Greenlight Capital Re (GLRE) 10-Q4 May 152015 Q1 Quarterly reportFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
Document And Entity Information	Mar. 31, 2015	1-May-15
Document and Entity Information [Line Items]
Entity Registrant Name	GREENLIGHT CAPITAL RE, LTD.
Entity Central Index Key	1385613
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Common Class A
Document and Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		31,287,253
Common Class B
Document and Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		6,254,895

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Investments
Trading Securities, Debt	$47,338	$49,212
Equity securities, trading, at fair value	1,245,720	1,266,175
Other investments, at fair value	159,604	115,591
Total investments	1,452,662	1,430,978
Cash and cash equivalents	11,466	12,030
Restricted cash and cash equivalents	1,524,999	1,296,914
Financial contracts receivable, at fair value	41,482	47,171
Reinsurance balances receivable	137,597	151,185
Loss and loss adjustment expenses recoverable	2,655	11,523
Deferred acquisition costs, net	42,554	34,420
Unearned premiums ceded	3,670	4,027
Notes receivable	30,115	1,566
Other assets	6,028	5,478
Total assets	3,253,228	2,995,292
Liabilities
Securities sold, not yet purchased, at fair value	1,327,605	1,090,731
Financial contracts payable, at fair value	40,312	44,592
Due to prime brokers	255,660	211,070
Loss and loss adjustment expense reserves	260,310	264,243
Unearned premium reserves	160,981	128,736
Reinsurance balances payable	11,940	40,372
Funds withheld	6,770	6,558
Other liabilities	19,002	14,949
Total liabilities	2,082,580	1,801,251
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, 31,078,295 (2013: 30,791,865): Class B: par value $0.10; authorized, 25,000,000; issued and outstanding, 6,254,895 (2013: 6,254,949))	3,752	3,738
Additional paid-in capital	501,587	500,553
Retained earnings	636,813	660,860
Shareholdersâ€™ equity attributable to shareholders	1,142,152	1,165,151
Non-controlling interest in joint venture	28,496	28,890
Total equity	1,170,648	1,194,041
Total liabilities and equity	$3,253,228	$2,995,292

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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
Common Class A
Shareholders' equity
Ordinary share capital, par value (in dollars per share)	$0.10	$0.10
Ordinary share capital, authorized (in shares)	100,000,000	100,000,000
Ordinary share capital, issued (in shares)	31,266,732	31,129,648
Ordinary share capital, outstanding (in shares)	31,266,732	31,129,648
Common Class B
Shareholders' equity
Ordinary share capital, par value (in dollars per share)	$0.10	$0.10
Ordinary share capital, authorized (in shares)	25,000,000	25,000,000
Ordinary share capital, issued (in shares)	6,254,895	6,254,895
Ordinary share capital, outstanding (in shares)	6,254,895	6,254,895

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues
Gross premiums written	$129,682	$118,901
Gross premiums ceded	-1,626	-5,940
Net premiums written	128,056	112,961
Change in net unearned premium reserves	-33,263	-1,272
Net premiums earned	94,793	111,689
Net investment income (loss)	-24,829	-10,150
Other income (expense), net	1,588	182
Total revenues	71,552	101,721
Expenses
Loss and loss adjustment expenses incurred, net	63,207	67,363
Acquisition costs, net	26,841	37,796
General and administrative expenses	6,160	6,200
Total expenses	96,208	111,359
Income (loss) before income tax expense	-24,656	-9,638
Income tax (expense) benefit	215	560
Net income (loss) including non-controlling interest	-24,441	-9,078
Loss (income) attributable to non-controlling interest in joint venture	394	197
Net income (loss)	($24,047)	($8,881)
Earnings (loss) per share
Basic	($0.65)	($0.24)
Diluted	($0.65)	($0.24)
Weighted average number of ordinary shares used in the determination of earnings and loss per share
Basic	37,173,008	36,808,386
Diluted	37,173,008	36,808,386

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED 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, 2013	$1,086,304	$3,705	$496,622	$551,268	$1,051,595	$34,709
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of Class A ordinary shares, net of forfeitures	16	16	0	0	16	0
Share-based compensation expense, net of forfeitures	952	0	952	0	952	0
Non-controlling interest withdrawal from joint venture, net	-5,000	0	0	0	0	-5,000
Income attributable to non-controlling interest in joint venture	-197	0	0	0	0	-197
Net income	-8,881	0	0	-8,881	-8,881	0
Balance at Mar. 31, 2014	1,073,194	3,721	497,574	542,387	1,043,682	29,512
Balance at Dec. 31, 2014	1,194,041	3,738	500,553	660,860	1,165,151	28,890
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of Class A ordinary shares, net of forfeitures	14	14	0	0	14	0
Share-based compensation expense, net of forfeitures	1,034	0	1,034	0	1,034	0
Non-controlling interest withdrawal from joint venture, net	0	0	0	0	0	0
Income attributable to non-controlling interest in joint venture	-394	0	0	0	0	-394
Net income	-24,047	0	0	-24,047	-24,047	0
Balance at Mar. 31, 2015	$1,170,648	$3,752	$501,587	$636,813	$1,142,152	$28,496

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Net income	($24,047)	($8,881)
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	29,850	91,353
Net realized gains on investments and financial contracts	-25,010	-86,463
Foreign exchange (gains) losses on restricted cash and cash equivalents, net	7,973	7,418
Income attributable to non-controlling interest in joint venture	-394	-197
Share-based compensation expense, net of forfeitures	1,048	968
Depreciation expense	101	114
Net change in
Reinsurance balances receivable	13,588	-18,493
Loss and loss adjustment expenses recoverable	8,868	637
Deferred acquisition costs, net	-8,134	-1,249
Unearned premiums ceded	357	-2,877
Other assets	-651	-1,024
Loss and loss adjustment expense reserves	-3,933	-882
Unearned premium reserves	32,245	4,275
Reinsurance balances payable	-28,432	4,593
Funds withheld	212	-322
Other liabilities	4,053	741
Net cash used in operating activities	7,694	-10,289
Investing activities
Purchases of investments, trading	-251,068	-275,575
Sales of investments, trading	252,857	367,235
Purchases of financial contracts	-3,999	-7,201
Dispositions of financial contracts	8,294	18,006
Securities sold, not yet purchased	391,768	249,867
Dispositions of securities sold, not yet purchased	-182,793	-413,508
Change in due to prime brokers	44,590	-28,806
Change in restricted cash and cash equivalents, net	-239,358	105,700
Change in notes receivable, net	-28,549	132
Non-controlling interest withdrawal from joint venture	0	-5,000
Net cash provided by investing activities	-8,258	10,850
Net increase in cash and cash equivalents	-564	561
Cash and cash equivalents at beginning of the period	12,030	3,722
Cash and cash equivalents at end of the period	11,466	4,283
Supplementary information
Interest paid in cash	3,741	3,600
Interest received in cash	782	165
Income tax paid in cash	$0	$0

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Mar. 31, 2015
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 unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2014. In the opinion of management, these unaudited condensed consolidated financial statements reflect all of the normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position and results of operations as of the dates and for the periods presented.

	The results for the three months ended March 31, 2015 are not necessarily indicative of the results expected for the full calendar year.

SIGNIFICANT_ACCOUNTING_POLICIE

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	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 condensed consolidated financial statements and the reported amounts of income and expenses during the period. Actual results could differ from these estimates.

	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 to collateralize the letters of credit issued under certain letter of credit facilities (see Notes 4 and 8). 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.

	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 March 31, 2015 and December 31, 2014, 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 March 31, 2015, $11.0 million (December 31, 2014: $11.0 million) of profit commission reserves were included in reinsurance balances payable on the condensed consolidated balance sheets. For the three months ended March 31, 2015, $0.5 million (2014: $0.9 million) of net profit commission expense was included in acquisition costs on the condensed 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. Interest income and realized gains or losses on sale of notes receivable are included under net investment income (loss) in the condensed consolidated statements of income.

	The Company regularly reviews all notes receivable individually for impairment and records valuation allowance provisions for uncollectible and non-performing notes. The Company places notes on non-accrual status when the recorded 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, 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.

	At March 31, 2015, $25.7 million of notes receivable (net of any valuation allowance) were on non-accrual status (December 31, 2014: $0.0 million) and any payments received are applied to reduce the recorded value of the notes. The increase in notes receivable during the three months ended March 31, 2015, related to a settlement agreement entered into with a ceding insurer during the first quarter of 2015 whereby certain amounts, previously classified under reinsurance balances receivable, were converted into a ten-year note receivable.

	At March 31, 2015 and December 31, 2014 there was no accrued interest included in the notes receivable balance. Based on management’s assessment, the recorded values of the notes receivable, net of any valuation allowance, at March 31, 2015 and December 31, 2014, were expected to be fully collectible.

	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 insurance 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 condensed consolidated balance sheets. Amortized gains are recorded in the condensed consolidated statements of income as other income. At March 31, 2015 and December 31, 2014, there were no material deposit assets or deposit liabilities and no material gains or losses on deposit accounted contracts.

	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 (loss) in the condensed 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 condensed 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 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 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 (loss) in the condensed 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 each 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 condensed 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 (loss) in the condensed 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 (loss) in the condensed 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 may purchase and sell 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).

	The Company, from time time, purchases industry loss warranty contracts ("ILW") to manage its exposure to weather related events. An ILW is designated as a weather derivative swap and included in financial contracts receivable. The carrying amount of an ILW is the unamortized portion of the premium paid for an ILW. An estimate of fair value is not practicable since ILW contracts are generally not exchange traded, and the time and cost involved in creating a valuation model to estimate the fair value would be excessive relative to the size and duration of the ILW contract.

Comprehensive Income (Loss)

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

Earnings (Loss) 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 restricted stock units ("RSU") 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.



		Three months ended March 31
		2015	2014
Weighted average shares outstanding - basic		37,173,008	36,808,386

Effect of dilutive service provider share-based awards		—	—

Effect of dilutive employee and director share-based awards		—	—

Weighted average shares outstanding - diluted		37,173,008	36,808,386

Anti-dilutive stock options outstanding		71,821	40,000

Participating securities excluded from calculation of loss per share		322,971	384,323


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.

Recently Adopted Accounting Pronouncements

None.

FINANCIAL_INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2015
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.

	*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 (loss) in the condensed consolidated statements of income.

