $)	0 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Details) (USD $)	30-May-07
Common Class A	'
Class of Stock [Line Items]	'
Shares issued from initial public offering	11,787,500
Price per share of shares issued from initial public offering	$19
Common Class B	'
Class of Stock [Line Items]	'
Shares issued from initial public offering	2,631,579
Price per share of shares issued from initial public offering	$19

SIGNIFICANT_ACCOUNTING_POLICIE3

SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accounting Policies [Line Items]	'	'	'
Premium deficiency loss	$0	$0	'
Profit commissions payable	10,500,000	9,600,000	'
Profit commission expense	3,700,000	1,500,000	3,900,000
Amount of note placed on non-accrual status	10,500,000	16,500,000	'
Amount of interest received relating to the notes placed on non-accrual status	0	0	'
Impairment charge relating to accrued interest and principal on the note placed on non-accrual status	6,000,000	0	0
Accrued interest	100,000	2,000,000	'
Provision for uncollectible notes	0	0	'
Deposit assets	1,600,000	5,100,000	'
Deposit liabilities	0	700,000	'
Losses on deposit accounted contracts	1,300,000	200,000	900,000
Gain on deposit accounted contracts	0	0	0
Other Liabilities	'	'	'
Accounting Policies [Line Items]	'	'	'
Accrued bonuses	$4,300,000	$2,800,000	'
Minimum	'	'	'
Accounting Policies [Line Items]	'	'	'
Notes receivable interest rate	10.00%	'	'
Maturity term of note receivable	'2 years	'	'
Annual installment period	'2 years	'	'
Maximum	'	'	'
Accounting Policies [Line Items]	'	'	'
Notes receivable interest rate	16.00%	'	'
Maturity term of note receivable	'5 years	'	'
Annual installment period	'5 years	'	'

SIGNIFICANT_ACCOUNTING_POLICIE4

SIGNIFICANT ACCOUNTING POLICIES Fixed Assets (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property, Plant and Equipment [Line Items]	'	'	'
Cost	$3,178,000	$2,138,000	'
Accumulated depreciation	-1,249,000	-924,000	'
Net book value	1,929,000	1,214,000	'
Impairment of fixed assets	0	0	0
Computer software	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'
Cost	556,000	200,000	'
Accumulated depreciation	-206,000	-200,000	'
Net book value	350,000	0	'
Fixed asset estimated useful lives	'5 years	'	'
Furniture and fixtures	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'
Cost	620,000	451,000	'
Accumulated depreciation	-340,000	-232,000	'
Net book value	280,000	219,000	'
Fixed asset estimated useful lives	'5 years	'	'
Leasehold improvements	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'
Cost	2,002,000	1,487,000	'
Accumulated depreciation	-703,000	-492,000	'
Net book value	$1,299,000	$995,000	'

SIGNIFICANT_ACCOUNTING_POLICIE5

SIGNIFICANT ACCOUNTING POLICIES Earnings Per Share Reconciliation (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Weighted average shares outstanding - basic	36,908,919	36,875,716	36,830,046	36,730,315	36,702,128	36,678,653	36,660,267	36,550,953	36,838,128	36,702,128	36,548,466
Effect of dilutive service provider share-based awards	'	'	'	'	'	'	'	'	144,726	147,036	170,056
Effect of dilutive employee and director share-based awards	'	'	'	'	'	'	'	'	602,313	512,174	567,932
Weighted average share outstanding - diluted	37,746,223	37,645,053	37,537,500	37,424,894	36,702,128	37,402,725	36,660,267	37,279,371	37,585,167	37,361,338	37,286,454
Stock Options	'	'	'	'	'	'	'	'	'	'	'
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Anti-dilutive stock options outstanding	'	'	'	'	'	'	'	'	218,197	180,000	180,000

SIGNIFICANT_ACCOUNTING_POLICIE6

SIGNIFICANT ACCOUNTING POLICIES Income taxes (Details)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES Income taxes (Details)	Dec. 31, 2013
Verdant	'
Income Taxes [Line Items]	'
Tax rate for taxable income	35.00%
Ireland \| GRIL	'
Income Taxes [Line Items]	'
Tax rate for trading income	12.50%
Tax rate for non-trading income	25.00%

FINANCIAL_INSTRUMENTS_Financia

FINANCIAL INSTRUMENTS Financial Instruments Additional Information (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]	'	'	'
Realized gains	$142	$60.80	$139.80
Gross realized gains	352.9	268.1	337.9
Gross realized losses	210.9	207.3	198.1
Fair value of cash and investments that have been pledged as security against letters of credit issued	410.3	441.7	'
Net investment income (loss)	'	'	'
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]	'	'	'
Change in unrealized gains and losses on trading securities	154.8	67.6	-75.7
Apple Inc.	'	'	'
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]	'	'	'
Fair value of investments	161.4	'	'
Micron Technology Inc.	'	'	'
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]	'	'	'
Fair value of investments	147	'	'
Investment in Gold	'	'	'
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]	'	'	'
Fair value of investments	'	$97.60	'
Stockholders' Equity, Total \| Investment Concentration Risk \| Apple Inc.	'	'	'
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]	'	'	'
Concentration risk, percentage	14.90%	'	'
Stockholders' Equity, Total \| Investment Concentration Risk \| Micron Technology Inc.	'	'	'
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]	'	'	'
Concentration risk, percentage	13.50%	'	'
Stockholders' Equity, Total \| Investment Concentration Risk \| Investment in Gold	'	'	'
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]	'	'	'
Concentration risk, percentage	'	11.30%	'

FINANCIAL_INSTRUMENTS_Schedule

FINANCIAL INSTRUMENTS Schedule of Investments Categorized by the Level of Fair Value Hierarchy (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt instruments	$4,312	$1,763
Listed equity securities	1,282,156	1,042,715
Commodities	60,888	94,649
Private and unlisted equity securities	46,323	38,801
Financial contracts receivable	104,048	22,744
Assets:	1,497,727	1,200,672
Listed equity securities, sold not yet purchased	-917,123	-679,897
Debt instruments, sold not yet purchased	-194,567	-228,471
Financial contracts payable	-18,857	-19,637
Liabilities:	-1,130,547	-928,005
Quoted prices in active markets (Level 1)	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt instruments	0	0
Listed equity securities	1,274,920	1,040,562
Commodities	60,888	94,649
Private and unlisted equity securities	0	0
Financial contracts receivable	4,500	0
Assets:	1,340,308	1,135,211
Listed equity securities, sold not yet purchased	-917,123	-679,897
Debt instruments, sold not yet purchased	0	0
Financial contracts payable	0	0
Liabilities:	-917,123	-679,897
Significant other observable inputs (Level 2)	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt instruments	3,785	1,503
Listed equity securities	7,236	2,153
Commodities	0	0
Private and unlisted equity securities	0	0
Financial contracts receivable	99,548	22,744
Assets:	110,569	26,400
Listed equity securities, sold not yet purchased	0	0
Debt instruments, sold not yet purchased	-194,567	-228,471
Financial contracts payable	-18,857	-19,637
Liabilities:	-213,424	-248,108
Significant unobservable inputs (Level 3)	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt instruments	527	260
Listed equity securities	0	0
Commodities	0	0
Private and unlisted equity securities	46,323	38,801
Financial contracts receivable	0	0
Assets:	46,850	39,061
Listed equity securities, sold not yet purchased	0	0
Debt instruments, sold not yet purchased	0	0
Financial contracts payable	0	0
Liabilities:	$0	$0

FINANCIAL_INSTRUMENTS_Fair_Val

FINANCIAL INSTRUMENTS Fair Value Hierarchy Additional Information (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Transfers out of Level 3	$24,581,000	'
Amount transferred from Level 2 to Level 1 due to lock-up period restriction expiration	2,400,000	32,400,000
Total realized and unrealized gains (losses) and amortization included in earnings, net	1,536,000	2,367,000
Net investment income (loss)	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Total realized and unrealized gains (losses) and amortization included in earnings, net	-700,000	-600,000
Change in unrealized (losses) gains	-1,100,000	2,000,000
Other income (expense), net	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Amortization expense relating to financial contracts receivable valued using unobservable inputs	0	-300,000
Significant other observable inputs (Level 2)	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Transfers out of Level 3	5,000,000	4,976,000
Quoted prices in active markets (Level 1)	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Transfers out of Level 3	$19,600,000	'

