Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 27, 2015 | |
Document And Entity Information [Abstract] | ||
Document type | 10-Q | |
Document period end date | Jun. 30, 2015 | |
Amendment flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity registrant name | PARTNERRE LTD. | |
Entity central index key | 911,421 | |
Entity current reporting status | Yes | |
Entity voluntary filers | No | |
Current fiscal year end date | --12-31 | |
Entity filer category | Large Accelerated Filer | |
Entity well known seasoned issuer | Yes | |
Entity common stock shares outstanding | 47,840,186 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Fixed maturities, at fair value (amortized cost: 2015, $13,108,936; 2014, $13,489,633) | $ 13,349,772 | $ 13,918,745 |
Short-term investments, at fair value (amortized cost: 2015, $19,270; 2014, $25,699) | 19,244 | 25,678 |
Equities, at fair value (cost: 2015, $846,644; 2014, $843,429) | 1,006,551 | 1,056,514 |
Other invested assets | 340,267 | 298,827 |
Total investments | 14,715,834 | 15,299,764 |
Funds held – directly managed (cost: 2015, $590,395; 2014, $600,379) | 594,870 | 608,853 |
Cash and cash equivalents | 1,492,997 | 1,313,468 |
Accrued investment income | 139,772 | 158,737 |
Reinsurance balances receivable | 3,055,308 | 2,454,850 |
Reinsurance recoverable on paid and unpaid losses | 342,074 | 246,158 |
Funds held by reinsured companies | 688,358 | 765,905 |
Deferred acquisition costs | 733,184 | 661,186 |
Deposit assets | 72,442 | 92,973 |
Net tax assets | 55,214 | 6,876 |
Goodwill | 456,380 | 456,380 |
Intangible assets | 146,069 | 159,604 |
Other assets | 39,321 | 45,603 |
Total assets | 22,531,823 | 22,270,357 |
Liabilities | ||
Unpaid losses and loss expenses | 9,549,398 | 9,745,806 |
Policy benefits for life and annuity contracts | 2,087,369 | 2,050,107 |
Unearned premiums | 2,207,674 | 1,750,607 |
Other reinsurance balances payable | 234,175 | 182,395 |
Deposit liabilities | 48,475 | 70,325 |
Net tax liabilities | 246,618 | 240,989 |
Accounts payable, accrued expenses and other | 254,982 | 304,728 |
Debt related to senior notes | 750,000 | 750,000 |
Debt related to capital efficient notes | 70,989 | 70,989 |
Total liabilities | 15,449,680 | 15,165,946 |
Shareholders’ Equity | ||
Common shares (par value $1.00; issued: 2015 and 2014, 87,237,220 shares) | 87,237 | 87,237 |
Preferred shares (par value $1.00; issued and outstanding: 2015 and 2014, 34,150,000 shares; aggregate liquidation value: 2015 and 2014, $853,750) | 34,150 | 34,150 |
Additional paid-in capital | 3,965,490 | 3,949,665 |
Accumulated other comprehensive loss | (30,244) | (34,083) |
Retained earnings | 6,297,968 | 6,270,811 |
Common shares held in treasury, at cost (2015, 39,401,311 shares; 2014, 39,400,936 shares) | (3,274,675) | (3,258,870) |
Total shareholders’ equity attributable to PartnerRe Ltd. | 7,079,926 | 7,048,910 |
Noncontrolling interests | 2,217 | 55,501 |
Total shareholders’ equity | 7,082,143 | 7,104,411 |
Total liabilities and shareholders’ equity | $ 22,531,823 | $ 22,270,357 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Fixed maturities, amortized cost | $ 13,108,936 | $ 13,489,633 |
Short-term investments, amortized cost | 19,270 | 25,699 |
Equities, cost | 846,644 | 843,429 |
Funds held - directly managed, cost | $ 590,395 | $ 600,379 |
Shareholders’ Equity | ||
Common shares, par value | $ 1 | $ 1 |
Common shares, shares issued | 87,237,220 | 87,237,220 |
Preferred shares, par value | $ 1 | $ 1 |
Number of preferred shares issued | 34,150,000,000 | 34,150,000,000 |
Preferred shares, shares outstanding | 34,150,000,000 | 34,150,000,000 |
Aggregate liquidation value | $ 853,750 | $ 853,750 |
Common shares held in treasury, shares | 39,401,311 | 39,400,936 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||||
Revenues | |||||||
Gross premiums written | $ 1,432,012 | $ 1,462,307 | $ 3,180,946 | $ 3,334,047 | |||
Net premiums written | 1,322,304 | 1,418,665 | 2,975,519 | 3,157,159 | |||
Decrease (increase) in unearned premiums | 5,522 | (65,596) | (412,972) | (550,308) | |||
Net premiums earned | 1,327,826 | 1,353,069 | 2,562,547 | 2,606,851 | |||
Net investment income | 120,192 | 129,967 | 224,823 | 246,834 | |||
Net realized and unrealized investment (losses) gains | (255,734) | 165,717 | (140,089) | 307,888 | |||
Other income | 236 | 9,265 | 4,528 | 9,669 | |||
Total revenues | 1,192,520 | 1,658,018 | 2,651,809 | 3,171,242 | |||
Expenses | |||||||
Losses and loss expenses and life policy benefits | 864,917 | 883,846 | 1,586,198 | 1,633,303 | |||
Acquisition costs | 283,463 | 302,573 | 559,254 | 567,181 | |||
Other expenses | 129,766 | 107,072 | 254,516 | 218,534 | |||
Interest expense | 12,248 | 12,240 | 24,493 | 24,477 | |||
Amortization of intangible assets | 6,767 | 7,003 | 13,535 | 14,005 | |||
Net foreign exchange losses (gains) | 6,391 | (2,023) | (6,756) | (2,693) | |||
Total expenses | 1,303,552 | 1,310,711 | 2,431,240 | 2,454,807 | |||
(Loss) income before taxes and interest in earnings of equity method investments | (111,032) | 347,307 | 220,569 | 716,435 | |||
Income tax (benefit) expense | (13,844) | 78,440 | 65,821 | 140,746 | |||
Interest in earnings of equity method investments | 8,633 | 4,925 | 4,795 | 10,989 | |||
Net (loss) income | (88,555) | 273,792 | 159,543 | 586,678 | |||
Net income attributable to noncontrolling interests | (354) | (1,951) | (2,536) | (4,995) | |||
Net (loss) income attributable to PartnerRe Ltd. | (88,909) | 271,841 | 157,007 | 581,683 | |||
Preferred dividends | 14,184 | 14,184 | 28,367 | 28,367 | |||
Net (loss) income attributable to PartnerRe Ltd. common shareholders | (103,093) | 257,657 | 128,640 | 553,316 | |||
Comprehensive (loss) income | |||||||
Net (loss) income attributable to PartnerRe Ltd. | (88,909) | 271,841 | 157,007 | 581,683 | |||
Change in currency translation adjustment | 8,101 | 17,020 | 5,597 | 1,797 | |||
Change in unfunded pension obligation, net of tax | (891) | (9) | (1,327) | (10) | |||
Change in unrealized losses on investments, net of tax | (214) | (222) | (431) | (447) | |||
Total other comprehensive income, net of tax | 6,996 | 16,789 | 3,839 | 1,340 | |||
Comprehensive (loss) income attributable to PartnerRe Ltd. | $ (81,913) | $ 288,630 | $ 160,846 | $ 583,023 | |||
Net (loss) income per common share: | |||||||
Basic net (loss) income | $ (2.16) | $ 5.13 | $ 2.70 | $ 10.86 | |||
Diluted net (loss) income | $ (2.16) | [1] | $ 5.02 | [1] | $ 2.64 | $ 10.64 | [1] |
Weighted average number of common shares outstanding | 47,773,371 | 50,241,216 | 47,650,042 | 50,942,980 | |||
Weighted average number of common shares and common share equivalents outstanding | 47,773,371 | 51,328,761 | 48,785,437 | 52,024,451 | |||
Dividends declared per common share | $ 0.70 | $ 0.67 | $ 1.40 | $ 1.34 | |||