	The following table presents the Company’s investments, categorized by the level of the fair value hierarchy as of March 31, 2015:


			Fair value measurements as of March 31, 2015
			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		$	—			$	25,078			$	22,260		$	47,338

	Listed equity securities		1,237,978				7,742				—			1,245,720

	Commodities		139,838				—				—			139,838

	Private and unlisted equity securities		—				—				19,766			19,766

	Financial contracts receivable		1,065				38,654				1,763			41,482

			$	1,378,881			$	71,474			$	43,789		$	1,494,144

	Liabilities:
	Listed equity securities, sold not yet purchased		$	(1,052,141	)		$	—			$	—		$	(1,052,141	)

	Debt instruments, sold not yet purchased		—				(275,464		)		—			(275,464		)

	Financial contracts payable		(1,634		)		(38,678		)		—			(40,312		)

			$	(1,053,775	)		$	(314,142	)		$	—		$	(1,367,917	)


	The following table presents the Company’s investments, categorized by the level of the fair value hierarchy as of December 31, 2014:


			Fair value measurements as of December 31, 2014
			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		$	—			$	26,953			$	22,259		$	49,212

	Listed equity securities		1,259,298				6,877				—			1,266,175

	Commodities		96,872				—				—			96,872

	Private and unlisted equity securities		—				—				18,719			18,719

	Financial contracts receivable		2,463				44,708				—			47,171

			$	1,358,633			$	78,538			$	40,978		$	1,478,149

	Liabilities:
	Listed equity securities, sold not yet purchased		$	(834,228	)		$	—			$	—		$	(834,228	)

	Debt instruments, sold not yet purchased		—				(256,503		)		—			(256,503		)

Financial contracts payable		—				(44,592		)		—			(44,592		)

		$	(834,228	)		$	(301,095	)		$	—		$	(1,135,323	)

The following table presents the reconciliation of the balances for all investments measured at fair value using significant unobservable inputs (Level 3) for the three months ended March 31, 2015:


		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Debt instruments				Private and unlisted equity securities				Financial contracts receivable			Total
		($ in thousands)
Beginning balance		$	22,259			$	18,719			$	—		$	40,978

Purchases		—				866				2,340			3,206

Sales		—				—				—			—

Issuances		—				—				—			—

Settlements		—				—				—			—

Total realized and unrealized gains (losses) and amortization included in earnings, net		1				181				(577		)	(395		)

Transfers into Level 3		—				—				—			—

Transfers out of Level 3		—				—				—			—

Ending balance		$	22,260			$	19,766			$	1,763		$	43,789


There were no transfers between Level 1, Level 2 or Level 3 during the three months ended March 31, 2015.

The following table presents the reconciliation of the balances for all investments measured at fair value using significant unobservable inputs (Level 3) for the three months ended March 31, 2014:


		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Debt instruments				Private and unlisted equity securities				Total
		($ in thousands)
Beginning balance		$	527			$	46,323			$	46,850

Purchases		—				937				937

Sales		—				(1,956		)		(1,956		)

Issuances		—				—				—

Settlements		—				—				—

Total realized and unrealized gains included in earnings, net		77				511				588

Transfers into Level 3		—				—				—

Transfers out of Level 3		—				—				—

Ending balance		$	604			$	45,815			$	46,419


During the three months ended March 31, 2014, $10.0 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. There were no other transfers between Level 1, Level 2 or Level 3 during the three months ended March 31, 2014.

For the three months ended March 31, 2015, included in net investment income (loss) in the condensed consolidated statements of income were net realized gains relating to Level 3 securities of nil (three months ended March 31, 2014: net realized gains of $0.3 million). In addition, for the three months ended March 31, 2015, amortization expense of $0.6 million (three months ended March 31, 2014: nil) relating to financial contracts receivable valued using unobservable inputs, was included in the condensed consolidated statements of income as other income (expense), net.

For Level 3 classified securities still held as of the reporting date, the change in net unrealized gains for the three months ended March 31, 2015 of $0.2 million (three months ended March 31, 2014: net unrealized gains of $0.3 million), were included in net investment income (loss) in the condensed consolidated statements of income.

Investments

Debt instruments, trading

At March 31, 2015, the following investments were included in debt instruments:


		Cost/				Unrealized				Unrealized			Fair
		amortized				gains				losses			value
		cost
		($ in thousands)
Corporate debt – U.S.		$	23,677			$	—			$	(1,417	)	$	22,260

Corporate debt – Non U.S.		2,109				—				(1,008		)	1,101

Municipal debt – U.S.		2,653				287				—			2,940

Sovereign debt – Non U.S.		21,769				763				(1,495		)	21,037

Total debt instruments		$	50,208			$	1,050			$	(3,920	)	$	47,338


At December 31, 2014, the following investments were included in debt instruments:


		Cost/				Unrealized				Unrealized			Fair
		amortized				gains				losses			value
		cost
		($ in thousands)
Corporate debt – U.S.		$	23,677			$	5			$	(1,423	)	$	22,259

Corporate debt – Non U.S.		5,870				49				(1,405		)	4,514

Municipal debt – U.S.		1,759				—				(6		)	1,753

Sovereign debt – Non U.S.		21,769				—				(1,083		)	20,686

Total debt instruments		$	53,075			$	54			$	(3,917	)	$	49,212


The maturity distribution for debt instruments held at March 31, 2015 and December 31, 2014 was as follows:


		31-Mar-15								31-Dec-14
		Cost/				Fair				Cost/			Fair
		amortized				value				amortized			value
		cost								cost
		($ in thousands)
Within one year		$	—			$	—			$	—		$	—

From one to five years		21,959				22,017				21,922			21,923

From five to ten years		2,480				1,520				2,401			1,282

More than ten years		25,769				23,801				28,752			26,007

		$	50,208			$	47,338			$	53,075		$	49,212


Equity securities, trading

At March 31, 2015, the following long positions were included in equity securities, trading:


		Cost				Unrealized				Unrealized			Fair
						gains				losses			value
		($ in thousands)
Equities – listed		$	1,091,172			$	224,350			$	(89,400	)	$	1,226,122

Exchange traded funds		42,126				—				(22,528		)	19,598

Total equity securities		$	1,133,298			$	224,350			$	(111,928	)	$	1,245,720


At December 31, 2014, the following long positions were included in equity securities, trading:


		Cost				Unrealized				Unrealized			Fair
						gains				losses			value
		($ in thousands)
Equities – listed		$	1,079,955			$	247,109			$	(80,637	)	$	1,246,427

Exchange traded funds		42,126				—				(22,378		)	19,748

Total equity securities		$	1,122,081			$	247,109			$	(103,015	)	$	1,266,175


Other Investments

"Other investments" include commodities and private and unlisted equity securities. As of March 31, 2015 and December 31, 2014, commodities were comprised of gold bullion.

At March 31, 2015, the following securities were included in other investments:


		Cost				Unrealized				Unrealized			Fair
						gains				losses			value
		($ in thousands)
Commodities		$	139,130			$	708			$	—		$	139,838

Private and unlisted equity securities		18,103				3,631				(1,968		)	19,766

		$	157,233			$	4,339			$	(1,968	)	$	159,604


At December 31, 2014, the following securities were included in other investments:


		Cost				Unrealized				Unrealized			Fair
						gains				losses			value
		($ in thousands)
Commodities		$	95,815			$	1,057			$	—		$	96,872

Private and unlisted equity securities		17,238				3,451				(1,970		)	18,719

		$	113,053			$	4,508			$	(1,970	)	$	115,591


As of March 31, 2015, included in private and unlisted equity securities are investments in private equity funds with a fair value of $13.3 million (December 31, 2014: $12.3 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 March 31, 2015. The private equity funds have varying lock-up periods and as of March 31, 2015, 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 in the near future. As of March 31, 2015, the Company had $8.0 million (December 31, 2014: $8.9 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 8 of these condensed 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 establish a position in security sold, 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 March 31, 2015, the following securities were included in investments in securities sold, not yet purchased:


		Proceeds				Unrealized gains				Unrealized losses			Fair value
		($ in thousands)
Equities – listed		$	(1,006,286	)		$	86,374			$	(116,284	)	$	(1,036,196	)

Exchange traded funds		(12,815		)		—				(3,130		)	(15,945		)

Corporate debt – U.S.		(7,066		)		1,245				(5		)	(5,826		)

Sovereign debt – Non U.S.		(293,186		)		23,548				—			(269,638		)

		$	(1,319,353	)		$	111,167			$	(119,419	)	$	(1,327,605	)


At December 31, 2014, the following securities were included in investments in securities sold, not yet purchased:


		Proceeds				Unrealized gains				Unrealized losses			Fair value
		($ in thousands)
Equities – listed		$	(813,365	)		$	91,690			$	(101,715	)	$	(823,390	)

Exchange traded funds		(9,180		)		—				(1,658		)	(10,838		)

Corporate debt – U.S.		(7,066		)		1,007				(5		)	(6,064		)

Sovereign debt – Non U.S.		(246,589		)		6,635				(10,485		)	(250,439		)

		$	(1,076,200	)		$	99,332			$	(113,863	)	$	(1,090,731	)


Financial Contracts

As of March 31, 2015 and December 31, 2014, the Company had entered into total return swaps, CDS, options, warrants, rights, 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.

In addition, at March 31, 2015, the Company had entered into an ILW contract with certain third-parties in order to purchase protection against worldwide wind and earthquake exposures from January 2015 to December 2015. In return for a fixed payment, the Company is entitled to receive a floating payment in the event of losses incurred by the insurance industry, as a whole, exceeding a specified threshold. The maximum total recovery to the Company under the ILW is $12.0 million. Through March 31, 2015, the Company was not aware of any industry loss event occurring that would have triggered a recovery under the ILW.

At March 31, 2015, the fair values of financial contracts outstanding were as follows:


Financial Contracts		Listing		Notional amount of			Fair value of net assets
		currency (1)		underlying instruments			(obligations)
							on financial
							contracts
				($ in thousands)
Financial contracts receivable
Forwards		KRW		15,697			$	127

Put options (2)		USD		235,354			14,730

Total return swaps – equities		EUR/GBP/HKD/MXN/USD		56,949			23,797

Warrants and rights on listed equities		EUR		2,684			1,065

Weather derivative swap		USD		12,000			1,763

Total financial contracts receivable, at fair value							$	41,482

Financial contracts payable
Credit default swaps, purchased – corporate debt		USD		221,198			$	(806	)

Credit default swaps, purchased – sovereign debt		USD		251,467			(1,112		)

Futures		USD		77,524			(1,634		)

Total return swaps – equities		EUR/GBP/HKD/INR/RON/USD		109,343			(36,760		)

Total financial contracts payable, at fair value							$	(40,312	)
(1) USD =S Dollar; EUR =uro; GBP =ritish Pound; HKD =ong Kong Dollar; KRW =orean Won; MXN =exican Peso; RON =omanian New Leu; INR =ndian Rupee.
(2) Includes options on the Japanese Yen and the Chinese Yuan, denominated in U.S. dollars.