FINANCIAL_INSTRUMENTS_Level_3_

FINANCIAL INSTRUMENTS Level 3 reconciliation (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'
Beginning balance	$39,061	$31,907
Purchases	47,310	11,518
Sales	-16,476	-1,755
Total realized and unrealized gains (losses) and amortization included in earnings, net	1,536	2,367
Transfers into Level 3	0	0
Transfers out of Level 3	-24,581	'
Ending balance	46,850	39,061
Debt instruments	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'
Beginning balance	260	465
Purchases	9,224	0
Sales	-9,224	-1
Total realized and unrealized gains (losses) and amortization included in earnings, net	267	-204
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending balance	527	260
Private and unlisted equities securities	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'
Beginning balance	38,801	31,179
Purchases	38,086	11,518
Sales	-7,252	-1,754
Total realized and unrealized gains (losses) and amortization included in earnings, net	1,269	2,834
Transfers into Level 3	0	0
Transfers out of Level 3	-24,581	-4,976
Ending balance	46,323	38,801
Financial contracts receivable	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'
Beginning balance	'	263
Purchases	'	0
Sales	'	0
Total realized and unrealized gains (losses) and amortization included in earnings, net	'	-263
Transfers into Level 3	'	0
Transfers out of Level 3	'	0
Ending balance	'	$0

FINANCIAL_INSTRUMENTS_Schedule1

FINANCIAL INSTRUMENTS Schedule of Investments Included in Debt Instruments (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Cost/ amortized cost	$5,877	$3,496
Debt instruments, trading, at fair value	4,312	1,763
Corporate debt b U.S.	'	'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Cost/ amortized cost	2,116	2,317
Unrealized gains	0	205
Unrealized losses	-1,589	-1,856
Debt instruments, trading, at fair value	527	666
Corporate debt b Non U.S.	'	'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Cost/ amortized cost	3,761	1,179
Unrealized gains	115	0
Unrealized losses	-91	-82
Debt instruments, trading, at fair value	3,785	1,097
Debt instruments	'	'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Cost/ amortized cost	5,877	3,496
Unrealized gains	115	205
Unrealized losses	($1,680)	($1,938)

FINANCIAL_INSTRUMENTS_Schedule2

FINANCIAL INSTRUMENTS Schedule of Maturity Distribution of Debt Instruments (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Financial Instruments [Abstract]	'	'
Trading, debt maturities, next 12 twelve months, cost	$0	$0
Trading, debt maturities, next 12 months, fair value	0	0
Trading, debt maturities, 2 to 5 years, Cost	0	0
Trading, debt maturities, 2 to 5 years, fair value	0	0
Trading, debt maturities, 6 to 10 years, Cost	0	0
Trading, debt maturities, 6 to 10 years, fair value	0	0
Trading, debt maturities, after 10 years, Cost	5,877	3,496
Trading, debt maturities, after 10 years, fair value	4,312	1,763
Cost/ amortized cost	5,877	3,496
Debt instruments, trading, at fair value	$4,312	$1,763

FINANCIAL_INSTRUMENTS_Schedule3

FINANCIAL INSTRUMENTS Schedule of Investments in Equity Securities, Trading (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Cost/ amortized cost	$5,877	$3,496
Equity securities, trading, at fair value	1,282,156	1,042,715
Common stocks, listed	'	'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Cost/ amortized cost	923,594	875,322
Unrealized gains	361,695	199,519
Unrealized losses	-28,712	-70,275
Equity securities, trading, at fair value	1,256,577	1,004,566
Exchange traded funds	'	'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Cost/ amortized cost	50,253	38,819
Unrealized gains	0	0
Unrealized losses	-24,674	-670
Equity securities, trading, at fair value	25,579	38,149
Equities b listed	'	'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Cost/ amortized cost	973,847	914,141
Unrealized gains	361,695	199,519
Unrealized losses	($53,386)	($70,945)

FINANCIAL_INSTRUMENTS_Schedule4

FINANCIAL INSTRUMENTS Schedule of Other Investments (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Cost/ amortized cost	$100,177	$96,601
Unrealized gains	14,425	39,633
Unrealized losses	-7,391	-2,784
Fair value	107,211	133,450
Commodities	'	'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Cost/ amortized cost	54,633	59,929
Unrealized gains	6,255	34,719
Unrealized losses	0	0
Fair value	60,888	94,648
Private and unlisted equities securities	'	'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Cost/ amortized cost	45,544	36,672
Unrealized gains	8,170	4,914
Unrealized losses	-7,391	-2,784
Fair value	$46,323	$38,802

FINANCIAL_INSTRUMENTS_NAV_Inst

FINANCIAL INSTRUMENTS NAV Instruments (Details) (Private and unlisted equities securities, USD $)	Dec. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]	'	'
Amount of unfunded commitments relating to private equity funds	$6.30	$12.60
Significant unobservable inputs (Level 3)	'	'
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]	'	'
Fair Value of investments in private equity funds	$41.60	$24.30
Percentage of funds that have redemption restrictions	100.00%	'

FINANCIAL_INSTRUMENTS_Schedule5

FINANCIAL INSTRUMENTS Schedule of Investments in Securities Sold, Not Yet Purchased (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Equities b listed	'	'
Investments Sold, Not yet Purchased [Line Items]	'	'
Unrealized gains	$361,695	$199,519
Unrealized losses	-53,386	-70,945
Exchange traded funds	'	'
Investments Sold, Not yet Purchased [Line Items]	'	'
Unrealized gains	0	0
Unrealized losses	-24,674	-670
Corporate debt b U.S.	'	'
Investments Sold, Not yet Purchased [Line Items]	'	'
Unrealized gains	0	205
Unrealized losses	-1,589	-1,856
Securities Sold, Not yet Purchased	'	'
Investments Sold, Not yet Purchased [Line Items]	'	'
Proceeds	-1,021,536	-911,753
Unrealized gains	57,856	76,198
Unrealized losses	-148,010	-72,813
Fair value	-1,111,690	-908,368
Securities Sold, Not yet Purchased \| Equities b listed	'	'
Investments Sold, Not yet Purchased [Line Items]	'	'
Proceeds	-836,708	-697,278
Unrealized gains	57,854	76,172
Unrealized losses	-130,621	-58,791
Fair value	-909,475	-679,897
Securities Sold, Not yet Purchased \| Exchange traded funds	'	'
Investments Sold, Not yet Purchased [Line Items]	'	'
Proceeds	-6,318	'
Unrealized gains	0	'
Unrealized losses	-1,330	'
Fair value	-7,648	'
Securities Sold, Not yet Purchased \| Corporate debt b U.S.	'	'
Investments Sold, Not yet Purchased [Line Items]	'	'
Proceeds	-8,135	-7,353
Unrealized gains	2	26
Unrealized losses	-235	-381
Fair value	-8,368	-7,708
Securities Sold, Not yet Purchased \| Sovereign debt b Non U.S.	'	'
Investments Sold, Not yet Purchased [Line Items]	'	'
Proceeds	-170,375	-207,122
Unrealized gains	0	0
Unrealized losses	-15,824	-13,641
Fair value	($186,199)	($220,763)

FINANCIAL_INSTRUMENTS_Financia1

FINANCIAL INSTRUMENTS Financial Contracts Additional Information (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Derivative [Line Items]	'	'
Financial contracts receivable, Gross amounts of recognized assets (liabilities)	$104,048	$22,744
OTC options \| Financial contracts receivable \| Put options	'	'
Derivative [Line Items]	'	'
Financial contracts receivable, Gross amounts of recognized assets (liabilities)	12,900	17,200
OTC options \| Financial contracts receivable \| Call options	'	'
Derivative [Line Items]	'	'
Financial contracts receivable, Gross amounts of recognized assets (liabilities)	'	$1,500