[1] | Where the exercise price of share based awards is greater than the average market price of the common shares, the common shares are considered anti-dilutive and are excluded from the calculation of weighted average number of common shares and common share equivalents outstanding - diluted. In addition, for the three months ended June 30, 2015, dilutive securities, in the form of share options and other, were not included in the weighted average number of common shares and common share equivalents outstanding for the purpose of computing the diluted net loss per share because to do so would have been anti-dilutive. |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares [Member] | Preferred shares | Additional Paid-in Capital [Member] | Accumulated other comprehensive loss [Member] | Foreign Currency translation adjustment [Member] | Unfunded pension obligation [Member] | Unrealized gain (loss) on investment [Member] | Retained Earnings [Member] | Common shares held in treasury [Member] | Noncontrolling Interest [Member] |
Balance at beginning of period at Dec. 31, 2013 | $ 86,657 | $ 34,150 | $ 3,901,627 | $ (12,238) | $ 977 | $ (17,509) | $ 4,294 | $ 5,406,797 | $ (2,707,461) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of common shares | 450 | 11,183 | |||||||||
Stock compensation expense, net of taxes paid | 15,658 | ||||||||||
Change in currency translation adjustment | 1,797 | ||||||||||
Change in net unrealized gain on designated net investment hedges | 0 | ||||||||||
Change in unfunded pension obligation, net of tax | $ (10) | (10) | |||||||||
Change in unrealized losses on investments, net of tax | (447) | (447) | |||||||||
Net income | 586,678 | 586,678 | |||||||||
Net income attributable to noncontrolling interests | (4,995) | (4,995) | |||||||||
Reissuance of common shares | 0 | 0 | |||||||||
Dividends on common shares | (68,291) | ||||||||||
Dividends on preferred shares | (28,367) | (28,367) | |||||||||
Repurchase of common shares | (313,141) | ||||||||||
Balance at end of period at Jun. 30, 2014 | 6,910,047 | 87,107 | 34,150 | 3,928,468 | (10,898) | 2,774 | (17,519) | 3,847 | 5,891,822 | (3,020,602) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Noncontrolling interests | $ 47,356 | ||||||||||
Total shareholders' equity | 6,957,403 | ||||||||||
Noncontrolling interests | 55,501 | ||||||||||
Total shareholders' equity | 7,104,411 | ||||||||||
Balance at beginning of period at Dec. 31, 2014 | 7,048,910 | 87,237 | 34,150 | 3,949,665 | (34,083) | (7,915) | (29,576) | 3,408 | 6,270,811 | (3,258,870) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of common shares | 0 | 0 | |||||||||
Stock compensation expense, net of taxes paid | 15,825 | ||||||||||
Change in currency translation adjustment | (4,148) | ||||||||||
Change in net unrealized gain on designated net investment hedges | 9,745 | ||||||||||
Change in unfunded pension obligation, net of tax | (1,327) | (1,327) | |||||||||
Change in unrealized losses on investments, net of tax | (431) | (431) | |||||||||
Net income | 159,543 | 159,543 | |||||||||
Net income attributable to noncontrolling interests | (2,536) | (2,536) | |||||||||
Reissuance of common shares | (34,874) | 43,461 | |||||||||
Dividends on common shares | (66,609) | ||||||||||
Dividends on preferred shares | (28,367) | (28,367) | |||||||||
Repurchase of common shares | (59,266) | ||||||||||
Balance at end of period at Jun. 30, 2015 | 7,079,926 | $ 87,237 | $ 34,150 | $ 3,965,490 | $ (30,244) | $ (2,318) | $ (30,903) | $ 2,977 | $ 6,297,968 | $ (3,274,675) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Noncontrolling interests | 2,217 | $ 2,217 | |||||||||
Total shareholders' equity | $ 7,082,143 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Shareholders' Equity (Parentheticals) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Shareholders Equity Parentheticals | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 7,082,143,000 | $ 6,957,403,000 |
Unfunded pension obligation [Member] | ||
Shareholders Equity Parentheticals | ||
Balance at end of period, unfunded pension obligation, tax impact | 8,670,000 | 5,034,000 |
Unrealized gain on investments [Member] | ||
Shareholders Equity Parentheticals | ||
Balance at end of period, unrealized gain on investments, tax impact | $ 0 | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities | ||
Net income | $ 159,543 | $ 586,678 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of net premium on investments | 50,606 | 54,783 |
Amortization of intangible assets | 13,535 | 14,005 |
Net realized and unrealized investment losses (gains) | 140,089 | (307,888) |
Changes in: | ||
Reinsurance balances, net | (680,908) | (518,432) |
Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable | 56,054 | 46,768 |
Funds held by reinsured companies and funds held – directly managed | 67,763 | 115,224 |
Deferred acquisition costs | (90,494) | (105,900) |
Net tax assets and liabilities | (42,360) | (55,879) |
Unpaid losses and loss expenses including life policy benefits | 193,289 | (131,400) |
Unearned premiums | 412,972 | 550,308 |
Other net changes in operating assets and liabilities | (23,590) | (27,380) |
Net cash provided by operating activities | 256,499 | 220,887 |
Cash flows from investing activities | ||
Redemptions of fixed maturities | 366,356 | 338,238 |
Sales and redemptions of short-term investments | 37,357 | 31,405 |
Purchases of short-term investments | (31,239) | (49,706) |
Other, net | (73,378) | (17,980) |
Net cash provided by (used in) investing activities | 171,449 | (86,452) |
Cash flows from financing activities | ||
Dividends paid to common and preferred shareholders | (94,976) | (96,658) |
Repurchase of common shares | (71,376) | (316,091) |
Reissuance of treasury shares and issuance of common shares, net of taxes paid | (816) | 6,156 |
Distribution of shares to noncontrolling interests | (55,820) | (14,266) |
Net cash used in financing activities | (222,988) | (420,859) |
Effect of foreign exchange rate changes on cash | (25,431) | (1,841) |
Increase (decrease) in cash and cash equivalents | 179,529 | (288,265) |
Cash and cash equivalents—beginning of period | 1,313,468 | 1,496,485 |
Cash and cash equivalents—end of period | 1,492,997 | 1,208,220 |
Supplemental cash flow information: | ||
Taxes paid | 124,999 | 195,261 |
Interest paid | 24,630 | 24,630 |
Fixed maturities [Member] | ||
Sales of fixed maturities and sales of equities | 4,199,011 | 4,276,812 |
Purchases of fixed maturities and purchases of equities | (4,363,623) | (4,683,829) |
Equities [Member] | ||
Sales of fixed maturities and sales of equities | 497,082 | 122,296 |
Purchases of fixed maturities and purchases of equities | $ (460,117) | $ (103,688) |
Organization
Organization | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure - Organization [Abstract] | |