At December 31, 2014, the fair values of financial contracts outstanding were as follows:


Financial Contracts		Listing		Notional amount of			Fair value of net assets
		currency (1)		underlying instruments			(obligations)
							on financial
							contracts
				($ in thousands)
Financial contracts receivable
Futures		USD		13,204			3,461

Put options (2)		USD		299,907			22,349

Total return swaps – equities		EUR/GBP/HKD/USD		43,355			18,898

Warrants and rights on listed equities		EUR		8,054			2,463

Total financial contracts receivable, at fair value							$	47,171

Financial contracts payable
Credit default swaps, purchased – corporate debt		USD		221,198			$	(1,305	)

Credit default swaps, purchased – sovereign debt		USD		251,467			(1,714		)

Forwards		KRW		20,563			(512		)

Futures		USD		33,625			(867		)

Total return swaps – equities		EUR/GBP/HKD/INR/RON/USD		122,667			(40,194		)

Total financial contracts payable, at fair value							$	(44,592	)
(1) USD =S Dollar; EUR =uro; GBP =ritish Pound; HKD =ong Kong Dollar; KRW =orean Won; RON =omanian New Leu; INR =ndian Rupee.
(2) Includes options on the Japanese Yen 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.

During the three months ended March 31, 2015 and 2014, 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
				Three months ended March 31
				2015				2014
				($ in thousands)
Credit default swaps, purchased – corporate debt		Net investment income (loss)		$	(55	)		$	11

Credit default swaps, purchased – sovereign debt		Net investment income (loss)		(31		)		(206		)
Forwards		Net investment income (loss)		136				(503		)

Futures		Net investment income (loss)		(2,077		)		(4,879		)
Interest rate options		Net investment income (loss)		—				(26		)

Options, warrants, and rights		Net investment income (loss)		(2,474		)		(9,619		)
Total return swaps – equities		Net investment income (loss)		4,223				6,419

Weather derivative swap		Other income (expense), net		(577		)		—

Total				$	(855	)		$	(8,803	)

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 three months ended March 31, 2015, the Company’s volume of derivative activities (based on notional amounts) was as follows:


2015		Three months ended March 31
Derivatives not designated as hedging instruments		Entered				Exited
		($ in thousands)
Forwards		$	—			$	4,725

Futures		84,989				56,748

Options, warrants and rights (1)		—				69,777

Total return swaps		14,900				39,748

Weather derivative swap		2,340				—

Total		$	102,229			$	170,998

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

For the three months ended March 31, 2014, the Company’s volume of derivative activities (based on notional amounts) was as follows:


2014		Three months ended March 31
Derivatives not designated as hedging instruments		Entered				Exited
		($ in thousands)
Forwards		$	—			$	63,191

Futures		35,862				114,667

Options, warrants and rights (1)		402,220				59,506

Total return swaps		44,469				29,082

Total		$	482,551			$	266,446

(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 March 31, 2015, the gross and net amounts of derivative instruments and the cash collateral applicable to derivative instruments were as follows:



March 31, 2015		(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			Financial instruments available for offset				Cash collateral (received) pledged			Net amount of asset (liability)
		($ in thousands)
Financial contracts receivable		$	41,482			$	—			$	41,482		$	(21,247	)		$	(10,621	)	$	9,614

Financial contracts payable		(40,312		)		—				(40,312		)	21,247				19,065			—


As of December 31, 2014, the gross and net amounts of derivative instruments and the cash collateral applicable to derivative instruments were as follows:



31-Dec-14		(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			Financial instruments available for offset				Cash collateral (received) pledged			Net amount of asset (liability)
		($ in thousands)
Financial contracts receivable		$	47,171			$	—			$	47,171		$	(24,265	)		$	(9,452	)	$	13,454

Financial contracts payable		(44,592		)		—				(44,592		)	24,265				20,327			—

DUE_TO_PRIME_BROKERS

DUE TO PRIME BROKERS	3 Months Ended
DUE TO PRIME BROKERS	Mar. 31, 2015
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
DUE TO PRIME BROKERS	DUE TO PRIME BROKERS

	As of March 31, 2015, 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 Note 8). 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 condensed consolidated balance sheets as due to prime brokers while the cash held in the custodial account is included on the condensed consolidated balance sheets as restricted cash and cash equivalents. At March 31, 2015, the amounts due to prime brokers included $134.9 million (December 31, 2014: $135.0 million) of cash borrowed under the term margin agreements to provide collateral for letters of credit facilities and $120.8 million (December 31, 2014: $76.1 million) of borrowing relating to investment purchases.

	Greenlight Re's investment guidelines, among other stipulations in the guidelines, allow for up to 15% (GRIL: 5%) net margin leverage for extended periods of time and up to 30% (GRIL: 20%) net margin leverage for periods of less than 30 days.

RETROCESSION

RETROCESSION	3 Months Ended
RETROCESSION	Mar. 31, 2015
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 expense recoverable from the retrocessionaires are recorded as assets.

	For the three months ended March 31, 2015, loss and loss adjustment expenses incurred of $63.2 million (2014: $67.4 million) reported on the condensed consolidated statements of income are net of loss and loss expenses recovered and recoverable of $0.2 million (2014: $0.3 million).

	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 March 31, 2015, the Company had losses receivable and loss reserves recoverable of $2.6 million (December 31, 2014: $18.3 million) from unrated retrocessionaires. During the three months ended March 31, 2015, the Company reached a settlement to commute a retrocession contract with one of the unrated retrocessionaires which resulted in a decrease in the losses recoverable from unrated retrocessionaires.

	At March 31, 2015 and December 31, 2014, $2.6 million and $2.8 million, respectively, of losses recoverable from unrated retrocessionaires were secured by cash collateral held by the Company.

	The Company regularly evaluates the financial condition of all its retrocessionaires to assess the ability of the retrocessionaires to honor their obligations. At March 31, 2015 and December 31, 2014, no provision for uncollectible losses recoverable was considered necessary.

SHAREBASED_COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2015
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 which is administered by the Compensation Committee of the Board of Directors. The Company's shares authorized for issuance include 3,500,000 (December 31, 2014: 3,500,000) Class A ordinary shares relating to the Company’s stock incentive plan for eligible employees, directors and consultants. As of March 31, 2015, 718,635 (December 31, 2014: 803,558) Class A ordinary shares remained available for future issuance under the Company's stock incentive plan.

	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 three months ended March 31, 2015, 78,102 (2014: 119,566) 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.

	The restricted share award activity during the three months ended March 31, 2015 was as follows:


			Number of			Weighted
			non-vested			average
			restricted			grant date
			shares			fair value
	Balance at December 31, 2014		330,087			$	27.9

	Granted		78,102			32.21

	Vested		(85,218	)		24.36

	Forfeited		—			—

	Balance at March 31, 2015		322,971			$	29.88


	Employee and Director Stock Options

	For the three months ended March 31, 2015, 90,000 (2014: 72,000) stock options were exercised by directors and employees resulting in 58,982 (2014: 47,313) Class A ordinary shares issued, net of shares surrendered as a result of the cashless exercise of stock options. When stock options are granted, the Company reduces the corresponding number from the shares authorized for issuance as part of the Company’s stock incentive plan. The intrinsic value of options exercised during the three months ended March 31, 2015 was $1.9 million (2014: $1.5 million).

	Employee and director stock option activity during the three months ended March 31, 2015 was as follows:


			Number of			Weighted		Weighted
			options			average		average
						exercise		grant date
						price		fair value
	Balance at December 31, 2014		1,116,308			$	17.58	$	7.73

	Granted		—			—		—

	Exercised		(90,000	)		11.1		5.57

	Forfeited		—			—		—

	Expired		—			—		—

	Balance at March 31, 2015		1,026,308			$	18.15	$	7.92


	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 cost based on the grant date fair market value of the RSUs is expensed on a straight line basis over the vesting period.

	For the three months ended March 31, 2015, 6,821 (2014: 9,668) 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.

	Employee RSU activity during the three months ended March 31, 2015 was as follows:


			Number of			Weighted
			non-vested			average
			RSUs			grant date
						fair value
Balance at December 31, 2014		15,609			$	29.72

Granted		6,821			32.21

Vested		—			—

Forfeited		—			—

Balance at March 31, 2015		22,430			$	30.48


For the three months ended March 31, 2015 and 2014, the general and administrative expenses included stock compensation expense (net of forfeitures) of $1.0 million and $1.0 million, respectively, for the expensing of the fair value of stock options, restricted stocks and RSUs granted to employees and directors.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS

	Investment Advisory Agreement

	Effective January 1, 2014, the Company and its reinsurance subsidiaries were party to a joint venture agreement with DME Advisors, LP ("DME Advisors") under which the Company, its reinsurance subsidiaries and DME Advisors LLC ("DME") are participants of a joint venture for the purpose of managing certain jointly held assets (the "venture agreement"). In addition, the Company, its reinsurance subsidiaries and DME have entered into a separate investment advisory agreement with DME Advisors (the "advisory agreement"). DME and DME Advisors are related to the Company and each is an affiliate of David Einhorn, Chairman of the Company’s Board of Directors.

	Pursuant to the venture agreement, performance allocation equal to 20% of the net investment income of the Company’s share of the account managed by DME Advisors is allocated, subject to a loss carry forward provision, to DME’s account. The loss carry forward provision allows DME to earn a reduced performance allocation of 10% on net investment income in any year subsequent to the year in which the investment account incurs a loss, until all the losses are recouped and an additional amount equal to 150% of the aggregate investment loss is earned. DME is not entitled to earn a performance allocation in a year in which the investment portfolio incurs a loss. For the three months ended March 31, 2015, no performance allocation (2014: nil) was recorded due to gross investment loss reported during the period.

	Pursuant to the advisory agreement, a monthly management fee, equal to 0.125% (1.5% on an annual basis) of the Company’s investment account managed by DME Advisors, is paid to DME Advisors. Included in the net investment income (loss) for the three months ended March 31, 2015 were management fees of $5.2 million (2014: $5.0 million). The management fees have been fully paid as of March 31, 2015.

	Pursuant to the venture and advisory agreements, the Company has agreed to indemnify DME and 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 will reimburse DME and 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 or DME Advisors. For the three months ended March 31, 2015, there were no indemnification payments made by the Company.

	David Einhorn also serves as the Chairman of the Board of Directors of Green Brick Partners Inc ("GRBK"), a publicly traded company. During the year end December 31, 2014, the Company, along with certain affiliates of DME Advisors, provided debt financing to GRBK and acquired equity shares of GRBK. As of March 31, 2015, $21.6 million (December 31, 2014: $21.6 million) of the GRBK debt and $18.6 million (December 31, 2014: $18.4 million) of GRBK listed equities were included on the balance sheet as "debt instruments, trading, at fair value" and "equity securities, trading, at fair value", respectively. The debt matures on October 27, 2019, and carries an annual interest rate of 9.0% until October 27, 2015, and 10.0% thereafter. During the three months ended March 31, 2015, the Company's investment income included $0.5 million of interest relating to this debt.