FINANCIAL_INSTRUMENTS_Schedule6

FINANCIAL INSTRUMENTS Schedule of Fair Values of Financial Contracts Outstanding (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Derivative [Line Items]	'	'
Financial contracts receivable	$104,048	$22,744
Financial contracts payable, Fair value of net assets (obligations) on financial contracts	-18,857	-19,637
Financial contracts receivable	'	'
Derivative [Line Items]	'	'
Financial contracts receivable	104,048	22,744
Financial contracts receivable \| Call options	'	'
Derivative [Line Items]	'	'
Financial contracts receivable, Notional amount of underlying instruments	'	90,374
Financial contracts receivable	'	4,498
Financial contracts receivable \| Forwards	'	'
Derivative [Line Items]	'	'
Financial contracts receivable, Notional amount of underlying instruments	71,162	'
Financial contracts receivable	383	'
Financial contracts receivable \| Futures	'	'
Derivative [Line Items]	'	'
Financial contracts receivable, Notional amount of underlying instruments	117,494	'
Financial contracts receivable	4,500	'
Financial contracts receivable \| Interest rate options	'	'
Derivative [Line Items]	'	'
Financial contracts receivable, Notional amount of underlying instruments	391,559	2,299,933
Financial contracts receivable	26	109
Financial contracts receivable \| Put options	'	'
Derivative [Line Items]	'	'
Financial contracts receivable, Notional amount of underlying instruments	217,359	314,695
Financial contracts receivable	12,923	17,709
Financial contracts receivable \| Total return swaps b equities	'	'
Derivative [Line Items]	'	'
Financial contracts receivable, Notional amount of underlying instruments	178,988	3,664
Financial contracts receivable	83,325	163
Financial contracts receivable \| Warrants and rights on listed equities	'	'
Derivative [Line Items]	'	'
Financial contracts receivable, Notional amount of underlying instruments	5,237	'
Financial contracts receivable	2,891	'
Financial contracts receivable \| Credit default swaps, purchased \| Corporate Debt	'	'
Derivative [Line Items]	'	'
Financial contracts receivable, Notional amount of underlying instruments	'	39,665
Financial contracts receivable	'	265
Financial contracts payable	'	'
Derivative [Line Items]	'	'
Financial contracts payable, Fair value of net assets (obligations) on financial contracts	-18,857	-19,637
Financial contracts payable \| Forwards	'	'
Derivative [Line Items]	'	'
Financial contracts payable, Notional amount of underlying instruments	32,100	'
Financial contracts payable, Fair value of net assets (obligations) on financial contracts	-58	'
Financial contracts payable \| Put options	'	'
Derivative [Line Items]	'	'
Financial contracts payable, Notional amount of underlying instruments	'	16,071
Financial contracts payable, Fair value of net assets (obligations) on financial contracts	'	-1,636
Financial contracts payable \| Total return swaps b equities	'	'
Derivative [Line Items]	'	'
Financial contracts payable, Notional amount of underlying instruments	36,983	76,697
Financial contracts payable, Fair value of net assets (obligations) on financial contracts	-11,194	-9,193
Financial contracts payable \| Warrants and rights on listed equities	'	'
Derivative [Line Items]	'	'
Financial contracts payable, Notional amount of underlying instruments	'	0
Financial contracts payable, Fair value of net assets (obligations) on financial contracts	'	0
Financial contracts payable \| Credit default swaps, purchased \| Corporate Debt	'	'
Derivative [Line Items]	'	'
Financial contracts payable, Notional amount of underlying instruments	273,877	234,212
Financial contracts payable, Fair value of net assets (obligations) on financial contracts	-3,625	-3,365
Financial contracts payable \| Credit default swaps, purchased \| Sovereign debt b Non U.S.	'	'
Derivative [Line Items]	'	'
Financial contracts payable, Notional amount of underlying instruments	251,467	251,467
Financial contracts payable, Fair value of net assets (obligations) on financial contracts	($3,980)	($5,443)

FINANCIAL_INSTRUMENTS_Schedule7

FINANCIAL INSTRUMENTS Schedule of Reported Gains and Losses on Derivatives (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'
Gain (loss) on derivatives recognized in income	$126,076	($50,046)	($16,360)
Credit Default Swap, issued \| Corporate Debt \| Net investment income (loss)	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'
Gain (loss) on derivatives recognized in income	0	0	4,785
Credit default swaps, purchased \| Corporate Debt \| Net investment income (loss)	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'
Gain (loss) on derivatives recognized in income	-3,552	-7,342	1,042
Credit default swaps, purchased \| Sovereign debt b Non U.S. \| Net investment income (loss)	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'
Gain (loss) on derivatives recognized in income	-1,087	-5,086	14,957
Currency forwards \| Net investment income (loss)	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'
Gain (loss) on derivatives recognized in income	11,209	0	-3,612
Futures \| Net investment income (loss)	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'
Gain (loss) on derivatives recognized in income	12,504	-13,064	-2,365
Interest rate options \| Net investment income (loss)	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'
Gain (loss) on derivatives recognized in income	-82	-2,127	-9,625
Options, warrants, and rights \| Net investment income (loss)	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'
Gain (loss) on derivatives recognized in income	21,446	-8,988	-29,185
Total return swaps b equities \| Net investment income (loss)	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'
Gain (loss) on derivatives recognized in income	85,638	-13,176	8,094
Weather derivative swap \| Other income (expense), net	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'
Gain (loss) on derivatives recognized in income	$0	($263)	($451)

FINANCIAL_INSTRUMENTS_Schedule8

FINANCIAL INSTRUMENTS Schedule of Volume of Derivative Activities (Details) (Not Designated as Hedging Instrument, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Derivative [Line Items]	'		'
Entered	$1,949,868		$1,919,678
Exited	1,839,193		1,757,319
Credit default swaps	'		'
Derivative [Line Items]	'		'
Entered	'		0
Exited	'		45,966
Currency forwards	'		'
Derivative [Line Items]	'		'
Entered	423,443		'
Exited	115,884		'
Futures	'		'
Derivative [Line Items]	'		'
Entered	401,672		1,033,604
Exited	292,529		1,208,785
Interest rate options	'		'
Derivative [Line Items]	'		'
Entered	0		'
Exited	376,385	[1]	'
Options	'		'
Derivative [Line Items]	'		'
Entered	930,410		818,319
Exited	965,991	[1]	436,033	[1]
Total return swaps	'		'
Derivative [Line Items]	'		'
Entered	194,343		67,755
Exited	88,404		61,535
Weather derivative swap	'		'
Derivative [Line Items]	'		'
Entered	'		0
Exited	'		$5,000

[1]	Exited amount excludes options which expired or were exercised during the period.

FINANCIAL_INSTRUMENTS_Schedule9

FINANCIAL INSTRUMENTS Schedule of Gross and Net Amounts of Derivative Instruments and Cash Collateral (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Financial Instruments [Abstract]	'	'
Financial contracts receivable, Gross amounts of recognized assets (liabilities)	$104,048	$22,744
Financial contracts payable, Gross amounts offset in the balance sheet	0	0
Financial contracts receivable, Net amounts of assets (liabilities) presented in the balance sheet	104,048	22,744
Financial contracts receivable, Cash collateral (received) pledged	45,168	947
Financial contracts receivable, Net amount of asset (liability)	58,880	21,797
Financial contracts payable, Gross amounts of recognized assets (liabilities)	-18,857	-19,637
Financial contracts payable, Gross amounts offset in the balance sheet	0	0
Financial contracts payable, Net amounts of assets (liabilities) presented in the balance sheet	-18,857	-19,637
Financial contracts payable, Cash collateral (received) pledged	34,859	39,268
Financial contracts payable, Net amount of asset (liability)	16,002	19,631
Securities sold, not yet purchased, Gross amounts recognized assets (liabilities)	-1,111,690	-908,368
Securities sold, not yet purchased, Gross amounts offset in the balance sheet	0	0
Securities sold, not yet purchased, Net amounts of assets (liabilities) presented in the balance sheet	-1,111,690	-908,368
Securities sold, not yet purchased, Cash collateral (received) pledged	1,111,690	908,368
Securities sold, not yet purchased, Net amount of asset (liability)	$0	$0

DUE_TO_PRIME_BROKERS_Details

DUE TO PRIME BROKERS (Details) (USD $)	0 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jul. 24, 2013	Dec. 31, 2013	Dec. 31, 2012
Due to Prime Broker [Line Items]	'	'	'
Amounts due to prime brokers	'	$314,702	$326,488
Maximum temporary leverage	30.00%	20.00%	'
Maximum long-term leverage	15.00%	5.00%	'
Collateral for LOCs issued	'	'	'
Due to Prime Broker [Line Items]	'	'	'
Amounts due to prime brokers	'	202,200	252,700
Bank Overdrafts	'	'	'
Due to Prime Broker [Line Items]	'	'	'
Amounts due to prime brokers	'	$112,500	$73,700

CASH_AND_CASH_EQUIVALENTS_Deta

CASH AND CASH EQUIVALENTS (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Cash and Cash Equivalents [Line Items]	'	'	'	'
Total cash and cash equivalents	$3,722	$21,890	$42,284	$45,540
Cash at banks	'	'	'	'
Cash and Cash Equivalents [Line Items]	'	'	'	'
Total cash and cash equivalents	3,674	7,561	'	'
Cash held with brokers	'	'	'	'
Cash and Cash Equivalents [Line Items]	'	'	'	'
Total cash and cash equivalents	$48	$14,329	'	'