Organization | 1. Organization PartnerRe Ltd. (PartnerRe or the Company) predominantly provides reinsurance and certain specialty insurance lines on a worldwide basis through its principal wholly-owned subsidiaries, including Partner Reinsurance Company Ltd., Partner Reinsurance Europe SE, Partner Reinsurance Company of the U.S. and, effective April 1, 2015, Partner Reinsurance Asia Pte. Ltd (PartnerRe Asia). Risks reinsured include, but are not limited to, property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines, mortality, longevity, accident and health and alternative risk products. The Company’s alternative risk products include weather and credit protection to financial, industrial and service companies on a worldwide basis. In January 2015, the Company announced that PartnerRe Asia was licensed by the Monetary Authority of Singapore (MAS) to operate as a non-life and life reinsurer in Singapore. As of April 1, 2015, PartnerRe Asia became the principal reinsurance carrier for the Company’s business underwritten in the Asia Pacific region. The establishment of PartnerRe Asia has enabled the Company's Asian reinsurance operations to be consolidated into one regional, well-capitalized entity and will support its growing underwriting presence in the region. On January 25, 2015, the Company entered into an Agreement and Plan of Amalgamation (Amalgamation Agreement) with Axis Capital Holdings Limited, a Bermuda exempted company (AXIS), pursuant to which the Company would amalgamate with AXIS (Amalgamation), and the two companies would continue as a single Bermuda exempted company (Amalgamated Company). The transaction, which is structured as a merger of equals, has been unanimously approved by the Boards of Directors of both companies. Under the terms of the Amalgamation Agreement, the Company’s shareholders would receive 2.18 shares of the Amalgamated Company’s common shares for each share of the Company’s common shares they own and AXIS’ shareholders would receive one share of the Amalgamated Company’s common shares for each share of AXIS’ common shares they own. The Amalgamated Company's headquarters would be located in Bermuda. On April 14, 2015, the Company announced receipt of an unsolicited proposal from EXOR S.p.A. (EXOR), a European investment company controlled by the Agnelli family, to acquire 100% of the common shares of the Company for $130 per share in cash. On May 3, 2015, the Company and AXIS amended the Amalgamation Agreement (Amendment to the Amalgamation Agreement) to allow the Company to pay a one-time special dividend of $11.50 per share to PartnerRe common shareholders in connection with the closing of the Amalgamation (one-time special dividend) and to increase the termination fee from $250 million to $280 million . Because EXOR did not show any flexibility on its proposed price, on May 4, 2015, the Company’s Board of Directors (Board) announced that it had terminated discussions with EXOR regarding its $130 per share proposal. On May 12, 2015, the Company announced receipt of a revised proposal from EXOR to acquire all of the outstanding common shares of the Company for $137.50 per share in cash. On May 20, 2015, the Company announced that it was prepared to engage in discussions with EXOR to determine whether EXOR’s proposal, received on May 12, 2015, could be improved so that it is compelling, on price and terms, to the Company’s shareholders. On May 21, 2015, EXOR announced that it was prepared to commence discussions once the Company's Board declares that EXOR’s binding proposal, received on May 12, 2015, is "reasonably likely to be a superior proposal,” as defined in the Amalgamation Agreement. On May 22, 2015, the Company stated that by demanding to declare EXOR’s proposal “reasonably likely to be a superior proposal” as a precondition to any negotiations, EXOR effectively rejected the Company’s good faith offer made on May 20, 2015 to engage in discussions on price and other terms. The Company further stated that it will proceed to shareholder approval of the transaction with AXIS. On July 7, 2015, EXOR enhanced the terms of its proposal by providing (i) a 100 basis points increase in the preferred share dividend rate, (ii) call protection until 2021, and (iii) a commitment to limit distributions to common shareholders to an amount not greater than 67% of earnings until December 31, 2020. On July 10, 2015, PartnerRe and AXIS announced that the special general meetings of the shareholders of both companies to approve the Amalgamation Agreement that were originally scheduled for July 24, 2015, were postponed until August 7, 2015. On July 16, 2015, PartnerRe and AXIS amended the Amalgamation Agreement further to increase the one-time special dividend to be paid by the Company to its common shareholders to $17.50 per share and, subject to certain conditions, to match the economic terms proposed by EXOR on July 7, 2015 in relation to the Company's preferred shares. On July 20, 2015, EXOR further announced an increase in its proposal to acquire 100% of the common shares of PartnerRe for $137.50 per share in cash by adding one-time special dividend of $3.00 per share to be paid by PartnerRe to its common shareholders pre-closing. On July 21, 2015, PartnerRe announced that it had determined that EXOR's enhanced proposal of July 20, 2015 would reasonably be likely to result in a superior proposal in accordance with the Amalgamation Agreement. As a result, the Board sought to engage in negotiations with EXOR, and offered EXOR the opportunity to conduct due diligence, to determine whether the current EXOR proposal could be improved both in price and terms. Contemporaneously, PartnerRe stated that the Board continued to view the Amalgamation with AXIS as superior in value, terms and certainty of closing compared to the current EXOR proposal and was re-affirming its recommendation supporting the Amalgamation Agreement. Institutional Shareholder Services Inc. and Glass, Lewis & Co., providers of proxy advisory services to shareholders, recommended on July 24, 2015 and July 25, 2015, respectively, that the Company’s shareholders vote against the amalgamation at the special meeting of the PartnerRe shareholders scheduled to be held on August 7, 2015. The Amalgamation is subject to approval by the shareholders of both companies on August 7, 2015, regulatory clearance and other customary closing conditions. Both companies will continue to operate as two independent entities until the closing of the Amalgamation and such conditions are met. See also Notes 8 (b) and 10 for further details. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure - Significant Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies The Company’s Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. The Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated. To facilitate comparison of information across periods, certain reclassifications have been made to prior period amounts to conform to the current year's presentation. The preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While Management believes that the amounts included in the Condensed Consolidated Financial Statements reflect its best estimates and assumptions, actual results could differ from those estimates. The Company’s principal estimates include: • Unpaid losses and loss expenses; • Policy benefits for life and annuity contracts; • Gross and net premiums written and net premiums earned; • Recoverability of deferred acquisition costs; • Recoverability of deferred tax assets; • Valuation of goodwill and intangible assets; and • Valuation of certain assets and derivative financial instruments that are measured using significant unobservable inputs. In the opinion of Management, all adjustments (which include normal recurring adjustments) necessary for a fair presentation of results for the interim periods have been made. As the Company’s reinsurance operations are exposed to low-frequency, high-severity risk events, some of which are seasonal, results for certain interim periods may include unusually low loss experience, while results for other interim periods may include significant catastrophic losses. Consequently, the Company’s results for interim periods are not necessarily indicative of results for the full year. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (FASB) issued updated guidance on the consolidation of voting interest entities and variable interest entities. The guidance is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its Consolidated Financial Statements and disclosures. In May 2015, the FASB issued updated guidance on disclosures related to short-duration insurance contracts. The update expands required disclosures in order to increase the transparency of significant estimates made in measuring the liability for unpaid losses and loss expenses, improve comparability and facilitate financial statement users' analysis of the cash flows arising from re/insurance contracts and the development of loss reserve estimates. The guidance is effective for annual periods beginning after December 15, 2015 and interim periods within annual periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its disclosures. In May 2015, the FASB issued updated guidance on disclosures for investments in certain entities that calculate net asset value (NAV) per share (or its equivalent). The update eliminates the requirement to categorize investments measured using the NAV practical expedient in the fair value hierarchy table. The guidance is applicable retrospectively and is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its disclosures. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 4. Fair Value (a) Fair Value of Financial Instrument Assets The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about what market participants would use in pricing the asset or liability based on the best information available in the circumstances. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement. The Company determines the appropriate level in the hierarchy for each financial instrument that it measures at fair value. In determining fair value, the Company uses various valuation approaches, including market, income and cost approaches. The hierarchy is broken down into three levels based on the observability of inputs as follows: • Level 1 inputs—Unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. The Company’s financial instruments that it measures at fair value using Level 1 inputs generally include: equities and real estate investment trusts listed on a major exchange, exchange traded funds and exchange traded derivatives, including futures that are actively traded. • Level 2 inputs—Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets and significant directly or indirectly observable inputs, other than quoted prices, used in industry accepted models. The Company’s financial instruments that it measures at fair value using Level 2 inputs generally include: U.S. government issued bonds; U.S. government sponsored enterprises bonds; U.S. state, territory and municipal entities bonds; non-U.S. sovereign government, supranational and government related bonds consisting primarily of bonds issued by non-U.S. national governments and their agencies, non-U.S. regional governments and supranational organizations; investment grade and high yield corporate bonds; asset-backed securities; mortgage-backed securities; short-term investments; certain equities traded on foreign exchanges; certain fixed income mutual funds; foreign exchange forward contracts and over-the-counter derivatives such as foreign currency option contracts, credit default swaps, interest rate swaps and to-be-announced mortgage-backed securities (TBAs). • Level 3 inputs—Unobservable inputs. The Company’s financial instruments that it measures at fair value using Level 3 inputs generally include: inactively traded fixed maturities including U.S. state, territory and municipal bonds; special purpose financing asset-backed bonds; unlisted equities; real estate and certain other mutual fund investments; inactively traded weather derivatives; notes and loan receivables, notes securitizations, annuities and residuals, private equities and longevity and other total return swaps. The Company’s policy is to recognize transfers between the hierarchy levels at the beginning of the period. The Company’s financial instruments measured at fair value include investments and the segregated investment portfolio underlying the funds held – directly managed account. At June 30, 2015 and December 31, 2014 , the Company’s financial instruments measured at fair value were classified between Levels 1, 2 and 3 as follows (in thousands of U.S. dollars): June 30, 2015 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Fixed maturities U.S. government and government sponsored enterprises $ — $ 2,335,450 $ — $ 2,335,450 U.S. states, territories and municipalities — 569,848 112,221 682,069 Non-U.S. sovereign government, supranational and government related — 1,491,495 — 1,491,495 Corporate — 5,510,022 — 5,510,022 Asset-backed securities — 678,594 411,649 1,090,243 Residential mortgage-backed securities — 2,186,376 — 2,186,376 Other mortgage-backed securities — 54,117 — 54,117 Fixed maturities $ — $ 12,825,902 $ 523,870 $ 13,349,772 Short-term investments $ — $ 19,244 $ — $ 19,244 Equities Real estate investment trusts $ 189,202 $ — $ — $ 189,202 Insurance 119,690 5,175 — 124,865 Consumer noncyclical 121,091 — — 121,091 Finance 79,914 7,809 20,964 108,687 Energy 94,517 — — 94,517 Industrials 60,073 9,219 — 69,292 Technology 48,775 — 9,215 57,990 Consumer cyclical 48,034 — — 48,034 Communications 43,976 — 2,580 46,556 Utilities 25,966 — — 25,966 Other 19,031 — — 19,031 Mutual funds and exchange traded funds 92,397 — 8,923 101,320 Equities $ 942,666 $ 22,203 $ 41,682 $ 1,006,551 Other invested assets Derivative assets Foreign exchange forward contracts $ — $ 17,643 $ — $ 17,643 Insurance-linked securities — — 14 14 Total return swaps — — 233 233 TBAs — 11 — 11 Other Notes and loan receivables and notes securitization — — 65,450 65,450 Annuities and residuals — — 11,096 11,096 Private equities — — 71,543 71,543 Derivative liabilities Foreign exchange forward contracts — (5,927 ) — (5,927 ) Foreign currency option contracts — (946 ) — (946 ) Futures contracts (7,811 ) — — (7,811 ) Insurance-linked securities — — (359 ) (359 ) Total return swaps — — (2,298 ) (2,298 ) Interest rate swaps — (15,912 ) — (15,912 ) TBAs — (1,609 ) — (1,609 ) Other invested assets $ (7,811 ) $ (6,740 ) $ 145,679 $ 131,128 Funds held – directly managed U.S. government and government sponsored enterprises $ — $ 157,909 $ — $ 157,909 Non-U.S. sovereign government, supranational and government related — 109,934 — 109,934 Corporate — 137,451 — 137,451 Short-term investments — 7,047 — 7,047 Other invested assets — — 12,348 12,348 Funds held – directly managed $ — $ 412,341 $ 12,348 $ 424,689 Total $ 934,855 $ 13,272,950 $ 723,579 $ 14,931,384 December 31, 2014 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Fixed maturities U.S. government and government sponsored enterprises $ — $ 2,315,422 $ — $ 2,315,422 U.S. states, territories and municipalities — 380,875 149,728 530,603 Non-U.S. sovereign government, supranational and government related — 1,976,202 — 1,976,202 Corporate — 5,604,160 — 5,604,160 Asset-backed