	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	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES

	Letters of Credit

	At March 31, 2015, 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, 2015	90 days prior to termination date

	Butterfield Bank (Cayman) Limited		60,000			June 30, 2016	90 days prior to termination date

	Citibank Europe plc		400,000			October 11, 2015	120 days prior to termination date

	JP Morgan Chase Bank N.A.		100,000			January 27, 2016	120 days prior to termination date

			$	760,000


	As of March 31, 2015, an aggregate amount of $281.3 million (December 31, 2014: $273.7 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 March 31, 2015, total equity securities, restricted cash, and cash and cash equivalents with a fair value in the aggregate of $316.5 million (December 31, 2014: $302.6 million) were pledged as collateral 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 March 31, 2015 and December 31, 2014.

	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 March 31, 2015.

	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), which shall be 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 March 31, 2015.

	The total rent expense related to leased office space for the three months ended March 31, 2015 was $0.1 million (2014: $0.1 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 specialist service provider. If the agreement is terminated, the Company is obligated to make minimum payments for twelve months starting on September 1 of the year in which the agreement is terminated, 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 the agreement as of March 31, 2015.

	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 March 31, 2015, the Company had commitments to invest an additional $8.0 million (December 31, 2014: $8.9 million) in private equity investments. Included in the schedule below are the minimum payment obligations relating to these investments as of March 31, 2015.

	Schedule of Commitments and Contingencies

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


		2015			2016			2017		2018		2019		Thereafter		Total
		($ in thousands)
	Operating lease obligations	$	349		$	466		$	466	$	233	$	—	$	—	$	1,514

	Specialist service agreement	525			300			—		—		—		—		825

	Private equity and limited partnerships (1)	7,971			—			—		—		—		—		7,971

		$	8,845		$	766		$	466	$	233	$	—	$	—	$	10,310

	(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, 2015.

	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	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING

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

	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


		Three months ended March 31
		2015				2014
		($ in thousands)
	Property
	Aviation	$	266	0.2	%	$	290	0.2	%

	Commercial	6,449		5		6,345		5.3

	Energy	1,670		1.3		2,131		1.8

	Motor physical damage	7,593		5.9		7,176		6

	Personal	22,016		17		38,007		32

	Total Property	37,994		29.4		53,949		45.3

	Casualty
	General liability	6,398		4.9		1,191		1

	Marine liability	3,934		3		3,847		3.2

	Motor liability	43,331		33.4		38,114		32.1

	Professional liability	15,059		11.6		312		0.3

	Total Casualty	68,722		52.9		43,464		36.6

	Specialty
	Financial	1,556		1.2		1,200		1

	Health	20,681		15.9		20,288		17.1

	Workers’ compensation	729		0.6		—		—

	Total Specialty	22,966		17.7		21,488		18.1

		$	129,682	100	%	$	118,901	100	%


	Gross Premiums Written by Geographic Area of Risks Insured


		Three months ended March 31
		2015				2014
		($ in thousands)
	U.S. and Caribbean	$	94,396	72.8	%	$	104,525	87.9	%

	Worldwide (1)	33,304		25.7		14,064		11.8

	Europe	1,933		1.5		312		0.3

	Asia	49		—		—		—

		$	129,682	100	%	$	118,901	100	%


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

SIGNIFICANT_ACCOUNTING_POLICIE1

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2015
Accounting Policies [Abstract]
Reclassifications	Reclassifications
Reclassifications	Certain prior period balances have been reclassified to conform to the current period presentation. Prior to January 1, 2015, non-investment related foreign exchange gains and losses were recorded under general and administrative expenses in the condensed consolidated statements of income. Effective from January 1, 2015, the presentation has been modified and any non-investment related foreign exchange gains or losses are now recorded under “Other income (expense) net” in the condensed consolidated statements of income. As a result, foreign exchange loss of $0.3 million that was previously reported in general and administrative expenses for the three months ended March 31, 2014 was reclassified as “Other income (expense) net” to conform to the current year 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 condensed consolidated financial statements and the reported amounts of income and expenses during the period. Actual results could differ from these estimates.
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 to collateralize the letters of credit issued under certain letter of credit facilities (see Notes 4 and 8). 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
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 March 31, 2015 and December 31, 2014, 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.
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. Interest income and realized gains or losses on sale of notes receivable are included under net investment income (loss) in the condensed consolidated statements of income.

	The Company regularly reviews all notes receivable individually for impairment and records valuation allowance provisions for uncollectible and non-performing notes. The Company places notes on non-accrual status when the recorded 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, 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 insurance 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 condensed consolidated balance sheets. Amortized gains are recorded in the condensed consolidated statements of income as other income.
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 (loss) in the condensed 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 condensed 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 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 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 (loss) in the condensed 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 each 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 condensed 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 (loss) in the condensed 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 (loss) in the condensed 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 may purchase and sell 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).

	The Company, from time time, purchases industry loss warranty contracts ("ILW") to manage its exposure to weather related events. An ILW is designated as a weather derivative swap and included in financial contracts receivable. The carrying amount of an ILW is the unamortized portion of the premium paid for an ILW. An estimate of fair value is not practicable since ILW contracts are generally not exchange traded, and the time and cost involved in creating a valuation model to estimate the fair value would be excessive relative to the size and duration of the ILW contract.
Comprehensive Income (Loss)	Comprehensive Income (Loss)

	The Company has no other comprehensive income or loss, other than the net income or loss disclosed in the condensed consolidated statements of income.
Earnings (Loss) Per Share	Earnings (Loss) 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 restricted stock units ("RSU") 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.
Recently Adopted Accounting Standards	Recently Adopted Accounting Pronouncements

	None.

SIGNIFICANT_ACCOUNTING_POLICIE2

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Schedule of Weighted Average Number of Shares

		Three months ended March 31
		2015	2014
	Weighted average shares outstanding - basic	37,173,008	36,808,386

	Effect of dilutive service provider share-based awards	—	—

	Effect of dilutive employee and director share-based awards	—	—

	Weighted average shares outstanding - diluted	37,173,008	36,808,386

	Anti-dilutive stock options outstanding	71,821	40,000

	Participating securities excluded from calculation of loss per share	322,971	384,323

FINANCIAL_INSTRUMENTS_Tables

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2015																					Mar. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value Hierarchy	The following table presents the Company’s investments, categorized by the level of the fair value hierarchy as of March 31, 2015:


		Fair value measurements as of March 31, 2015
		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	$	—			$	25,078			$	22,260		$	47,338

	Listed equity securities	1,237,978				7,742				—			1,245,720

	Commodities	139,838				—				—			139,838

	Private and unlisted equity securities	—				—				19,766			19,766

	Financial contracts receivable	1,065				38,654				1,763			41,482

		$	1,378,881			$	71,474			$	43,789		$	1,494,144

	Liabilities:
	Listed equity securities, sold not yet purchased	$	(1,052,141	)		$	—			$	—		$	(1,052,141	)

	Debt instruments, sold not yet purchased	—				(275,464		)		—			(275,464		)

	Financial contracts payable	(1,634		)		(38,678		)		—			(40,312		)

		$	(1,053,775	)		$	(314,142	)		$	—		$	(1,367,917	)


	The following table presents the Company’s investments, categorized by the level of the fair value hierarchy as of December 31, 2014:


		Fair value measurements as of December 31, 2014
		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	$	—			$	26,953			$	22,259		$	49,212

	Listed equity securities	1,259,298				6,877				—			1,266,175

	Commodities	96,872				—				—			96,872

	Private and unlisted equity securities	—				—				18,719			18,719

	Financial contracts receivable	2,463				44,708				—			47,171

		$	1,358,633			$	78,538			$	40,978		$	1,478,149

	Liabilities:
	Listed equity securities, sold not yet purchased	$	(834,228	)		$	—			$	—		$	(834,228	)

	Debt instruments, sold not yet purchased	—				(256,503		)		—			(256,503		)

	Financial contracts payable	—				(44,592		)		—			(44,592		)

		$	(834,228	)		$	(301,095	)		$	—		$	(1,135,323	)

Fair Value Measurements Using Significant Unobservable Inputs	The following table presents the reconciliation of the balances for all investments measured at fair value using significant unobservable inputs (Level 3) for the three months ended March 31, 2015:																					The following table presents the reconciliation of the balances for all investments measured at fair value using significant unobservable inputs (Level 3) for the three months ended March 31, 2014:


		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)																					Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Debt instruments				Private and unlisted equity securities				Financial contracts receivable			Total										Debt instruments		Private and unlisted equity securities			Total
		($ in thousands)																					($ in thousands)
	Beginning balance	$	22,259			$	18,719			$	—		$	40,978								Beginning balance	$	527	$	46,323		$	46,850

	Purchases	—				866				2,340			3,206									Purchases	—		937			937

	Sales	—				—				—			—									Sales	—		(1,956		)	(1,956		)

	Issuances	—				—				—			—									Issuances	—		—			—

	Settlements	—				—				—			—									Settlements	—		—			—

	Total realized and unrealized gains (losses) and amortization included in earnings, net	1				181				(577		)	(395		)							Total realized and unrealized gains included in earnings, net	77		511			588

	Transfers into Level 3	—				—				—			—									Transfers into Level 3	—		—			—

	Transfers out of Level 3	—				—				—			—									Transfers out of Level 3	—		—			—

	Ending balance	$	22,260			$	19,766			$	1,763		$	43,789								Ending balance	$	604	$	45,815		$	46,419

Maturity Distribution for Debt Instruments	The maturity distribution for debt instruments held at March 31, 2015 and December 31, 2014 was as follows:


		31-Mar-15								31-Dec-14
		Cost/				Fair				Cost/			Fair
		amortized				value				amortized			value
		cost								cost
		($ in thousands)
	Within one year	$	—			$	—			$	—		$	—

	From one to five years	21,959				22,017				21,922			21,923

	From five to ten years	2,480				1,520				2,401			1,282

	More than ten years	25,769				23,801				28,752			26,007

		$	50,208			$	47,338			$	53,075		$	49,212

Other Investments	At March 31, 2015, the following securities were included in other investments:


		Cost				Unrealized				Unrealized			Fair
						gains				losses			value
		($ in thousands)
	Commodities	$	139,130			$	708			$	—		$	139,838