RESTRICTED_CASH_AND_CASH_EQUIV2

RESTRICTED CASH AND CASH EQUIVALENTS (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Cash and Cash Equivalents [Line Items]	'	'
Total restricted cash and cash equivalents	$1,334,074	$1,206,837
Cash held by prime brokers relating to securities sold, not yet purchased	'	'
Cash and Cash Equivalents [Line Items]	'	'
Total restricted cash and cash equivalents	1,111,690	910,003
Cash collateral relating to letters of credit issued	'	'
Cash and Cash Equivalents [Line Items]	'	'
Total restricted cash and cash equivalents	202,248	252,748
Cash and cash equivalents held by swap counterparties	'	'
Cash and Cash Equivalents [Line Items]	'	'
Total restricted cash and cash equivalents	$20,136	$44,086

LOSS_AND_LOSS_ADJUSTMENT_EXPEN2

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Details) (USD $)	12 Months Ended
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]	'	'	'
Gross balance at January 1	$356,470,000	$241,279,000	$186,467,000
Less: Losses recoverable	-34,451,000	-29,758,000	-11,976,000
Net balance at January 1	322,019,000	211,521,000	174,491,000
Incurred losses related to Current year	344,613,000	309,703,000	215,675,000
Incurred losses related to Prior years	-6,120,000	56,898,000	26,015,000
Incurred losses related to Total incurred	338,493,000	366,601,000	241,690,000
Paid losses related to Current year	-177,871,000	-130,717,000	-81,732,000
Paid losses related to Prior years	-170,018,000	-125,767,000	-122,898,000
Paid losses related to Total paid	-347,889,000	-256,484,000	-204,630,000
Paid losses related to Foreign currency revaluation	442,000	381,000	-30,000
Net balance at December 31	313,065,000	322,019,000	211,521,000
Add: Losses recoverable	-16,829,000	-34,451,000	-29,758,000
Gross balance at December 31	329,894,000	356,470,000	241,279,000
Case reserves	137,825,000	140,674,000	'
IBNR	192,069,000	215,796,000	'
Total	329,894,000	356,470,000	'
Hurricane	'	'	'
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]	'	'	'
Amount of cause of increase (decrease) in liability for unpaid claims and claims adjustment expense	-15,000,000	'	'
Reinstatement (reversal) of premiums earned	-2,600,000	'	'
Earthquake	'	'	'
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]	'	'	'
Amount of cause of increase (decrease) in liability for unpaid claims and claims adjustment expense	'	9,000,000	'
Full limit loss under contract	'	10,000,000	'
Commercial Automobile Business \| Change in Historical Claims Rate Experience	'	'	'
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]	'	'	'
Amount of cause of increase (decrease) in liability for unpaid claims and claims adjustment expense	4,000,000	'	'
Non standard Automobile Business \| Change in Historical Claims Rate Experience	'	'	'
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]	'	'	'
Amount of cause of increase (decrease) in liability for unpaid claims and claims adjustment expense	3,000,000	'	'
Ceding commissions	2,300,000	'	'
Property & Casualty \| Change in Historical Claims Rate Experience	'	'	'
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]	'	'	'
Amount of cause of increase (decrease) in liability for unpaid claims and claims adjustment expense	17,700,000	'	'
Casualty Clash Contract \| Change in Historical Claims Rate Experience	'	'	'
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]	'	'	'
Amount of cause of increase (decrease) in liability for unpaid claims and claims adjustment expense	4,000,000	'	'
Reinstatement (reversal) of premiums earned	1,200,000	'	'
Commercial motor contracts in run-off since 2010 \| Change in Historical Claims Rate Experience	'	'	'
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]	'	'	'
Amount of cause of increase (decrease) in liability for unpaid claims and claims adjustment expense	'	18,800,000	15,700,000
Commercial motor related to multi-line contracts \| Change in Historical Claims Rate Experience	'	'	'
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]	'	'	'
Amount of cause of increase (decrease) in liability for unpaid claims and claims adjustment expense	'	21,900,000	9,700,000
Homeowners' property contracts \| Change in Historical Claims Rate Experience	'	'	'
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]	'	'	'
Amount of cause of increase (decrease) in liability for unpaid claims and claims adjustment expense	2,400,000	4,600,000	1,600,000
Ceding commissions	'	-1,300,000	'
Health \| Change in Historical Claims Rate Experience	'	'	'
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]	'	'	'
Amount of cause of increase (decrease) in liability for unpaid claims and claims adjustment expense	'	'	($1,300,000)

RETROCESSION_Details

RETROCESSION (Details) (USD $)

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Ceded Credit Risk [Line Items]

Loss and loss adjustment expenses incurred, net

$99,504,000

$94,366,000

$78,345,000

$66,278,000

$89,333,000

$126,624,000

$87,337,000

$63,307,000

$338,493,000

$366,601,000

$241,690,000

Loss and loss expenses recovered and recoverable

-10,200,000

13,000,000

28,100,000

Loss and loss adjustment expenses recoverable

16,829,000

34,451,000

16,829,000

34,451,000

29,758,000

11,976,000

Losses recoverable

10,126,000

17,415,000

10,126,000

17,415,000

Provision for uncollectible losses recoverable

Unrated

Ceded Credit Risk [Line Items]

Loss and loss adjustment expenses recoverable

16,800,000

34,300,000

16,800,000

34,300,000

Ceded Credit Risk, Secured

Ceded Credit Risk [Line Items]

Losses recoverable

4,000,000

11,400,000

4,000,000

11,400,000

Ceded Credit Risk, Unsecured

Ceded Credit Risk [Line Items]

Loss and loss adjustment expenses recoverable

12,800,000

Premiums and Other Receivables, Net [Member] | Ceded Credit Risk, Unsecured

Ceded Credit Risk [Line Items]

Ceding commission adjustments

$12,000,000

SHARE_CAPITAL_Details

SHARE CAPITAL (Details) (USD $)	0 Months Ended	12 Months Ended
SHARE CAPITAL (Details) (USD $)	Sep. 21, 2004	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Class of Stock [Line Items]	'	'	'	'	'
Preferred shares issued	'	0	0	'	'
Preferred shares outstanding	'	0	'	'	'
Registration rights	'	50.00%	'	'	'
Aggregate principal amount of securities	'	$200,000,000	'	'	'
Increase (Decrease) in Common Stock [Roll Forward]	'	'	'	'	'
Amount of retained earnings restricted from payment of dividends	'	0	'	'	'
Class A	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'
Number of entitled votes per share	'	1	'	'	'
Percentage of total voting power of all issued and outstanding ordinary shares	'	9.90%	'	'	'
Shares authorized for issuance in relation to share purchase options granted to service provider	400,000	'	'	'	'
Shares authorized to purchase under the share repurchase plan	'	2,000,000	'	'	'
Number of shares available under share repurchase plan	'	'	2,000,000	'	'
Increase (Decrease) in Common Stock [Roll Forward]	'	'	'	'	'
Balance b beginning of year	'	30,791,865	30,447,179	30,283,200	30,200,835
Issue of ordinary shares, net of forfeitures	'	344,686	163,979	82,365	'
Balance b end of year	'	30,791,865	30,447,179	30,283,200	30,200,835
Par value per share	'	$0.10	$0.10	'	'
Class B	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'
Percentage of total voting power of all issued and outstanding ordinary shares	'	9.50%	'	'	'
Increase (Decrease) in Common Stock [Roll Forward]	'	'	'	'	'
Balance b beginning of year	'	6,254,949	6,254,949	6,254,949	6,254,949
Issue of ordinary shares, net of forfeitures	'	0	0	0	'
Balance b end of year	'	6,254,949	6,254,949	6,254,949	6,254,949
Par value per share	'	$0.10	$0.10	'	'
Service Provider \| Class A	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'
Shares authorized for issuance in relation to share purchase options granted to service provider	'	300,000	300,000	'	'
Shares available for future issuance	'	20,000	250,000	'	'
Stock Compensation Plan \| Class A	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'
Shares authorized for the company's stock incentive plan	'	3,500,000	3,500,000	'	'
Stock Compensation Plan \| Service Provider \| Class A	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'
Shares available for future issuance	'	961,587	1,136,504	'	'
GLRE \| Cayman Islands	'	'	'	'	'
Increase (Decrease) in Common Stock [Roll Forward]	'	'	'	'	'
Minimum net worth requirement	'	449,429,000	120,000	120,000	'
Insurance Regulations Minimum Capital Requirement	'	50,000,000	'	'	'
Statutory capital and surplus	'	988,700,000	'	'	'
Net income	'	229,800,000	15,300,000	10,300,000	'
Amount of capital and surplus available for distribution as dividends	'	539,300,000	'	'	'
GRIL \| Ireland	'	'	'	'	'
Increase (Decrease) in Common Stock [Roll Forward]	'	'	'	'	'
Minimum net worth requirement	'	13,600,000	8,300,000	'	'
Statutory capital and surplus	'	46,100,000	42,500,000	'	'
Net income	'	3,600,000	1,800,000	-1,600,000	'
Amount of capital and surplus available for distribution as dividends	'	$6,000,000	'	'	'