securities — 681,502 449,918 1,131,420 Residential mortgage-backed securities — 2,306,476 — 2,306,476 Other mortgage-backed securities — 54,462 — 54,462 Fixed maturities $ — $ 13,319,099 $ 599,646 $ 13,918,745 Short-term investments $ — $ 25,678 $ — $ 25,678 Equities Real estate investment trusts $ 213,770 $ — $ — $ 213,770 Insurance 140,916 4,521 — 145,437 Energy 123,978 — — 123,978 Consumer noncyclical 100,134 — — 100,134 Finance 70,621 7,354 20,353 98,328 Technology 52,707 — 8,555 61,262 Communications 51,829 — 2,640 54,469 Industrials 49,983 — — 49,983 Consumer cyclical 39,002 — — 39,002 Utilities 31,748 — — 31,748 Other 11,571 — — 11,571 Mutual funds and exchange traded funds 118,246 — 8,586 126,832 Equities $ 1,004,505 $ 11,875 $ 40,134 $ 1,056,514 Other invested assets Derivative assets Foreign exchange forward contracts $ — $ 20,033 $ — $ 20,033 Futures contracts 846 — — 846 Insurance-linked securities — — 3 3 Total return swaps — — 485 485 TBAs — 154 — 154 Other Notes and loan receivables and notes securitization — — 44,817 44,817 Annuities and residuals — — 13,243 13,243 Private equities — — 59,872 59,872 Derivative liabilities Foreign exchange forward contracts — (7,446 ) — (7,446 ) Foreign currency option contracts — (1,196 ) — (1,196 ) Futures contracts (467 ) — — (467 ) Insurance-linked securities — — (339 ) (339 ) Total return swaps — — (2,007 ) (2,007 ) Interest rate swaps — (16,282 ) — (16,282 ) TBAs — (240 ) — (240 ) Other invested assets $ 379 $ (4,977 ) $ 116,074 $ 111,476 Funds held – directly managed U.S. government and government sponsored enterprises $ — $ 153,483 $ — $ 153,483 U.S. states, territories and municipalities — — 132 132 Non-U.S. sovereign government, supranational and government related — 128,233 — 128,233 Corporate — 177,347 — 177,347 Other invested assets — — 13,398 13,398 Funds held – directly managed $ — $ 459,063 $ 13,530 $ 472,593 Total $ 1,004,884 $ 13,810,738 $ 769,384 $ 15,585,006 At June 30, 2015 and December 31, 2014 , the aggregate carrying amounts of items included in Other invested assets that the Company did not measure at fair value were $209.2 million and $187.3 million , respectively, which related to the Company’s investments that are accounted for using the cost method of accounting or equity method of accounting. In addition to the investments underlying the funds held – directly managed account held at fair value of $424.7 million and $472.6 million at June 30, 2015 and December 31, 2014 , respectively, the funds held – directly managed account also included cash and cash equivalents, carried at fair value, of $58.1 million and $42.3 million , respectively, and accrued investment income of $4.8 million and $5.7 million , respectively. At June 30, 2015 and December 31, 2014 , the aggregate carrying amounts of items included in the funds held – directly managed account that the Company did not measure at fair value were $107.3 million and $88.3 million , respectively, which primarily related to other assets and liabilities held by Colisée Re related to the underlying business, which are carried at cost (see Note 5 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 ). At June 30, 2015 and December 31, 2014 , substantially all of the accrued investment income in the Condensed Consolidated Balance Sheets relate to the Company’s investments and the investments underlying the funds held – directly managed account for which the fair value option was elected. During the three months and six months ended June 30, 2015 and 2014 , there were no transfers between Level 1 and Level 2. Disclosures about the fair value of financial instruments that the Company does not measure at fair value exclude insurance contracts and certain other financial instruments. At June 30, 2015 and December 31, 2014 , the fair values of financial instrument assets recorded in the Condensed Consolidated Balance Sheets not described above, approximate their carrying values. The reconciliations of the beginning and ending balances for all financial instruments measured at fair value using Level 3 inputs for the three months ended June 30, 2015 and 2014 , were as follows (in thousands of U.S. dollars): For the three months ended June 30, 2015 Balance at beginning of period Realized and unrealized investment (losses) gains included in net loss Purchases and issuances (1) Settlements and sales (1) Net transfers into/ (out of) Level 3 Balance at end of period Change in unrealized investment (losses) gains relating to assets held at end of period Fixed maturities U.S. states, territories and municipalities $ 147,683 $ (8,390 ) $ 16,440 $ (43,512 ) $ — $ 112,221 $ (8,392 ) Asset-backed securities 451,583 (7,711 ) 17,280 (49,503 ) — 411,649 (7,566 ) Fixed maturities $ 599,266 $ (16,101 ) $ 33,720 $ (93,015 ) $ — $ 523,870 $ (15,958 ) Equities Finance $ 20,532 $ 564 $ — $ (132 ) $ — $ 20,964 $ 564 Technology 8,602 613 — — — 9,215 613 Communications 2,723 (143 ) — — — 2,580 (143 ) Mutual funds and exchange traded funds 257,977 286 — (249,340 ) — 8,923 286 Equities $ 289,834 $ 1,320 $ — $ (249,472 ) $ — $ 41,682 $ 1,320 Other invested assets Derivatives, net $ (1,377 ) $ (1,033 ) $ — $ — $ — $ (2,410 ) $ (1,033 ) Notes and loan receivables and notes securitization 51,103 (540 ) 16,271 (1,384 ) — 65,450 (541 ) Annuities and residuals 12,155 90 — (1,149 ) — 11,096 91 Private equities 64,642 1,055 6,754 (908 ) — 71,543 906 Other invested assets $ 126,523 $ (428 ) $ 23,025 $ (3,441 ) $ — $ 145,679 $ (577 ) Funds held – directly managed U.S. states, territories and municipalities $ 132 $ 68 $ — $ (200 ) $ — $ — $ — Other invested assets 12,008 340 — — — 12,348 340 Funds held – directly managed $ 12,140 $ 408 $ — $ (200 ) $ — $ 12,348 $ 340 Total $ 1,027,763 $ (14,801 ) $ 56,745 $ (346,128 ) $ — $ 723,579 $ (14,875 ) (1) There were no issuances or sales for the three months ended June 30, 2015 . For the three months ended June 30, 2014 Balance at beginning of period Realized and unrealized investment gains (losses) included in net income Purchases and issuances (1) Settlements and sales (2) Net transfers into/(out of) Level 3 Balance at end of period Change in Fixed maturities U.S. states, territories and municipalities $ 113,467 $ 5,960 $ 4,260 $ (70 ) $ — $ 123,617 $ 5,959 Asset-backed securities 447,701 3,141 68,035 (29,771 ) — 489,106 3,184 Fixed maturities $ 561,168 $ 9,101 $ 72,295 $ (29,841 ) $ — $ 612,723 $ 9,143 Equities Finance $ 22,706 $ (3,142 ) $ — $ — $ — $ 19,564 $ (3,142 ) Communications 2,111 (44 ) — — — 2,067 (44 ) Technology 7,400 245 — — — 7,645 245 Other — (1 ) 8 — — 7 (1 ) Mutual funds and exchange traded funds 8,053 193 — — — 8,246 193 Equities $ 40,270 $ (2,749 ) $ 8 $ — $ — $ 37,529 $ (2,749 ) Other invested assets Derivatives, net $ (1,042 ) $ 398 $ (208 ) $ — $ — $ (852 ) $ 398 Notes and loan receivables and notes securitization 42,243 2,967 2,196 (8,803 ) — 38,603 4,486 Annuities and residuals 18,945 302 — (2,113 ) — 17,134 303 Private equities 42,655 (2,264 ) 15,478 (941 ) — 54,928 (2,264 ) Other invested assets $ 102,801 $ 1,403 $ 17,466 $ (11,857 ) $ — $ 109,813 $ 2,923 Funds held – directly managed U.S. states, territories and municipalities $ 301 $ 4 $ — $ — $ — $ 305 $ 4 Other invested assets 15,223 577 — — — 15,800 577 Funds