	Private and unlisted equity securities	18,103				3,631				(1,968		)	19,766

		$	157,233			$	4,339			$	(1,968	)	$	159,604


	At December 31, 2014, the following securities were included in other investments:


		Cost				Unrealized				Unrealized			Fair
						gains				losses			value
		($ in thousands)
	Commodities	$	95,815			$	1,057			$	—		$	96,872

	Private and unlisted equity securities	17,238				3,451				(1,970		)	18,719

		$	113,053			$	4,508			$	(1,970	)	$	115,591

Investments in Securities Sold, Not Yet Purchased	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 establish a position in security sold, 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 March 31, 2015, the following securities were included in investments in securities sold, not yet purchased:


		Proceeds				Unrealized gains				Unrealized losses			Fair value
		($ in thousands)
	Equities – listed	$	(1,006,286	)		$	86,374			$	(116,284	)	$	(1,036,196	)

	Exchange traded funds	(12,815		)		—				(3,130		)	(15,945		)

	Corporate debt – U.S.	(7,066		)		1,245				(5		)	(5,826		)

	Sovereign debt – Non U.S.	(293,186		)		23,548				—			(269,638		)

		$	(1,319,353	)		$	111,167			$	(119,419	)	$	(1,327,605	)


	At December 31, 2014, the following securities were included in investments in securities sold, not yet purchased:


		Proceeds				Unrealized gains				Unrealized losses			Fair value
		($ in thousands)
	Equities – listed	$	(813,365	)		$	91,690			$	(101,715	)	$	(823,390	)

	Exchange traded funds	(9,180		)		—				(1,658		)	(10,838		)

	Corporate debt – U.S.	(7,066		)		1,007				(5		)	(6,064		)

	Sovereign debt – Non U.S.	(246,589		)		6,635				(10,485		)	(250,439		)

		$	(1,076,200	)		$	99,332			$	(113,863	)	$	(1,090,731	)

Fair values of Financial Contracts Outstanding	At March 31, 2015, the fair values of financial contracts outstanding were as follows:																				[1]


	Financial Contracts	Listing		Notional amount of			Fair value of net assets
		currency (1)		underlying instruments			(obligations)
							on financial
							contracts
				($ in thousands)
	Financial contracts receivable
	Forwards	KRW		15,697			$	127

	Put options (2)	USD		235,354			14,730

	Total return swaps – equities	EUR/GBP/HKD/MXN/USD		56,949			23,797

	Warrants and rights on listed equities	EUR		2,684			1,065

	Weather derivative swap	USD		12,000			1,763

	Total financial contracts receivable, at fair value						$	41,482

	Financial contracts payable
	Credit default swaps, purchased – corporate debt	USD		221,198			$	(806	)

	Credit default swaps, purchased – sovereign debt	USD		251,467			(1,112		)

	Futures	USD		77,524			(1,634		)

	Total return swaps – equities	EUR/GBP/HKD/INR/RON/USD		109,343			(36,760		)

	Total financial contracts payable, at fair value						$	(40,312	)
	(1) USD =S Dollar; EUR =uro; GBP =ritish Pound; HKD =ong Kong Dollar; KRW =orean Won; MXN =exican Peso; RON =omanian New Leu; INR =ndian Rupee.
	(2) Includes options on the Japanese Yen and the Chinese Yuan, denominated in U.S. dollars.


	At December 31, 2014, the fair values of financial contracts outstanding were as follows:


	Financial Contracts	Listing		Notional amount of			Fair value of net assets
		currency (1)		underlying instruments			(obligations)
							on financial
							contracts
				($ in thousands)
	Financial contracts receivable
	Futures	USD		13,204			3,461

	Put options (2)	USD		299,907			22,349

	Total return swaps – equities	EUR/GBP/HKD/USD		43,355			18,898

	Warrants and rights on listed equities	EUR		8,054			2,463

	Total financial contracts receivable, at fair value						$	47,171

	Financial contracts payable
	Credit default swaps, purchased – corporate debt	USD		221,198			$	(1,305	)

	Credit default swaps, purchased – sovereign debt	USD		251,467			(1,714		)

	Forwards	KRW		20,563			(512		)

	Futures	USD		33,625			(867		)

	Total return swaps – equities	EUR/GBP/HKD/INR/RON/USD		122,667			(40,194		)

Total financial contracts payable, at fair value						$	(44,592	)
Gain (Loss) on derivatives recognized in income	During the three months ended March 31, 2015 and 2014, 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
				Three months ended March 31
				2015				2014
				($ in thousands)
	Credit default swaps, purchased – corporate debt	Net investment income (loss)		$	(55	)		$	11

	Credit default swaps, purchased – sovereign debt	Net investment income (loss)		(31		)		(206		)
	Forwards	Net investment income (loss)		136				(503		)

	Futures	Net investment income (loss)		(2,077		)		(4,879		)
	Interest rate options	Net investment income (loss)		—				(26		)

	Options, warrants, and rights	Net investment income (loss)		(2,474		)		(9,619		)
	Total return swaps – equities	Net investment income (loss)		4,223				6,419

	Weather derivative swap	Other income (expense), net		(577		)		—

	Total			$	(855	)		$	(8,803	)
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	For the three months ended March 31, 2015, the Company’s volume of derivative activities (based on notional amounts) was as follows:


	2015	Three months ended March 31
	Derivatives not designated as hedging instruments	Entered				Exited
		($ in thousands)
	Forwards	$	—			$	4,725

	Futures	84,989				56,748

	Options, warrants and rights (1)	—				69,777

	Total return swaps	14,900				39,748

	Weather derivative swap	2,340				—

	Total	$	102,229			$	170,998

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

	For the three months ended March 31, 2014, the Company’s volume of derivative activities (based on notional amounts) was as follows:


	2014	Three months ended March 31
	Derivatives not designated as hedging instruments	Entered				Exited
		($ in thousands)
	Forwards	$	—			$	63,191

	Futures	35,862				114,667

	Options, warrants and rights (1)	402,220				59,506

	Total return swaps	44,469				29,082

	Total	$	482,551			$	266,446

	(1) Exited amount excludes options which expired or were exercised during the period.
Offsetting assets and liabilities	As of March 31, 2015, the gross and net amounts of derivative instruments and the cash collateral applicable to derivative instruments were as follows:



	March 31, 2015	(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			Financial instruments available for offset			Cash collateral (received) pledged			Net amount of asset (liability)
		($ in thousands)
	Financial contracts receivable	$	41,482			$	—			$	41,482		$	(21,247	)	$	(10,621	)	$	9,614

	Financial contracts payable	(40,312		)		—				(40,312		)	21,247			19,065			—


	As of December 31, 2014, the gross and net amounts of derivative instruments and the cash collateral applicable to derivative instruments were as follows:



	31-Dec-14	(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			Financial instruments available for offset			Cash collateral (received) pledged			Net amount of asset (liability)
		($ in thousands)
	Financial contracts receivable	$	47,171			$	—			$	47,171		$	(24,265	)	$	(9,452	)	$	13,454

	Financial contracts payable	(44,592		)		—				(44,592		)	24,265			20,327			—

Debt instruments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, Debt and Equities	Debt instruments, trading

	At March 31, 2015, the following investments were included in debt instruments:


		Cost/				Unrealized				Unrealized			Fair
		amortized				gains				losses			value
		cost
		($ in thousands)
	Corporate debt – U.S.	$	23,677			$	—			$	(1,417	)	$	22,260

	Corporate debt – Non U.S.	2,109				—				(1,008		)	1,101

	Municipal debt – U.S.	2,653				287				—			2,940

	Sovereign debt – Non U.S.	21,769				763				(1,495		)	21,037

	Total debt instruments	$	50,208			$	1,050			$	(3,920	)	$	47,338


	At December 31, 2014, the following investments were included in debt instruments:


		Cost/				Unrealized				Unrealized			Fair
		amortized				gains				losses			value
		cost
		($ in thousands)
	Corporate debt – U.S.	$	23,677			$	5			$	(1,423	)	$	22,259

	Corporate debt – Non U.S.	5,870				49				(1,405		)	4,514

	Municipal debt – U.S.	1,759				—				(6		)	1,753

	Sovereign debt – Non U.S.	21,769				—				(1,083		)	20,686

	Total debt instruments	$	53,075			$	54			$	(3,917	)	$	49,212

Equity Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities, Debt and Equities	Equity securities, trading

	At March 31, 2015, the following long positions were included in equity securities, trading:


		Cost				Unrealized				Unrealized			Fair
						gains				losses			value
		($ in thousands)
	Equities – listed	$	1,091,172			$	224,350			$	(89,400	)	$	1,226,122

	Exchange traded funds	42,126				—				(22,528		)	19,598

	Total equity securities	$	1,133,298			$	224,350			$	(111,928	)	$	1,245,720


	At December 31, 2014, the following long positions were included in equity securities, trading:


		Cost				Unrealized				Unrealized			Fair
						gains				losses			value
		($ in thousands)
	Equities – listed	$	1,079,955			$	247,109			$	(80,637	)	$	1,246,427

	Exchange traded funds	42,126				—				(22,378		)	19,748

	Total equity securities	$	1,122,081			$	247,109			$	(103,015	)	$	1,266,175


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SHAREBASED_COMPENSATION_Tables

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Stock Options, Activity	Employee and director stock option activity during the three months ended March 31, 2015 was as follows:


		Number of		Weighted		Weighted
		options		average		average
				exercise		grant date
				price		fair value
	Balance at December 31, 2014	1,116,308		$	17.58	$	7.73

	Granted	—		—		—

	Exercised	(90,000	)	11.1		5.57

	Forfeited	—		—		—

	Expired	—		—		—

	Balance at March 31, 2015	1,026,308		$	18.15	$	7.92

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 three months ended March 31, 2015 was as follows:


		Number of		Weighted
		non-vested		average
		restricted		grant date
		shares		fair value
	Balance at December 31, 2014	330,087		$	27.9

	Granted	78,102		32.21

	Vested	(85,218	)	24.36

	Forfeited	—		—

	Balance at March 31, 2015	322,971		$	29.88

RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	Employee RSU activity during the three months ended March 31, 2015 was as follows:


		Number of		Weighted
		non-vested		average
		RSUs		grant date
				fair value
	Balance at December 31, 2014	15,609		$	29.72

	Granted	6,821		32.21

	Vested	—		—

	Forfeited	—		—

	Balance at March 31, 2015	22,430		$	30.48

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Letters of Credit Facilities	At March 31, 2015, 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, 2015	90 days prior to termination date

	Butterfield Bank (Cayman) Limited		60,000			June 30, 2016	90 days prior to termination date

	Citibank Europe plc		400,000			October 11, 2015	120 days prior to termination date

	JP Morgan Chase Bank N.A.		100,000			January 27, 2016	120 days prior to termination date

			$	760,000

Schedule of Commitments and Contingencies, Fiscal Year Maturity Schedule	Schedule of Commitments and Contingencies

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


		2015			2016			2017		2018		2019		Thereafter		Total
		($ in thousands)
	Operating lease obligations	$	349		$	466		$	466	$	233	$	—	$	—	$	1,514

	Specialist service agreement	525			300			—		—		—		—		825

	Private equity and limited partnerships (1)	7,971			—			—		—		—		—		7,971

		$	8,845		$	766		$	466	$	233	$	—	$	—	$	10,310

	(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, 2015.