SHAREBASED_COMPENSATION_Narrat

SHARE-BASED COMPENSATION Narrative (Details) (USD $)	0 Months Ended	12 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 21, 2004	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Exercise price of share purchase options	$10	'	'	'
Share Based Compensation Arrangement - Options Repurchased	100,000	'	'	'
Share purchase options exercised (shares)	'	230,000	0	50,000
Service provider share purchase options outstanding	'	20,000	250,000	'
Share purchase options granted	'	38,197	45,290	'
Expiration period after the grant date	'	'10 years	'10 years	'10 years
Grant date fair value of the options	'	$13.09	$11.04	$10.32
Total compensation cost related to non-vested options not yet recognized	'	$0.40	$0.50	$0.60
Number of stock options exercised	'	56,500	23,000	0
Intrinsic value of options exercised	'	0.8	0.2	0
Weighted average remaining contractual term for options outstanding	'	'3 years 4 months	'4 years 1 month	'
Number of stock options exercisable	'	1,326,694	1,337,323	'
Weighted-average exercise price	'	$15.35	$14.92	'
Weighted-average remaining contractual term	'	'3 years 0 months	'3 years 9 months	'
Aggregate intrinsic value of options outstanding	'	25.1	12.2	'
Aggregate intrinsic value of options exercisable	'	24.4	12.1	'
Number of options vested	'	45,871	36,323	85,000
Weighted average grant date fair value of options vested	'	$11.08	$10.55	$9
General and Administrative Expense	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based compensation expense	'	3.8	3.7	2.9
Stock Options	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based compensation expense	'	0.6	0.6	0.5
Weighted average period for recognition	'	'1 year 6 months	'1 year 6 months	'1 year 8 months
Restricted Stock	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Cliff vesting period after date of issuance	'	'3 years	'	'
Restricted shares forfeited by employees who left the Company prior to the vesting period	'	16,826	7,492	79,616
Stock compensation expense relating to forfeited restricted shares reversed	'	0.2	0.2	0.8
Share-based compensation expense	'	3.2	3.1	2.4
Unrecognized compensation costs related to non-vested restricted shares	'	3.5	3.4	3
Weighted average period for recognition	'	'1 year 8 months	'1 year 8 months	'1 year 7 months
Total fair value of restricted shares vested	'	$2.80	$3.30	$3.30
Number of non-vested RSUs, Granted	'	147,605	148,471	'
RSUs	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Cliff vesting period after date of issuance	'	'3 years	'	'
Number of non-vested RSUs, Granted	'	5,941	0	0
Grant Date	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Vesting percentage	'	25.00%	25.00%	'
Vesting In Year 1	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Vesting percentage	'	25.00%	25.00%	'
Vesting In Year 2	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Vesting percentage	'	25.00%	25.00%	'
Vesting In Year 3	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Vesting percentage	'	25.00%	25.00%	'
Director	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Cliff vesting period after date of issuance	'	'1 year	'	'
Class A	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Number of share purchase options granted to service provider (shares)	400,000	'	'	'
Number of shares issued as a result of share purchase options exercised	'	161,734	'	25,843
Share purchase options granted	'	38,197	45,290	'
Issuance of shares as a result of stock options exercised	'	52,173	23,000	0
Class A \| Restricted Stock	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Restricted shares issued pursuant to stock incentive plan	'	111,231	112,477	99,573
Class A \| Director \| Restricted Stock	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Restricted shares issued pursuant to stock incentive plan	'	36,374	35,994	36,565

SHAREBASED_COMPENSATION_Restri

SHARE-BASED COMPENSATION Restricted Shares (Details) (Restricted Stock, USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Restricted Stock	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]	'	'
Number of non-vested shares, Balance at December 31, 2012	308,406	358,563
Number of non-vested RSUs, Granted	147,605	148,471
Number of non-vested RSU's, Vested	-110,194	-191,136
Number of non-vested RSU's, Forfeited	-16,826	-7,492
Number of non-vested shares, Balance at December 31, 2013	328,991	308,406
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]	'	'
Weighted average grant date fair value, Balance at December 31, 2012	$24.93	$21.03
Weighted average grant date fair value, Granted	$24.59	$24.60
Weighted average grant date fair value, Vested	$25.08	$17.34
Weighted average grant date fair value, Forfeited	$24.55	$25.36
Weighted average grant date fair value, Balance at December 31, 2013	$24.74	$24.93

SHAREBASED_COMPENSATION_Black_

SHARE-BASED COMPENSATION Black Scholes option pricing model assumptions (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'	'	'
Risk free rate	2.85%	1.50%	2.27%
Estimated volatility	35.00%	35.00%	35.00%
Expected term (in years)	'10 years	'10 years	'10 years
Dividend yield	0.00%	0.00%	0.00%
Forfeiture rate	0.00%	0.00%	0.00%

SHAREBASED_COMPENSATION_Share_

SHARE-BASED COMPENSATION Share Based Compensation Options Rollfoward (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]	'	'	'
Number of options, Balance at beginning of period	1,421,290	1,399,000	'
Number of options, Granted	38,197	45,290	'
Number of options, Exercised	-56,500	-23,000	0
Number of options, Forfeited	0	0	'
Number of options, Expired	0	0	'
Number of options, Balance at end of period	1,402,987	1,421,290	1,399,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]	'	'	'
Weighted average exercise price, Balance at beginning of period	$15.36	$15.06	'
Weighted average exercise price, Granted	$26.44	$23.80	'
Weighted average exercise price, Exercised	$11.44	$13.85	'
Weighted average exercise price, Forfeited	$0	$0	'
Weighted average exercise price, Expired	$0	$0	'
Weighted average exercise price, Balance at end of period	$15.82	$15.36	$15.06
Share-based compensation arrangement by share-based payment award, Options, Weighted Average Grant Date Fair Value [Roll Forward]	'	'	'
Weighted average grant date fair value, Balance at beginning of period	$6.87	$6.73	'
Weighted average grant date fair value, Granted	$13.09	$11.04	$10.32
Weighted average grant date fair value, Exercised	$5.70	$7.13	'
Weighted average grant date fair value, Forfeited	$0	$0	'
Weighted average grant date fair value, Expired	$0	$0	'
Weighted average grant date fair value, Balance at end of period	$7.08	$6.87	$6.73

SHAREBASED_COMPENSATION_Restri1

SHARE-BASED COMPENSATION Restricted Units (Details) (RSUs, USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
RSUs	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]	'	'	'
Number of non-vested shares, Balance at December 31, 2012	0	'	'
Number of non-vested restricted shares, Granted	5,941	0	0
Number of non-vested restricted shares, Vested	0	'	'
Number of non-vested restricted shares, Forfeited	0	'	'
Number of non-vested shares, Balance at December 31, 2013	5,941	0	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]	'	'	'
Weighted average grant date fair value, Balance at December 31, 2012	$0	'	'
Weighted average grant date fair value, Granted	$24.41	'	'
Weighted average grant date fair value, Vested	$0	'	'
Weighted average grant date fair value, Forfeited	$0	'	'
Weighted average grant date fair value, Balance at December 31, 2013	$24.41	$0	'