held – directly managed $ 15,524 $ 581 $ — $ — $ — $ 16,105 $ 581 Total $ 719,763 $ 8,336 $ 89,769 $ (41,698 ) $ — $ 776,170 $ 9,898 (1) Purchases and issuances of derivatives include issuances of $0.2 million . (2) There were no sales for the three months ended June 30, 2014 . The reconciliations of the beginning and ending balances for all financial instruments measured at fair value using Level 3 inputs for the six months ended June 30, 2015 and 2014 , were as follows (in thousands of U.S. dollars): For the six months ended June 30, 2015 Balance at beginning of period Realized and unrealized investment (losses) gains included in net income Purchases and issuances (1) Settlements and (1) Net transfers into/(out of) Level 3 Balance at end of period Change in relating to Fixed maturities U.S. states, territories and municipalities $ 149,728 $ (10,251 ) $ 16,440 $ (43,696 ) $ — $ 112,221 $ (10,258 ) Asset-backed securities 449,918 (6,450 ) 60,702 (92,521 ) — 411,649 (6,187 ) Fixed maturities $ 599,646 $ (16,701 ) $ 77,142 $ (136,217 ) $ — $ 523,870 $ (16,445 ) Equities Finance $ 20,353 $ 743 $ — $ (132 ) $ — $ 20,964 $ 743 Technology 8,555 660 — — — 9,215 660 Communications 2,640 (60 ) — — — 2,580 (60 ) Mutual funds and exchange traded funds 8,586 337 249,340 (249,340 ) — 8,923 337 Equities $ 40,134 $ 1,680 $ 249,340 $ (249,472 ) $ — $ 41,682 $ 1,680 Other invested assets Derivatives, net $ (1,858 ) $ (552 ) $ — $ — $ — $ (2,410 ) $ (552 ) Notes and loan receivables and notes securitization 44,817 564 22,682 (2,613 ) — 65,450 2,082 Annuities and residuals 13,243 321 — (2,468 ) — 11,096 321 Private equities 59,872 1,552 11,938 (1,819 ) — 71,543 1,404 Other invested assets $ 116,074 $ 1,885 $ 34,620 $ (6,900 ) $ — $ 145,679 $ 3,255 Funds held – directly managed U.S. states, territories and municipalities $ 132 $ 68 $ — $ (200 ) $ — $ — $ — Other invested assets 13,398 (1,050 ) — — — 12,348 (1,050 ) Funds held – directly managed $ 13,530 $ (982 ) $ — $ (200 ) $ — $ 12,348 $ (1,050 ) Total $ 769,384 $ (14,118 ) $ 361,102 $ (392,789 ) $ — $ 723,579 $ (12,560 ) (1) There were no issuances or sales for the six months ended June 30, 2015 . For the six months ended June 30, 2014 Balance at beginning of period Realized and unrealized investment gains (losses) included in net income Purchases and issuances (1) Settlements and (2) Net transfers into/(out of) Level 3 Balance at end of period Change in gains (losses) relating to Fixed maturities U.S. states, territories and municipalities $ 108,380 $ 6,852 $ 8,525 $ (140 ) $ — $ 123,617 $ 6,849 Asset-backed securities 446,577 9,137 127,453 (94,061 ) — 489,106 9,444 Fixed maturities $ 554,957 $ 15,989 $ 135,978 $ (94,201 ) $ — $ 612,723 $ 16,293 Equities Finance 20,207 (643 ) — — — 19,564 (643 ) Communications 2,199 (132 ) — — — 2,067 (132 ) Technology 7,752 (107 ) — — — 7,645 (107 ) Other — (1 ) 8 — — 7 (1 ) Mutual funds and exchange traded funds 7,887 359 — — — 8,246 359 Equities $ 38,045 $ (524 ) $ 8 $ — $ — $ 37,529 $ (524 ) Other invested assets Derivatives, net $ (788 ) $ 864 $ (928 ) $ — $ — $ (852 ) $ 864 Notes and loan receivables and notes securitization 41,446 3,567 2,916 (9,326 ) — 38,603 5,086 Annuities and residuals 24,064 391 — (7,321 ) — 17,134 431 Private equities 39,131 (1,831 ) 20,544 (2,916 ) — 54,928 (1,863 ) Other invested assets $ 103,853 $ 2,991 $ 22,532 $ (19,563 ) $ — $ 109,813 $ 4,518 Funds held – directly managed U.S. states, territories and municipalities $ 286 $ 19 $ — $ — $ — $ 305 $ 19 Other invested assets 15,165 380 255 — — 15,800 380 Funds held – directly managed $ 15,451 $ 399 $ 255 $ — $ — $ 16,105 $ 399 Total $ 712,306 $ 18,855 $ 158,773 $ (113,764 ) $ — $ 776,170 $ 20,686 (1) Purchases and issuances of derivatives include issuances of $0.9 million . (2) There were no sales for the six months ended June 30, 2014. The significant unobservable inputs used in the valuation of financial instruments measured at fair value using Level 3 inputs at June 30, 2015 and December 31, 2014 were as follows (fair value in thousands of U.S. dollars): June 30, 2015 Fair value Valuation techniques Unobservable inputs Range (Weighted average) Fixed maturities U.S. states, territories and municipalities $ 112,221 Discounted cash flow Credit spreads 2.5% – 11.5% (7.2%) Asset-backed securities – other 411,649 Discounted cash flow Credit spreads 4.0% – 12.1% (7.6%) Equities Finance 14,570 Weighted market comparables Net income multiple 14.4 (14.4) Tangible book value multiple 1.5 (1.5) Liquidity discount 25.0% (25.0%) Comparable return 0% (0%) Finance 6,394 Profitability analysis Projected return on equity 14.0% (14.0%) Technology 9,215 Weighted market comparables Revenue multiple 1.8 (1.8) Adjusted earnings multiple 10.7 (10.7) Communications 2,580 Weighted market comparables Adjusted earnings multiple 9.4 (9.4) Comparable return -2.2% (-2.2%) Other invested assets Total return swaps (2,065 ) Discounted cash flow Credit spreads 4.0% – 21.7% (20.0%) Notes and loan receivables 21,296 Discounted cash flow Credit spreads 6.4% – 13.4% (8.9%) Notes and loan receivables 12,599 Discounted cash flow Credit spreads 17.5% (17.5%) Gross revenue/fair value 1.4 – 1.6 (1.6) Notes securitization 31,555 Discounted cash flow Credit spreads 4.3% – 6.7% (6.6%) Annuities and residuals 11,096 Discounted cash flow Credit spreads 5.1% – 8.8% (7.7%) Prepayment speed 0% – 15.0% (2.9%) Constant default rate 0.3% – 17.5% (5.0%) Private equity – direct 9,552 Discounted cash flow and weighted market comparables Net income multiple 9.6 (9.6) Tangible book value multiple 2.1 (2.1) Recoverability of intangible assets 0% (0%) Private equity funds 26,704 Reported market value Net asset value, as reported 100.0% (100.0%) Market adjustments -10.1% – 1.1% (-0.8%) Private equity – other 35,287 Discounted cash flow Effective yield 5.8% (5.8%) Funds held – directly managed Other invested assets 12,348 Reported market value Net asset value, as reported 100.0% (100.0%) Market adjustments -7.0% – 0% (-6.1%) December 31, 2014 Fair value Valuation techniques Unobservable inputs Range (Weighted average) Fixed maturities U.S. states, territories and municipalities $ 149,728 Discounted cash flow Credit spreads 2.2% – 10.1% (4.6%) Asset-backed securities – other 449,918 Discounted cash flow Credit spreads 4.0% – 12.1% (7.1%) Equities Finance 14,561 Weighted market comparables Net income multiple 19.0 (19.0) Tangible book value multiple 1.3 (1.3) Liquidity discount 25.0% (25.0%) Comparable return 7.3% (7.3%) Finance 5,792 Profitability analysis Projected return on equity 14.0% (14.0%) Technology 8,555 Weighted market comparables Revenue multiple 1.6 (1.6) Adjusted earnings multiple 10.2 (10.2) Communications 2,640 Weighted market comparables Adjusted earnings multiple 9.4 (9.4) Comparable return -10.6% (-10.6%) Other invested assets Total return swaps (1,522 ) Discounted cash flow Credit spreads 3.6% – 19.3% (16.3%) Notes and loan receivables 8,068 Discounted cash flow Credit spreads 12.6% (12.6%) Notes and loan receivables 13,237 Discounted cash flow Credit spreads 17.5% (17.5%) Gross revenue/fair value 1.5 – 1.7 (1.7) Notes securitization 23,512 Discounted cash flow Credit spreads 3.5% – 6.6% (6.4%) Annuities and residuals 13,243 Discounted cash flow Credit spreads 