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Gross Premiums Written by Line of Business	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


		Three months ended March 31
		2015				2014
		($ in thousands)
	Property
	Aviation	$	266	0.2	%	$	290	0.2	%

	Commercial	6,449		5		6,345		5.3

	Energy	1,670		1.3		2,131		1.8

	Motor physical damage	7,593		5.9		7,176		6

	Personal	22,016		17		38,007		32

	Total Property	37,994		29.4		53,949		45.3

	Casualty
	General liability	6,398		4.9		1,191		1

	Marine liability	3,934		3		3,847		3.2

	Motor liability	43,331		33.4		38,114		32.1

	Professional liability	15,059		11.6		312		0.3

	Total Casualty	68,722		52.9		43,464		36.6

	Specialty
	Financial	1,556		1.2		1,200		1

	Health	20,681		15.9		20,288		17.1

	Workers’ compensation	729		0.6		—		—

	Total Specialty	22,966		17.7		21,488		18.1

		$	129,682	100	%	$	118,901	100	%

Gross Premiums Written by Geographic Area of Risks Insured

		Three months ended March 31
		2015				2014
		($ in thousands)
	U.S. and Caribbean	$	94,396	72.8	%	$	104,525	87.9	%

	Worldwide (1)	33,304		25.7		14,064		11.8

	Europe	1,933		1.5		312		0.3

	Asia	49		—		—		—

		$	129,682	100	%	$	118,901	100	%


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

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]
Stock issued from initial public offering	11,787,500
Price per share of stock issued from initial public offering	$19
Common Class B
Class of Stock [Line Items]
Stock issued from initial public offering	2,631,579
Price per share of stock issued from initial public offering	$19

SIGNIFICANT_ACCOUNTING_POLICIE3

SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Accounting Policies [Line Items]
Prior Period Reclassification Adjustment		$300,000
Premium deficiency loss	0		0
Profit commission reserves	11,000,000		11,000,000
Profit commission expense	500,000	900,000
Notes receivable balance related to note placed on non-accrual status	25,700,000		0
Impairment charge relating to accrued interest and principal on note placed on non-accrual status	0	0
Notes receivable earned interest annual interest rates	13.50%
Maturity term of note receivable	0 years 3 months
Interest received relating to note placed on non-accrual status		0
Losses on deposit accounted contracts	0
Gain on deposit accounted contracts	$0	$0

SIGNIFICANT_ACCOUNTING_POLICIE4

SIGNIFICANT ACCOUNTING POLICIES Fixed Assets (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Impairments of fixed assets	$0
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Fixed assets estimated useful life		5 years

SIGNIFICANT_ACCOUNTING_POLICIE5

SIGNIFICANT ACCOUNTING POLICIES Earnings Per Share Reconciliation (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average shares outstanding - basic	37,173,008	36,808,386
Effect of dilutive service provider share-based awards	0	0
Effect of dilutive employee and director share-based awards	0	0
Weighted average shares outstanding - diluted	37,173,008	36,808,386
Stock Options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive stock options outstanding	71,821	40,000
Restricted stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive stock options outstanding	322,971	384,323

SIGNIFICANT_ACCOUNTING_POLICIE6

SIGNIFICANT ACCOUNTING POLICIES Income taxes (Details)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES Income taxes (Details)	Mar. 31, 2015
Verdant
Income Taxes [Line Items]
Income tax rate	35.00%
GRIL \| Ireland
Income Taxes [Line Items]
Tax rate on trading income	12.50%
Tax rate on non-trading income	25.00%

FINANCIAL_INSTRUMENTS_Schedule

FINANCIAL INSTRUMENTS Schedule of Investments Categorized by Level of Fair Value Hierarchy (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instruments	$47,338	$49,212
Listed equity securities	1,245,720	1,266,175
Commodities	139,838	96,872
Private and unlisted equity securities	19,766	18,719
Financial contracts receivable	41,482	47,171
Assets:	1,494,144	1,478,149
Listed equity securities, sold not yet purchased	-1,052,141	-834,228
Debt instruments, sold not yet purchased	-275,464	-256,503
Financial contracts payable	-40,312	-44,592
Liabilities:	-1,367,917	-1,135,323
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	1,237,978	1,259,298
Commodities	139,838	96,872
Private and unlisted equity securities	0	0
Financial contracts receivable	1,065	2,463
Assets:	1,378,881	1,358,633
Listed equity securities, sold not yet purchased	-1,052,141	-834,228
Debt instruments, sold not yet purchased	0	0
Financial contracts payable	-1,634	0
Liabilities:	-1,053,775	-834,228
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instruments	25,078	26,953
Listed equity securities	7,742	6,877
Commodities	0	0
Private and unlisted equity securities	0	0
Financial contracts receivable	38,654	44,708
Assets:	71,474	78,538
Listed equity securities, sold not yet purchased	0	0
Debt instruments, sold not yet purchased	-275,464	-256,503
Financial contracts payable	-38,678	-44,592
Liabilities:	-314,142	-301,095
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instruments	22,260	22,259
Listed equity securities	0	0
Commodities	0	0
Private and unlisted equity securities	19,766	18,719
Financial contracts receivable	1,763	0
Assets:	43,789	40,978
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 $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers out of Level 3	$0	$0
Transfers from Level 2 to Level 1 due to lock-up period restriction expiration	0		10,000,000
Total realized and unrealized gains (losses) included in earnings, net	-395,000	588,000
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	0	0
Significant unobservable inputs (Level 3) \| Private equity and limited partnerships (1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments in private equity funds	13,300,000		12,300,000
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers out of Level 3	0	0
Net Investment Income (Loss)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Amortization Expense Included in Earnings	-600,000	0
Total realized and unrealized gains (losses) included in earnings, net	0	300,000
Change in unrealized gains	$200,000	$300,000

FINANCIAL_INSTRUMENTS_Level_3_

FINANCIAL INSTRUMENTS Level 3 reconciliation (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$40,978	$46,850
Purchases	3,206	937
Sales	0	-1,956
Issuances	0	0
Settlements	0	0
Total realized and unrealized gains (losses) included in earnings, net	-395	588
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending balance	43,789	46,419
Debt instruments
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	22,259	527
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Total realized and unrealized gains (losses) included in earnings, net	1	77
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending balance	22,260	604
Private equity and limited partnerships (1)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	18,719	46,323
Purchases	866	937
Sales	0	-1,956
Issuances	0	0
Settlements	0	0
Total realized and unrealized gains (losses) included in earnings, net	181	511
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending balance	19,766	45,815
Financial contracts receivable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Purchases	2,340
Sales	0
Issuances	0
Settlements	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Amortization Expense Included in Earnings	-577
Transfers into Level 3	0
Transfers out of Level 3	0
Ending balance	1,763
Net Investment Income (Loss)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) included in earnings, net	0	300
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Amortization Expense Included in Earnings	-600	0
Quoted prices in active markets (Level 1)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers out of Level 3	0	0
Significant other observable inputs (Level 2)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers out of Level 3	$0	$0

FINANCIAL_INSTRUMENTS_Schedule1

FINANCIAL INSTRUMENTS Schedule of Investments Included in Debt Instruments (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost/ amortized cost	$50,208	$53,075
Debt instruments	47,338	49,212
Corporate debt â€“ U.S.
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost/ amortized cost	23,677	23,677
Unrealized gains	0	5
Unrealized losses	-1,417	-1,423
Debt instruments	22,260	22,259
Corporate debt â€“ Non U.S.
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost/ amortized cost	2,109	5,870
Unrealized gains	0	49
Unrealized losses	-1,008	-1,405
Debt instruments	1,101	4,514
Municipal Bonds [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost/ amortized cost	2,653	1,759
Unrealized gains	287	0
Unrealized losses	0	-6
Debt instruments	2,940	1,753
Sovereign debt â€“ Non U.S.
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost/ amortized cost	21,769
Unrealized gains	763
Unrealized losses	-1,495
Debt instruments	21,037
Total debt instruments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost/ amortized cost	50,208	53,075
Unrealized gains	1,050	54
Unrealized losses	-3,920	-3,917
Sovereign debt â€“ Non U.S.
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost/ amortized cost		21,769
Unrealized gains		0
Unrealized losses		-1,083
Debt instruments		$20,686

FINANCIAL_INSTRUMENTS_Schedule2

FINANCIAL INSTRUMENTS Schedule of Maturity of Debt Instruments (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Financial Instruments [Abstract]
Debt instruments, trading, within one year, cost	$0	$0
Debt instruments, trading, within one year, fair value	0	0
Debt instruments, trading, from one to five years, cost	21,959	21,922
Debt instruments, trading, from one to five years, fair value	22,017	21,923
Debt instruments, trading, from five to ten years, cost	2,480	2,401
Debt instruments, trading, from five to ten years, fair value	1,520	1,282
Debt instruments, trading, more than ten years, cost	25,769	28,752
Debt instruments, trading, more than ten years, fair value	23,801	26,007
Cost/ amortized cost	50,208	53,075
Debt instruments	$47,338	$49,212

FINANCIAL_INSTRUMENTS_Schedule3

FINANCIAL INSTRUMENTS Schedule of Investments in Equity Securities Trading (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost/ amortized cost	$50,208	$53,075
Equity securities, trading, at fair value	1,245,720	1,266,175
Equities â€“ listed
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost/ amortized cost	1,091,172	1,079,955
Unrealized gains	224,350	247,109
Unrealized losses	-89,400	-80,637
Equity securities, trading, at fair value	1,226,122	1,246,427
Exchange traded funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost/ amortized cost	42,126	42,126
Unrealized gains	0	0
Unrealized losses	-22,528	-22,378
Equity securities, trading, at fair value	19,598	19,748
Equities - listed
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost/ amortized cost	1,133,298	1,122,081
Unrealized gains	224,350	247,109
Unrealized losses	($111,928)	($103,015)