NET_INVESTMENT_INCOME_Details

NET INVESTMENT INCOME (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net Investment Income [Abstract]	'	'	'	'	'	'	'	'	'	'	'
Realized gains	'	'	'	'	'	'	'	'	$141,976	$60,762	$139,760
Change in unrealized gains	'	'	'	'	'	'	'	'	154,791	67,569	-75,719
Investment related foreign exchange gains (losses)	'	'	'	'	'	'	'	'	19,305	3,682	-6,953
Interest and dividend income	'	'	'	'	'	'	'	'	22,265	21,131	17,528
Interest, dividend and other expenses	'	'	'	'	'	'	'	'	-47,665	-38,545	-30,837
Investment advisor compensation	'	'	'	'	'	'	'	'	-72,532	-35,658	-20,661
Net investment income	$83,306	$49,448	$24,247	$61,139	($52,219)	$96,450	($36,896)	$71,606	$218,140	$78,941	$23,118
Net investment return (loss) (percentage)	'	'	'	'	'	'	'	'	19.60%	7.10%	2.10%

TAXATION_Details

TAXATION (Details) (USD $)

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Income Taxes [Line Items]

Valuation allowance

Current tax (expense) benefit

-534,000

-246,000

-226,000

Tax recovered

-169,000

[1]

Deferred tax (expense) benefit

-4,000

-9,000

-21,000

Income tax (expense) benefit

2,000

-90,000

-142,000

-308,000

620,000

-645,000

201,000

-262,000

-538,000

-86,000

-247,000

Other Assets

Income Taxes [Line Items]

Deferred tax asset

50,000

Other Liabilities

Income Taxes [Line Items]

Current taxes payable

300,000

Verdant

Income Taxes [Line Items]

Tax rate for taxable income

35.00%

GRIL

Income Taxes [Line Items]

Tax refunds received

$200,000

GRIL | Ireland

Income Taxes [Line Items]

Tax rate for trading income

12.50%

[1]

During the year ended December 31, 2012, $0.2 million of tax refunds were received by GRIL relating to its operating losses for the 2011 tax year which were carried back and applied against the taxes previously paid for the 2010 tax year.

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (Board of Directors Chairman, USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investment Advisory Agreement	'	'	'
Related Party Transaction [Line Items]	'	'	'
Performance compensation full rate	20.00%	'	'
Performance compensation reduced rate	10.00%	'	'
Loss carry forward recoupment required	150.00%	'	'
Performance compensation expense	$54,200,000	$18,800,000	$5,400,000
Investment management fee rate - monthly	0.13%	'	'
Investment management fee rate - annual	1.50%	'	'
Investment management fee expense	18,300,000	16,900,000	15,200,000
Service Agreement	'	'	'
Related Party Transaction [Line Items]	'	'	'
Investor relations fee monthly	$5,000	'	'

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Line of Credit Facility [Line Items]	'	'
Aggregate amount of letters of credit issued	$379,100,000	$416,500,000
Total equity securities, restricted cash, and cash and cash equivalents fair value pledged as security against the letters of credit	410,300,000	441,700,000
Financial Standby Letter of Credit	'	'
Line of Credit Facility [Line Items]	'	'
Facility	760,000,000	'
Financial Standby Letter of Credit \| Bank of America, N.A.	'	'
Line of Credit Facility [Line Items]	'	'
Facility	200,000,000	'
Notice period required for termination	'90 days	'
Financial Standby Letter of Credit \| Butterfield Bank (Cayman) Limited	'	'
Line of Credit Facility [Line Items]	'	'
Facility	60,000,000	'
Notice period required for termination	'90 days	'
Financial Standby Letter of Credit \| Citibank Europe plc	'	'
Line of Credit Facility [Line Items]	'	'
Facility	400,000,000	'
Notice period required for termination	'120 days	'
Financial Standby Letter of Credit \| JP Morgan Chase Bank N.A.	'	'
Line of Credit Facility [Line Items]	'	'
Facility	$100,000,000	'
Notice period required for termination	'120 days	'

COMMITMENTS_AND_CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES Lease (Details)	12 Months Ended							12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
	USD ($)	USD ($)	USD ($)	Specialist service agreement	Private and unlisted equities securities		Private and unlisted equities securities	GLRE	GLRE	GRIL
				USD ($)	USD ($)		USD ($)	Minimum	Maximum	EUR (€)
								USD ($)	USD ($)
Operating Leased Assets [Line Items]	'	'	'	'	'		'	'	'	'
Annual rent payments	'	'	'	'	'		'	$300,000	$500,000	€ 100,000
Operating lease renewal option	'5 years	'	'	'	'		'	'	'	'
Total rent expense related to leased office space	500,000	400,000	300,000	'	'		'	'	'	'
Operating lease obligations, 2014	557,000	'	'	'	'		'	'	'	'
Operating lease obligations, 2015	557,000	'	'	'	'		'	'	'	'
Operating lease obligations, 2015	500,000	'	'	'	'		'	'	'	'
Operating lease obligations, 2016	466,000	'	'	'	'		'	'	'	'
Operating lease obligations, 2018	233,000	'	'	'	'		'	'	'	'
Operating lease obligations, Thereafter	0	'	'	'	'		'	'	'	'
Operating lease obligations, Total	2,313,000	'	'	'	'		'	'	'	'
Specialist service agreement and Private equity and limited partnerships, 2014	'	'	'	700,000	6,280,000	[1]	20,800,000	'	'	'
Specialist service agreement and Private equity and limited partnerships, 2015	'	'	'	400,000	0	[1]	'	'	'	'
Specialist service agreement and Private equity and limited partnerships, 2016	'	'	'	150,000	0	[1]	'	'	'	'
Specialist service agreement and Private equity and limited partnerships, 2017	'	'	'	0	0	[1]	'	'	'	'
Specialist service agreement and Private equity and limited partnerships, 2018	'	'	'	0	0	[1]	'	'	'	'
Specialist service agreement and Private equity and limited partnerships, Thereafter	'	'	'	0	0	[1]	'	'	'	'
Specialist service agreement and Private equity and limited partnerships, Total	'	'	'	1,250,000	6,280,000	[1]	'	'	'	'
2014	7,537,000	'	'	'	'		'	'	'	'
2015	957,000	'	'	'	'		'	'	'	'
2016	650,000	'	'	'	'		'	'	'	'
2017	466,000	'	'	'	'		'	'	'	'
2018	233,000	'	'	'	'		'	'	'	'
Thereafter	0	'	'	'	'		'	'	'	'
Total	$9,843,000	'	'	'	'		'	'	'	'

[1]	Given the nature of these investments, the Company is unable to determine with any degree of accuracy when these commitments will be called. Therefore, for purposes of the above table, the Company has assumed that all commitments with no fixed payment schedulesB will be called during the year ended DecemberB 31, 2014.

SEGMENT_REPORTING_Schedule_of_

SEGMENT REPORTING Schedule of Revenue by Major Customers (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Segment	Dec. 31, 2012	Dec. 31, 2011
Revenue, Major Customer [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Number of operating segments	'	'	'	'	'	'	'	'	1	'	'
Largest broker	$223,993	$213,338	$156,759	$170,999	$66,333	$213,198	$92,882	$172,983	$765,089	$545,396	$403,146
Customer Concentration Risk \| Sales	'	'	'	'	'	'	'	'	'	'	'
Revenue, Major Customer [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Largest broker	'	'	'	'	'	'	'	'	401,454	354,206	347,275
Concentration risk, percentage	'	'	'	'	'	'	'	'	74.90%	82.70%	87.30%
Customer Concentration Risk \| Sales \| Largest broker	'	'	'	'	'	'	'	'	'	'	'
Revenue, Major Customer [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Largest broker	'	'	'	'	'	'	'	'	282,337	242,665	139,251
Concentration risk, percentage	'	'	'	'	'	'	'	'	52.70%	56.70%	35.00%
Customer Concentration Risk \| Sales \| 2nd largest broker	'	'	'	'	'	'	'	'	'	'	'
Revenue, Major Customer [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Largest broker	'	'	'	'	'	'	'	'	119,117	63,044	107,641
Concentration risk, percentage	'	'	'	'	'	'	'	'	22.20%	14.70%	27.10%
Customer Concentration Risk \| Sales \| 3rd largest broker	'	'	'	'	'	'	'	'	'	'	'
Revenue, Major Customer [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Largest broker	'	'	'	'	'	'	'	'	0	48,497	50,985
Concentration risk, percentage	'	'	'	'	'	'	'	'	0.00%	11.30%	12.80%
Customer Concentration Risk \| Sales \| 4th largest broker	'	'	'	'	'	'	'	'	'	'	'
Revenue, Major Customer [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Largest broker	'	'	'	'	'	'	'	'	$0	$0	$49,398
Concentration risk, percentage	'	'	'	'	'	'	'	'	0.00%	0.00%	12.40%