4.9% – 9.6% (7.8%) Prepayment speed 0% – 15.0% (4.3%) Constant default rate 0.3% – 17.5% (6.3%) Private equity – direct 8,536 Discounted cash flow and weighted market comparables Net income multiple 9.0 (9.0) Tangible book value multiple 2.0 (2.0) Recoverability of intangible assets 0% (0%) Private equity funds 18,494 Reported market value Net asset value, as reported 100.0% (100.0%) Market adjustments -7.6% – 11.0% (-1.6%) Private equity – other 32,842 Discounted cash flow Effective yield 5.8% (5.8%) Funds held – directly managed Other invested assets 13,398 Reported market value Net asset value, as reported 100.0% (100.0%) Market adjustments -15.4% – 0% (-14.5%) The tables above do not include financial instruments that are measured using unobservable inputs (Level 3) where the unobservable inputs were obtained from external sources and used without adjustment. These financial instruments include mutual fund investments (included within equities) and certain derivatives. The Company has established a Valuation Committee which is responsible for determining the Company’s invested asset valuation policy and related procedures, for reviewing significant changes in the fair value measurements of securities classified as Level 3 from period to period, and for reviewing in accordance with the invested asset valuation policy an independent internal peer analysis that is performed on the fair value measurements of significant securities that are classified as Level 3. The Valuation Committee is comprised of members of the Company’s senior management team and meets on a quarterly basis. The Company’s invested asset valuation policy is monitored by the Company’s Audit Committee of the Board of Directors (Board) and approved annually by the Company’s Risk and Finance Committee of the Board. Changes in the fair value of the Company’s financial instruments subject to the fair value option during the three months and six months ended June 30, 2015 and 2014 were as follows (in thousands of U.S. dollars): For the three months ended For the six months ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Fixed maturities and short-term investments $ (253,918 ) $ 123,434 $ (176,947 ) $ 243,233 Equities (45,523 ) 6,322 (52,539 ) 16,647 Other invested assets 880 2,515 2,713 3,558 Funds held – directly managed (6,298 ) 741 (3,758 ) 1,477 Total $ (304,859 ) $ 133,012 $ (230,531 ) $ 264,915 Substantially all of the above changes in fair value are included in the Condensed Consolidated Statements of Operations under the caption Net realized and unrealized investment (losses) gains. The following methods and assumptions were used by the Company in estimating the fair value of each class of financial instrument recorded in the Condensed Consolidated Balance Sheets. There have been no material changes in the Company’s valuation techniques during the periods presented. Fixed maturities • U.S. government and government sponsored enterprises —U.S. government and government sponsored enterprises securities consist primarily of bonds issued by the U.S. Treasury and corporate debt securities issued by government sponsored enterprises and federally owned or established corporations. These securities are generally priced by independent pricing services. The independent pricing services may use actual transaction prices for securities that have been actively traded. For securities that have not been actively traded, each pricing source has its own proprietary method to determine the fair value, which may incorporate option adjusted spreads (OAS), interest rate data and market news. The Company generally classifies these securities in Level 2. • U.S. states, territories and municipalities —U.S. states, territories and municipalities securities consist primarily of bonds issued by U.S. states, territories and municipalities and the Federal Home Loan Mortgage Corporation. These securities are generally priced by independent pricing services using the techniques described for U.S. government and government sponsored enterprises above. The Company generally classifies these securities in Level 2. Certain of the bonds that are issued by municipal housing authorities and the Federal Home Loan Mortgage Corporation are not actively traded and are priced based on internal models using unobservable inputs. Accordingly, the Company classifies these securities in Level 3. The significant unobservable input used in the fair value measurement of these U.S. states, territories and municipalities securities classified as Level 3 is credit spreads. A significant increase (decrease) in credit spreads in isolation could result in a significantly lower (higher) fair value measurement. • Non-U.S. sovereign government, supranational and government related —Non-U.S. sovereign government, supranational and government related securities consist primarily of bonds issued by non-U.S. national governments and their agencies, non-U.S. regional governments and supranational organizations. These securities are generally priced by independent pricing services using the techniques described for U.S. government and government sponsored enterprises above. The Company generally classifies these securities in Level 2. • Corporate —Corporate securities consist primarily of bonds issued by U.S. and foreign corporations covering a variety of industries and issuing countries. These securities are generally priced by independent pricing services and brokers. The pricing provider incorporates information including credit spreads, interest rate data and market news into the valuation of each security. The Company generally classifies these securities in Level 2. When a corporate security is inactively traded or the valuation model uses unobservable inputs, the Company classifies the security in Level 3. • Asset-backed securities —Asset - backed securities primarily consist of bonds issued by U.S. and foreign corporations that are predominantly backed by student loans, automobile loans, credit card receivables, equipment leases, and special purpose financing. With the exception of special purpose financing, these asset-backed securities are generally priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. The Company generally classifies these securities in Level 2. Special purpose financing securities are generally inactively traded and are priced based on valuation models using unobservable inputs. The Company generally classifies these securities in Level 3. The significant unobservable input used in the fair value measurement of these asset-backed securities classified as Level 3 is credit spreads. A significant increase (decrease) in credit spreads in isolation could result in a significantly lower (higher) fair value measurement. • Residential mortgage-backed securities —Residential mortgage-backed securities primarily consist of bonds issued by the Government National Mortgage Association, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, as well as private, non-agency issuers. These residential mortgage-backed securities are generally priced by independent pricing services and brokers. When current market trades are not available, the pricing provider or the Company will employ proprietary models with observable inputs including