FINANCIAL_INSTRUMENTS_Schedule4

FINANCIAL INSTRUMENTS Schedule of Other Investments (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost	$157,233	$113,053
Unrealized gains	4,339	4,508
Unrealized losses	-1,968	-1,970
Fair value	159,604	115,591
Commodities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost	139,130	95,815
Unrealized gains	708	1,057
Unrealized losses	0	0
Fair value	139,838	96,872
Private equity and limited partnerships (1)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cost	18,103	17,238
Unrealized gains	3,631	3,451
Unrealized losses	-1,968	-1,970
Fair value	$19,766	$18,719

FINANCIAL_INSTRUMENTS_NAV_Inst

FINANCIAL INSTRUMENTS NAV Instruments (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of funds that have investment restrictions	100.00%
Private equity and limited partnerships (1)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded commitments relating to private equity funds	$8	$8.90
Significant unobservable inputs (Level 3) \| Private equity and limited partnerships (1)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments in private equity funds	$13.30	$12.30

FINANCIAL_INSTRUMENTS_Investme

FINANCIAL INSTRUMENTS Investments in Securities Sold, Not Yet Purchased (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Equities - listed
Investments Sold, Not yet Purchased [Line Items]
Unrealized gains	$224,350	$247,109
Unrealized losses	-111,928	-103,015
Exchange traded funds
Investments Sold, Not yet Purchased [Line Items]
Unrealized gains	0	0
Unrealized losses	-22,528	-22,378
Corporate debt â€“ U.S.
Investments Sold, Not yet Purchased [Line Items]
Unrealized gains	0	5
Unrealized losses	-1,417	-1,423
Securities Sold, Not yet Purchased
Investments Sold, Not yet Purchased [Line Items]
Proceeds	-1,319,353	-1,076,200
Unrealized gains	111,167	99,332
Unrealized losses	-119,419	-113,863
Fair value	-1,327,605	-1,090,731
Securities Sold, Not yet Purchased \| Equities - listed
Investments Sold, Not yet Purchased [Line Items]
Proceeds	-1,006,286	-813,365
Unrealized gains	86,374	91,690
Unrealized losses	-116,284	-101,715
Fair value	-1,036,196	-823,390
Securities Sold, Not yet Purchased \| Exchange traded funds
Investments Sold, Not yet Purchased [Line Items]
Proceeds	-12,815	-9,180
Unrealized gains	0	0
Unrealized losses	-3,130	-1,658
Fair value	-15,945	-10,838
Securities Sold, Not yet Purchased \| Corporate debt â€“ U.S.
Investments Sold, Not yet Purchased [Line Items]
Proceeds	-7,066	-7,066
Unrealized gains	1,245	1,007
Unrealized losses	-5	-5
Fair value	-5,826	-6,064
Securities Sold, Not yet Purchased \| Sovereign debt â€“ Non U.S.
Investments Sold, Not yet Purchased [Line Items]
Proceeds	-293,186	-246,589
Unrealized gains	23,548	6,635
Unrealized losses	0	-10,485
Fair value	($269,638)	($250,439)

FINANCIAL_INSTRUMENTS_Schedule5

FINANCIAL INSTRUMENTS Schedule of Fair Value of Financial Contracts Outstanding (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Financial contracts receivable	$41,482	$47,171
Financial contracts payable	-40,312	-44,592
Financial contracts receivable
Derivative [Line Items]
Financial contracts receivable	41,482	47,171
Financial contracts payable
Derivative [Line Items]
Financial contracts payable	-40,312	-44,592
Credit default swaps, purchased \| Corporate debt â€“ U.S. \| Financial contracts payable
Derivative [Line Items]
Financial contracts payable, Notional amount of underlying instruments	221,198	221,198
Financial contracts payable	-806	-1,305
Credit default swaps, purchased \| Sovereign debt â€“ Non U.S. \| Financial contracts payable
Derivative [Line Items]
Financial contracts payable, Notional amount of underlying instruments	251,467	251,467
Financial contracts payable	-1,112	-1,714
Forwards \| Financial contracts receivable
Derivative [Line Items]
Financial contracts receivable, Notional amount of underlying instruments	15,697
Financial contracts receivable	127
Forwards \| Financial contracts payable
Derivative [Line Items]
Financial contracts payable, Notional amount of underlying instruments		20,563
Financial contracts payable		-512
Futures \| Financial contracts receivable
Derivative [Line Items]
Financial contracts receivable, Notional amount of underlying instruments		13,204
Financial contracts receivable		3,461
Futures \| Financial contracts payable
Derivative [Line Items]
Financial contracts payable, Notional amount of underlying instruments	77,524
Financial contracts payable	-1,634
Put options \| Financial contracts receivable
Derivative [Line Items]
Financial contracts receivable, Notional amount of underlying instruments	235,354	299,907
Financial contracts receivable	14,730	22,349
Total return swaps â€“ equities \| Financial contracts receivable
Derivative [Line Items]
Financial contracts receivable, Notional amount of underlying instruments	56,949	43,355
Financial contracts receivable	23,797	18,898
Total return swaps â€“ equities \| Financial contracts payable
Derivative [Line Items]
Financial contracts payable, Notional amount of underlying instruments	109,343	33,625
Financial contracts payable	-36,760	-867
Warrants and rights on listed equities \| Financial contracts receivable
Derivative [Line Items]
Financial contracts receivable, Notional amount of underlying instruments	2,684	8,054
Financial contracts receivable	1,065	2,463
Warrants and rights on listed equities \| Financial contracts payable
Derivative [Line Items]
Financial contracts payable, Notional amount of underlying instruments		122,667
Financial contracts payable		-40,194
Weather derivative swap \| Financial contracts receivable
Derivative [Line Items]
Financial contracts receivable, Notional amount of underlying instruments	12,000
Financial contracts receivable	$1,763

FINANCIAL_INSTRUMENTS_Schedule6

FINANCIAL INSTRUMENTS Schedule of Reported Gains and Losses on Derivatives (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in income	($855)	($8,803)
Forwards \| Net Investment Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in income	136	-503
Futures \| Net Investment Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in income	-2,077	-4,879
Interest rate options \| Net Investment Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in income	0	-26
Options, warrants, and rights \| Net Investment Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in income	-2,474	-9,619
Total return swaps â€“ equities \| Net Investment Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in income	4,223	6,419
Weather derivative swap \| Other Income (Expense) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in income	-577	0
Corporate debt â€“ U.S. \| Credit default swaps, purchased \| Net Investment Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in income	-55	11
Sovereign debt â€“ Non U.S. \| Credit default swaps, purchased \| Net Investment Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives recognized in income	($31)	($206)

FINANCIAL_INSTRUMENTS_Schedule7

FINANCIAL INSTRUMENTS Schedule of Volumes of Derivative Activities (Details) (Derivatives not designated as hedging instruments, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Derivative [Line Items]
Entered	$102,229	$482,551
Exited	170,998	266,446
Forwards
Derivative [Line Items]
Entered	0	0
Exited	4,725	63,191
Futures
Derivative [Line Items]
Entered	84,989	35,862
Exited	56,748	114,667
Options, warrants and rights (1)
Derivative [Line Items]
Entered	0	402,220
Exited	69,777	59,506
Total return swaps â€“ equities
Derivative [Line Items]
Entered	14,900	44,469
Exited	39,748	29,082
Weather derivative swap
Derivative [Line Items]
Entered	2,340
Exited	$0

FINANCIAL_INSTRUMENTS_Schedule8

FINANCIAL INSTRUMENTS Schedule of Gross and Net Amounts of Financial Instruments and Cash Collateral (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Financial Instruments [Abstract]
Financial contracts receivable, Gross amounts of recognized assets (liabilities)	$41,482	$47,171
Financial contracts receivable, Gross amounts offset in the balance sheet	0	0
Financial contracts receivable, Net amounts of assets (liabilities) presented in the balance sheet	41,482	47,171
Financial contracts receivable, Financial instruments available for offset	-21,247	-24,265
Financial contracts receivable, Cash collateral (received) pledged	-10,621	-9,452
Financial contracts receivable, Net amount of asset (liability)	9,614	13,454
Financial contracts payable, Fair Value, Gross Liability	-40,312	-44,592
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	-40,312	-44,592
Financial contracts payable, Financial instruments available for offset	21,247	24,265
Financial contracts payable, Cash collateral (received) pledged	19,065	20,327
Financial contracts payable, Net amount of asset (liability)	$0	$0

DUE_TO_PRIME_BROKERS_Details

DUE TO PRIME BROKERS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Due to Prime Brokers [Line Items]
Amounts due to prime brokers	255,660	$211,070
GLRE
Due to Prime Brokers [Line Items]
Maximum temporary leverage	30.00%
Maximum long-term leverage	15.00%
GRIL
Due to Prime Brokers [Line Items]
Maximum temporary leverage	20.00%
Maximum long-term leverage	5.00%
Collateral for LOCs issued
Due to Prime Brokers [Line Items]
Amounts due to prime brokers	134,900	135,000
Investment Purchases
Due to Prime Brokers [Line Items]
Amounts due to prime brokers	120,800	$76,100

RETROCESSION_Details

RETROCESSION (Details) (USD $)	3 Months Ended
RETROCESSION (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Ceded Credit Risk [Line Items]
Loss and loss adjustment expenses incurred, net	$63,207,000	$67,363,000
Loss and loss expenses recovered and recoverable	200,000	300,000
Loss and loss adjustment expenses recoverable	2,655,000		11,523,000
Funds withheld	6,770,000		6,558,000
Provision for uncollectible losses recoverable	0		0
Ceded Credit Risk, Secured
Ceded Credit Risk [Line Items]
Funds withheld	2,600,000		2,800,000
Unrated [Member]
Ceded Credit Risk [Line Items]
Loss and loss adjustment expenses recoverable	$2,600,000		$18,300,000

SHAREBASED_COMPENSATION_Narrat

SHARE-BASED COMPENSATION Narrative (Details) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	10 years	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$0
Number of stock options exercised	90,000	72,000
Intrinsic value of options exercised	$1.90	$1.50
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$1	$1
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued from the exercise of stock options	58,982	47,313
Stock options \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for stock incentive plan	3,500,000		3,500,000
Shares available for future issuance relating to share purchase options granted to service provider	718,635		803,558
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Number of RSUs issued to employees	78,102
Restricted stock \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	78,102	119,566
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Number of RSUs issued to employees	6,821	9,668
Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%	25.00%
Vesting In Year One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%	25.00%
Vesting In Year Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%	25.00%
Vesting In Year Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%	25.00%