SEGMENT_REPORTING_Schedule_of_1

SEGMENT REPORTING Schedule of Gross Premiums Written by Line of Business (Details) (USD $)

3 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Segment Reporting Information [Line Items]

Gross premiums written

$124,775

$148,765

$135,198

$126,964

$123,994

$67,644

$83,986

$152,220

$535,702

$427,844

$397,659

Gross premiums by line of business as a percentage of total gross premiums

100.00%

Total Property

Segment Reporting Information [Line Items]

Gross premiums written

214,585

157,034

175,527

Gross premiums by line of business as a percentage of total gross premiums

40.00%

36.70%

44.20%

Aviation

Segment Reporting Information [Line Items]

Gross premiums written

168

Gross premiums by line of business as a percentage of total gross premiums

0.00%

Commercial lines

Segment Reporting Information [Line Items]

Gross premiums written

9,999

15,110

10,019

Gross premiums by line of business as a percentage of total gross premiums

1.90%

3.50%

2.50%

Energy

Segment Reporting Information [Line Items]

Gross premiums written

659

Gross premiums by line of business as a percentage of total gross premiums

0.10%

0.00%

Motor physical damage

Segment Reporting Information [Line Items]

Gross premiums written

57,952

60,262

7,026

Gross premiums by line of business as a percentage of total gross premiums

10.80%

14.10%

1.80%

Personal lines

Segment Reporting Information [Line Items]

Gross premiums written

145,807

81,662

158,482

Gross premiums by line of business as a percentage of total gross premiums

27.20%

19.10%

39.90%

Total Casualty

Segment Reporting Information [Line Items]

Gross premiums written

284,740

220,207

142,307

Gross premiums by line of business as a percentage of total gross premiums

53.20%

51.50%

35.80%

General liability

Segment Reporting Information [Line Items]

Gross premiums written

-815

[1]

22,462

[1]

34,379

[1]

Gross premiums by line of business as a percentage of total gross premiums

-0.20%

[1]

5.30%

[1]

8.60%

[1]

Marine liability

Segment Reporting Information [Line Items]

Gross premiums written

1,956

2,240

360

Gross premiums by line of business as a percentage of total gross premiums

0.40%

0.50%

0.10%

Motor liability

Segment Reporting Information [Line Items]

Gross premiums written

253,698

178,204

86,937

Gross premiums by line of business as a percentage of total gross premiums

47.40%

41.70%

21.90%

Professional liability

Segment Reporting Information [Line Items]

Gross premiums written

29,901

17,301

20,631

Gross premiums by line of business as a percentage of total gross premiums

5.60%

4.00%

5.20%

Total Specialty

Segment Reporting Information [Line Items]

Gross premiums written

36,377

50,603

79,825

Gross premiums by line of business as a percentage of total gross premiums

6.80%

11.80%

20.00%

Financial

Segment Reporting Information [Line Items]

Gross premiums written

3,498

[1]

-256

[1]

12,364

[1]

Gross premiums by line of business as a percentage of total gross premiums

0.70%

[1]

-0.10%

[1]

3.10%

[1]

Health

Segment Reporting Information [Line Items]

Gross premiums written

37,094

33,874

38,640

Gross premiums by line of business as a percentage of total gross premiums

6.90%

7.90%

9.70%

Workersb compensation

Segment Reporting Information [Line Items]

Gross premiums written

($4,215)

[1]

$16,985

[1]

$28,821

[1]

Gross premiums by line of business as a percentage of total gross premiums

-0.80%

[1]

4.00%

[1]

7.20%

[1]

The negative balance represents reversal of premiums due to premium adjustments, termination of contracts or premiums returned upon novation or commutation of contracts.

SEGMENT_REPORTING_Geographic_i

SEGMENT REPORTING Geographic information (Details) (USD $)

3 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Revenue from External Customer [Line Items]

Gross premiums written

$124,775

$148,765

$135,198

$126,964

$123,994

$67,644

$83,986

$152,220

$535,702

$427,844

$397,659

Gross premiums by geographical area as a percentage of total gross premiums

100.00%

U.S.

Revenue from External Customer [Line Items]

Gross premiums written

497,044

399,082

353,999

Gross premiums by geographical area as a percentage of total gross premiums

92.80%

93.30%

89.00%

Worldwide

Revenue from External Customer [Line Items]

Gross premiums written

9,821

[1]

11,134

[1]

22,595

[1]

Gross premiums by geographical area as a percentage of total gross premiums

1.80%

[1]

2.60%

[1]

5.70%

[1]

Caribbean

Revenue from External Customer [Line Items]

Gross premiums written

-95

[2]

328

[2]

300

[2]

Gross premiums by geographical area as a percentage of total gross premiums

0.00%

[2]

0.10%

[2]

0.10%

[2]

Europe

Revenue from External Customer [Line Items]

Gross premiums written

$28,932

$17,300

$20,765

Gross premiums by geographical area as a percentage of total gross premiums

5.40%

4.00%

5.20%

[1]

"Worldwide" is comprised of contracts that reinsure risks in more than one geographic area and do not specifically exclude the U.S.

[2]

The negative balance represents reversal of premiums due to premium adjustments, termination of contracts or premiums returned upon novation or commutation of contracts.

QUARTERLY_FINANCIAL_RESULTS_UN2

QUARTERLY FINANCIAL RESULTS (UNAUDITED) (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues	'	'	'	'	'	'	'	'	'	'	'
Gross premiums written	$124,775	$148,765	$135,198	$126,964	$123,994	$67,644	$83,986	$152,220	$535,702	$427,844	$397,659
Gross premiums ceded	-1,855	-2,389	-2,514	3,978	30	30,637	4,602	-10,994	-2,780	24,275	-46,920
Net premiums written	122,920	146,376	132,684	130,942	124,024	98,281	88,588	141,226	532,922	452,119	350,739
Change in net unearned premium reserves	18,617	17,515	316	-21,471	-5,470	18,276	41,426	-39,637	14,977	14,595	29,036
Net amount	141,537	163,891	133,000	109,471	118,554	116,557	130,014	101,589	547,899	466,714	379,775
Net investment income	83,306	49,448	24,247	61,139	-52,219	96,450	-36,896	71,606	218,140	78,941	23,118
Other income (expense), net	-850	-1	-488	389	-2	191	-236	-212	-950	-259	253
Total revenues	223,993	213,338	156,759	170,999	66,333	213,198	92,882	172,983	765,089	545,396	403,146
Expenses	'	'	'	'	'	'	'	'	'	'	'
Loss and loss adjustment expenses incurred, net	99,504	94,366	78,345	66,278	89,333	126,624	87,337	63,307	338,493	366,601	241,690
Acquisition costs, net	34,119	53,521	42,936	41,296	34,971	33,820	37,905	36,025	171,872	142,721	138,751
General and administrative expenses	4,930	7,085	5,943	3,760	3,919	4,637	4,359	4,624	21,718	17,539	13,892
Total expenses	138,553	154,972	127,224	111,334	128,223	165,081	129,601	103,956	532,083	526,861	394,333
Income (loss) before income tax expense	85,440	58,366	29,535	59,665	-61,890	48,117	-36,719	69,027	233,006	18,535	8,813
Income tax expense	2	-90	-142	-308	620	-645	201	-262	-538	-86	-247
Net income including non-controlling interest	85,442	58,276	29,393	59,357	-61,270	47,472	-36,518	68,765	232,468	18,449	8,566
Net loss attributable to non-controlling interest in joint venture	-1,512	-1,740	-893	-2,624	667	-1,335	449	-3,632	-6,769	-3,851	-1,797
Net income	$83,930	$56,536	$28,500	$56,733	($60,603)	$46,137	($36,069)	$65,133	$225,699	$14,598	$6,769
Earnings per share	'	'	'	'	'	'	'	'	'	'	'
Earnings Per Share, Basic	$2.27	$1.53	$0.77	$1.54	($1.65)	$1.26	($0.98)	$1.78	$6.13	$0.40	$0.19
Earnings Per Share, Diluted	$2.22	$1.50	$0.76	$1.52	($1.65)	$1.23	($0.98)	$1.75	$6.01	$0.39	$0.18
Weighted average number of ordinary shares used in the determination of earnings per share	'	'	'	'	'	'	'	'	'	'	'
Weighted average shares outstanding - basic	36,908,919	36,875,716	36,830,046	36,730,315	36,702,128	36,678,653	36,660,267	36,550,953	36,838,128	36,702,128	36,548,466
Weighted Average Number of Shares Outstanding, Diluted	37,746,223	37,645,053	37,537,500	37,424,894	36,702,128	37,402,725	36,660,267	37,279,371	37,585,167	37,361,338	37,286,454