SHAREBASED_COMPENSATION_Restri

SHARE-BASED COMPENSATION Restricted Shares (Details) (Restricted stock, USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of non-vested restricted shares, Balance at December 31, 2013	330,087
Number of non-vested restricted shares, Granted	78,102
Number of non-vested restricted shares, Vested	-85,218
Number of non-vested restricted shares, Forfeited	0
Number of non-vested restricted shares, Balance at September 30, 2014	322,971
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, 2013	27.9
Weighted average grant date fair value, Granted	32.21
Weighted average grant date fair value, Vested	24.36
Weighted average grant date fair value, Forfeited	0
Weighted average grant date fair value, Balance at September 30, 2014	29.88
Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	78,102	119,566

SHAREBASED_COMPENSATION_Restri1

SHARE-BASED COMPENSATION Restricted Stock Units (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
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 restricted shares, Balance at December 31, 2013	330,087
Number of non-vested restricted shares, Granted	78,102
Number of non-vested restricted shares, Vested	-85,218
Number of non-vested restricted shares, Forfeited	0
Number of non-vested restricted shares, Balance at September 30, 2014	322,971
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, Granted	$32.21
Weighted average grant date fair value, Vested	$24.36
Weighted average grant date fair value, Forfeited	$0
Weighted average grant date fair value, Balance at September 30, 2014	$29.88		$27.90
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 restricted shares, Balance at December 31, 2013	15,609
Number of non-vested restricted shares, Granted	6,821	9,668
Number of non-vested restricted shares, Vested	0
Number of non-vested restricted shares, Forfeited	0
Number of non-vested restricted shares, Balance at September 30, 2014	22,430
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, Granted	$32.21
Weighted average grant date fair value, Vested	$0
Weighted average grant date fair value, Forfeited	$0
Weighted average grant date fair value, Balance at September 30, 2014	$30.48		$29.72

SHAREBASED_COMPENSATION_Share_

SHARE-BASED COMPENSATION Share Based Compensation Options Rollfoward (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of options, Balance at December 31, 2013	1,116,308
Number of options, Granted	0
Number of options, Exercised	-90,000	-72,000
Number of options, Forfeited	0
Number of options, Expired	0
Number of options, Balance at September 30, 2014	1,026,308
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Weighted average exercise price, Granted	$0
Weighted average exercise price, Exercised	$11.10
Weighted average exercise price, Forfeited	$0
Weighted average exercise price, Expired	$0
Weighted average exercise price, Balance at September 30, 2014	$18.15		$17.58
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted average grant date fair value, Granted	$0
Weighted average grant date fair value, Exercised	$5.57
Weighted average grant date fair value, Forfeited	$0
Weighted average grant date fair value, Expired	$0
Weighted average grant date fair value, Balance at September 30, 2014	$7.92		$7.73

SHAREBASED_COMPENSATION_Black_

SHARE-BASED COMPENSATION Black Scholes option pricing model assumptions (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected term (in years)	10 years	10 years

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Debt instruments	$47,338,000		$49,212,000
Listed equity securities	1,245,720,000		1,266,175,000
Investment Advisory Agreement \| Board of Directors Chairman
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	0	0
Investment management fee rate - monthly	0.13%
Investment management fee rate - annual	1.50%
Management fees	5,200,000	5,000,000
Debt instruments \| Board of Directors Chairman
Related Party Transaction [Line Items]
Debt instruments	21,600,000		21,600,000
Listed equity securities	18,600,000		18,400,000
Related Party Transaction, Date	27-Oct-19
Interest Income, Related Party	500,000
Specialist service agreement \| Board of Directors Chairman
Related Party Transaction [Line Items]
Investor relations monthly fee	5,000
Maximum \| Debt instruments \| Board of Directors Chairman
Related Party Transaction [Line Items]
Related Party Transaction, Rate	10.00%
Minimum \| Debt instruments \| Board of Directors Chairman
Related Party Transaction [Line Items]
Related Party Transaction, Rate	9.00%
Private equity and limited partnerships (1)
Related Party Transaction [Line Items]
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months	7,971,000		8,900,000
Unrecorded Unconditional Purchase Obligation, Due within Two Years	0
Unrecorded Unconditional Purchase Obligation, Due within Three Years	0
Unrecorded Unconditional Purchase Obligation, Due within Four Years	0
Unrecorded Unconditional Purchase Obligation, Due within Five Years	0
Unrecorded Unconditional Purchase Obligation, Due after Five Years	0
Unrecorded Unconditional Purchase Obligation	$7,971,000

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Letters of Credit Facilities [Line Items]
Amount of letters of credit issued	$281,300,000	$273,700,000
Total equity securities, restricted cash, and cash and cash equivalents fair value pledged as security against the letters of credit	316,500,000	302,600,000
Facility
Letters of Credit Facilities [Line Items]
Facility	760,000,000
Facility \| Bank of America, N.A.
Letters of Credit Facilities [Line Items]
Facility	200,000,000
Notice period required for termination	90 days
Facility \| Butterfield Bank (Cayman) Limited
Letters of Credit Facilities [Line Items]
Facility	60,000,000
Notice period required for termination	90 days
Facility \| Citibank Europe plc
Letters of Credit Facilities [Line Items]
Facility	400,000,000
Notice period required for termination	120 days
Facility \| JP Morgan Chase Bank N.A.
Letters of Credit Facilities [Line Items]
Facility	$100,000,000
Notice period required for termination	120 days

COMMITMENTS_AND_CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES Lease (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2015	Mar. 31, 2015	Mar. 31, 2015	Mar. 31, 2015
	USD ($)	USD ($)	GLRE	GLRE	GLRE	GRIL	Specialist service agreement [Member]
				Minimum	Maximum	EUR (€)	USD ($)
				USD ($)	USD ($)
Operating Leased Assets [Line Items]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$349,000
Annual rent payments				300,000	500,000	100,000
Operating lease renewal option			5 years
Total rent expense related to leased office space	100,000	100,000
Operating lease obligations, 2016	466,000
Operating lease obligations, 2017	466,000
Operating lease obligations, 2018	233,000
Operating lease obligations, 2019	0
Operating lease obligations, Thereafter	0
Operating lease obligations, Total	1,514,000
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months							525,000
Unrecorded Unconditional Purchase Obligation, Due within Two Years							300,000
Unrecorded Unconditional Purchase Obligation, Due within Three Years							0
Unrecorded Unconditional Purchase Obligation, Due within Four Years							0
Unrecorded Unconditional Purchase Obligation, Due within Five Years							0
Unrecorded Unconditional Purchase Obligation, Due after Five Years							0
Unrecorded Unconditional Purchase Obligation							825,000
Specialist service agreement and Private equity and limited partnerships, 2015	8,845,000
Specialist service agreement and Private equity and limited partnerships, 2016	766,000
Specialist service agreement and Private equity and limited partnerships, 2017	466,000
Specialist service agreement and Private equity and limited partnerships, 2018	233,000
Specialist service agreement and Private equity and limited partnerships, 2019	0
Specialist service agreement and Private equity and limited partnership, Thereafter	0
Specialist service agreement and Private equity and limited partnerships, Total	$10,310,000

SEGMENT_REPORTING_Details

SEGMENT REPORTING (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
	Segment	Mar. 31, 2014
Segment Reporting Information [Line Items]
Number of operating segments	1
Gross premiums written	$129,682	$118,901
Gross premiums by line of business as a percentage of total gross premiums	100.00%	100.00%
Total Property
Segment Reporting Information [Line Items]
Gross premiums written	37,994	53,949
Gross premiums by line of business as a percentage of total gross premiums	29.40%	45.30%
Aviation
Segment Reporting Information [Line Items]
Gross premiums written	266	290
Gross premiums by line of business as a percentage of total gross premiums	0.20%	0.20%
Commercial
Segment Reporting Information [Line Items]
Gross premiums written	6,449	6,345
Gross premiums by line of business as a percentage of total gross premiums	5.00%	5.30%
Energy
Segment Reporting Information [Line Items]
Gross premiums written	1,670	2,131
Gross premiums by line of business as a percentage of total gross premiums	1.30%	1.80%
Motor physical damage
Segment Reporting Information [Line Items]
Gross premiums written	7,593	7,176
Gross premiums by line of business as a percentage of total gross premiums	5.90%	6.00%
Personal
Segment Reporting Information [Line Items]
Gross premiums written	22,016	38,007
Gross premiums by line of business as a percentage of total gross premiums	17.00%	32.00%
Total Casualty
Segment Reporting Information [Line Items]
Gross premiums written	68,722	43,464
Gross premiums by line of business as a percentage of total gross premiums	52.90%	36.60%
General liability (1)
Segment Reporting Information [Line Items]
Gross premiums written	6,398	1,191
Gross premiums by line of business as a percentage of total gross premiums	4.90%	1.00%
Marine liability
Segment Reporting Information [Line Items]
Gross premiums written	3,934	3,847
Gross premiums by line of business as a percentage of total gross premiums	3.00%	3.20%
Motor liability
Segment Reporting Information [Line Items]
Gross premiums written	43,331	38,114
Gross premiums by line of business as a percentage of total gross premiums	33.40%	32.10%
Professional liability
Segment Reporting Information [Line Items]
Gross premiums written	15,059	312
Gross premiums by line of business as a percentage of total gross premiums	11.60%	0.30%
Total Specialty
Segment Reporting Information [Line Items]
Gross premiums written	22,966	21,488
Gross premiums by line of business as a percentage of total gross premiums	17.70%	18.10%
Financial
Segment Reporting Information [Line Items]
Gross premiums written	1,556	1,200
Gross premiums by line of business as a percentage of total gross premiums	1.20%	1.00%
Health
Segment Reporting Information [Line Items]
Gross premiums written	20,681	20,288
Gross premiums by line of business as a percentage of total gross premiums	15.90%	17.10%
Workersâ€™ compensation (1)
Segment Reporting Information [Line Items]
Gross premiums written	$729	$0
Gross premiums by line of business as a percentage of total gross premiums	0.60%	0.00%

SEGMENT_REPORTING_Geographic_i

SEGMENT REPORTING Geographic information (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenue from External Customer [Line Items]
Gross premiums written	$129,682	$118,901
Gross premiums by geographical area as a percentage of total gross premiums	100.00%	100.00%
North America [Member]
Revenue from External Customer [Line Items]
Gross premiums written	94,396	104,525
Gross premiums by geographical area as a percentage of total gross premiums	72.80%	87.90%
Worldwide (1)
Revenue from External Customer [Line Items]
Gross premiums written	33,304	14,064
Gross premiums by geographical area as a percentage of total gross premiums	25.70%	11.80%
Europe
Revenue from External Customer [Line Items]
Gross premiums written	1,933	312
Gross premiums by geographical area as a percentage of total gross premiums	1.50%	0.30%
Asia [Member]
Revenue from External Customer [Line Items]
Gross premiums written	$49	$0
Gross premiums by geographical area as a percentage of total gross premiums	0.00%	0.00%