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (Investment Advisory Agreement, Board of Directors Chairman)	12 Months Ended	0 Months Ended
	Dec. 31, 2013	Jan. 02, 2014
	Dec. 31, 2013	Subsequent Event
Subsequent Event [Line Items]	'	'
Venture agreement renewal period	'	'3 years
Notification period prior to termination	'	'90 days
Investment management fee rate - annual	1.50%	1.50%
Performance compensation full rate	20.00%	20.00%
Performance compensation reduced rate	10.00%	10.00%
Loss carry forward recoupment required	150.00%	150.00%

SCHEDULE_I_Details

SCHEDULE I (Details) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2013
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]	'
Cost	$1,079,901
Fair Value	1,393,679
Balance Sheet Value	1,393,679
Debt instruments, trading, at fair value	'
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]	'
Cost	5,877
Fair Value	4,312
Balance Sheet Value	4,312
Common stocks, listed	'
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]	'
Cost	923,594
Fair Value	1,256,577
Balance Sheet Value	1,256,577
Exchange traded funds	'
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]	'
Cost	50,253
Fair Value	25,579
Balance Sheet Value	25,579
Total equity securities, trading, at fair value	'
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]	'
Cost	973,847
Fair Value	1,282,156
Balance Sheet Value	1,282,156
Total investments, trading	'
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]	'
Cost	979,724
Fair Value	1,286,468
Balance Sheet Value	1,286,468
Private and unlisted equities securities	'
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]	'
Cost	54,633
Fair Value	60,888
Balance Sheet Value	60,888
Commodities	'
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]	'
Cost	45,544
Fair Value	46,323
Balance Sheet Value	46,323
Total other investments, at fair value	'
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]	'
Cost	100,177
Fair Value	107,211
Balance Sheet Value	$107,211

SCHEDULE_II_Condensed_Balance_

SCHEDULE II Condensed Balance Sheets (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Assets	'	'	'	'
Cash and cash equivalents	$3,722	$21,890	$42,284	$45,540
Notes receivable	16,049	19,330	'	'
Total assets	3,095,276	2,722,753	'	'
Liabilities	'	'	'	'
Total liabilities	2,008,972	1,862,343	'	'
Equity	'	'	'	'
Share capital	3,705	3,670	'	'
Additional paid-in capital	496,622	492,469	'	'
Retained earnings	551,268	325,569	'	'
Shareholdersb equity attributable to shareholders	1,051,595	821,708	'	'
Total liabilities and equity	3,095,276	2,722,753	'	'
Parent Company	'	'	'	'
Assets	'	'	'	'
Cash and cash equivalents	5	14	25	25
Investment in subsidiaries	1,035,423	807,148	'	'
Notes receivable	3,728	1,675	'	'
Due from subsidiaries	16,247	14,241	'	'
Total assets	1,055,403	823,078	'	'
Liabilities	'	'	'	'
Due to subsidiaries	3,808	1,370	'	'
Total liabilities	3,808	1,370	'	'
Equity	'	'	'	'
Share capital	3,705	3,670	'	'
Additional paid-in capital	496,622	492,469	'	'
Retained earnings	551,268	325,569	'	'
Shareholdersb equity attributable to shareholders	1,051,595	821,708	'	'
Total liabilities and equity	$1,055,403	$823,078	'	'

SCHEDULE_II_Condensed_Statemen

SCHEDULE II Condensed Statements of Income (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues	'	'	'	'	'	'	'	'	'	'	'
Total revenues	$223,993	$213,338	$156,759	$170,999	$66,333	$213,198	$92,882	$172,983	$765,089	$545,396	$403,146
Expenses	'	'	'	'	'	'	'	'	'	'	'
General and administrative expenses	4,930	7,085	5,943	3,760	3,919	4,637	4,359	4,624	21,718	17,539	13,892
Income before income tax expense	85,440	58,366	29,535	59,665	-61,890	48,117	-36,719	69,027	233,006	18,535	8,813
Net income	83,930	56,536	28,500	56,733	-60,603	46,137	-36,069	65,133	225,699	14,598	6,769
Parent Company	'	'	'	'	'	'	'	'	'	'	'
Revenues	'	'	'	'	'	'	'	'	'	'	'
Investment income	'	'	'	'	'	'	'	'	1,100	810	740
Total revenues	'	'	'	'	'	'	'	'	1,100	810	740
Expenses	'	'	'	'	'	'	'	'	'	'	'
General and administrative expenses	'	'	'	'	'	'	'	'	3,735	3,603	2,884
Income before income tax expense	'	'	'	'	'	'	'	'	-2,635	-2,793	-2,144
Equity in earnings of consolidated subsidiaries	'	'	'	'	'	'	'	'	228,334	17,391	8,913
Net income	'	'	'	'	'	'	'	'	$225,699	$14,598	$6,769

SCHEDULE_II_Condensed_Statemen1

SCHEDULE II Condensed Statements of Cash Flows (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash provided by (used in) operating activities	'	'	'
Net income	$225,699	$14,598	$6,769
Adjustments to reconcile net income to net cash provided by (used in) operating activities	'	'	'
Share-based compensation expense, net of forfeitures	3,675	3,689	2,931
Net change in	'	'	'
Total operating activities	-92,697	-50,592	-25,920
Investing activities	'	'	'
Change in notes receivable, net	3,281	-1,893	-3,232
Net cash provided by investing activities	74,016	29,880	22,664
Financing activities	'	'	'
Net proceeds from exercise of stock options	513	318	0
Net cash provided by financing activities	513	318	0
Net decrease in cash and cash equivalents	-18,168	-20,394	-3,256
Cash and cash equivalents at beginning of the period	21,890	42,284	45,540
Cash and cash equivalents at end of the period	3,722	21,890	42,284
Parent Company	'	'	'
Cash provided by (used in) operating activities	'	'	'
Net income	225,699	14,598	6,769
Adjustments to reconcile net income to net cash provided by (used in) operating activities	'	'	'
Equity in earnings of consolidated subsidiaries	-228,334	-17,391	-8,913
Share-based compensation expense, net of forfeitures	3,675	3,689	2,884
Net change in	'	'	'
Due from subsidiaries	-2,006	-52	-1,523
Due to subsidiaries	2,438	587	783
Total operating activities	1,472	1,431	0
Investing activities	'	'	'
Change in notes receivable, net	-2,053	-1,675	0
Contributed surplus to subsidiaries, net	-59	85	0
Net cash provided by investing activities	-1,994	-1,760	0
Financing activities	'	'	'
Net proceeds from exercise of stock options	513	318	0
Net cash provided by financing activities	513	318	0
Net decrease in cash and cash equivalents	-9	-11	0
Cash and cash equivalents at beginning of the period	14	25	25
Cash and cash equivalents at end of the period	$5	$14	$25

SCHEDULE_III_Details

SCHEDULE III (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Supplementary Insurance Information [Abstract]	'	'	'
Deferred acquisition costs, net	$51,797	$59,177	$68,725
Reserves for losses and loss adjustment expenses b gross	329,894	356,470	241,279
Unearned premiums b gross	173,057	188,185	225,735
Net premiums earned	547,899	466,714	379,775
Net investment income (loss)	218,140	78,941	23,118
Net losses, and loss adjustment expenses	338,493	366,601	241,690
Amortization of deferred acquisition costs	171,872	142,721	138,751
Other operating expenses	21,718	17,539	13,892
Gross premiums written	$535,702	$427,844	$397,659

SCHEDULE_IV_Details

SCHEDULE IV (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Net amount	$141,537	$163,891	$133,000	$109,471	$118,554	$116,557	$130,014	$101,589	$547,899	$466,714	$379,775
Property & Casualty	'	'	'	'	'	'	'	'	'	'	'
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Direct gross premiums	'	'	'	'	'	'	'	'	0	0	0
Premiums ceded to other companies	'	'	'	'	'	'	'	'	2,780	-24,275	46,920
Premiums assumed from other companies	'	'	'	'	'	'	'	'	535,702	427,844	397,659
Net amount	'	'	'	'	'	'	'	'	$532,922	$452,119	$350,739
Percentage of amount assumed to net	'	'	'	'	'	'	'	'	101.00%	95.00%	113.00%