other trade information, prepayment speeds, yield curves and credit spreads. The Company generally classifies these securities in Level 2. • Other mortgage-backed securities —Other mortgage-backed securities primarily consist of commercial mortgage-backed securities. These securities are generally priced by independent pricing services and brokers. The pricing provider applies dealer quotes and other available trade information, prepayment speeds, yield curves and credit spreads to the valuation. The Company generally classifies these securities in Level 2. In general, the methods employed by the independent pricing services to determine the fair value of the securities that have not been actively traded primarily involve the use of “matrix pricing” in which the independent pricing source applies the credit spread for a comparable security that has traded recently to the current yield curve to determine a reasonable fair value. The Company generally uses one pricing source per security and uses a pricing service ranking to consistently select the most appropriate pricing service in instances where it receives multiple quotes on the same security. When fair values are unavailable from these independent pricing sources, quotes are obtained directly from broker-dealers who are active in the corresponding markets. Most of the Company’s fixed maturities are priced from the pricing services or dealer quotes. The Company will typically not make adjustments to prices received from pricing services or dealer quotes; however, in instances where the quoted external price for a security uses significant unobservable inputs, the Company will classify that security as Level 3. The methods used to develop and substantiate the unobservable inputs used are based on the Company’s valuation policy and are dependent upon the facts and circumstances surrounding the individual investments which are generally transaction specific. The Company’s inactively traded fixed maturities are classified as Level 3. For all fixed maturity investments, the bid price is used for estimating fair value. To validate prices, the Company compares the fair value estimates to its knowledge of the current market and will investigate prices that it considers not to be representative of fair value. The Company also reviews an internally generated fixed maturity price validation report which converts prices received for fixed maturity investments from the independent pricing sources and from broker-dealers quotes and plots OAS and duration on a sector and rating basis. The OAS is calculated using established algorithms developed by an independent risk analytics platform vendor. The OAS on the fixed maturity price validation report are compared for securities in a similar sector and having a similar rating, and outliers are identified and investigated for price reasonableness. In addition, the Company completes quantitative analyses to compare the performance of each fixed maturity investment portfolio to the performance of an appropriate benchmark, with significant differences identified and investigated. Short-term investments Short-term investments are valued in a manner similar to the Company’s fixed maturity investments and are generally classified in Level 2. Equities Equity securities include U.S. and foreign common and preferred stocks, real estate investment trusts, mutual funds and exchange traded funds. Equities, real estate investment trusts and exchange traded funds are generally classified in Level 1 as the Company uses prices received from independent pricing sources based on quoted prices in active markets. Equities classified as Level 2 are generally mutual funds invested in fixed income securities, where the net asset value of the fund is provided on a daily basis, and common stocks traded in inactive markets. Equities classified as Level 3 are generally mutual funds invested in securities oth |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5. Derivatives The Company’s derivative instruments are recorded in the Condensed Consolidated Balance Sheets at fair value, with changes in fair value recognized in either net foreign exchange gains and losses or net realized and unrealized investment gains and losses in the Condensed Consolidated Statements of Operations or accumulated other comprehensive income or loss in the Condensed Consolidated Balance Sheets, depending on the nature of the derivative instrument. The Company’s objectives for holding or issuing these derivatives are as follows: Foreign Exchange Forward Contracts The Company utilizes foreign exchange forward contracts as part of its overall currency risk management and investment strategies. From time to time, the Company also utilizes foreign exchange forward contracts to hedge a portion of its net investment exposure resulting from the translation of its foreign subsidiaries and branches whose functional currency is other than the U.S. dollar. Foreign Currency Option Contracts and Futures Contracts The Company utilizes foreign currency option contracts to mitigate foreign currency risk. The Company uses exchange traded treasury note futures contracts to manage portfolio duration and equity futures to hedge certain investments. Credit Default Swaps The Company purchases protection through credit default swaps to mitigate the risk associated with its underwriting operations, most notably in the credit/surety line, and to manage market exposures. The Company also assumes credit risk through credit default swaps to replicate investment positions. The original term of these credit default swaps is generally five years or less and there are no recourse provisions associated with these swaps. The counterparties on the Company’s assumed credit default swaps are all investment grade rated financial institutions, however, the Company would be required to perform in the event of a default by the underlying issuer. Insurance-Linked Securities The Company enters into various weather derivatives and longevity total return swaps for which the underlying risks reference parametric weather risks for the weather derivatives and longevity risk for the longevity total return swaps. Total Return and Interest Rate Swaps and Interest Rate Derivatives The Company enters into total return swaps referencing various project, investments and principal finance obligations. The Company enters into interest rate swaps to mitigate the interest rate risk on certain of the total return swaps and certain fixed maturity investments. The Company also uses other interest rate derivatives to mitigate exposure to interest rate volatility. To-Be-Announced Mortgage-Backed Securities The Company utilizes TBAs as part of its overall investment strategy and to enhance investment performance. The net fair values and the related net notional values of derivatives included in the Company’s Condensed Consolidated Balance Sheets at June 30, 2015 and December 31, 2014 were as follows (in thousands of U.S. dollars): Asset derivatives at fair value Liability derivatives at fair value Net derivatives June 30, 2015 Net notional exposure Fair value Derivatives designated as hedges Foreign exchange forward contracts (net investment hedge) $ 9,745 $ — $ 379,045 $ 9,745 Total derivatives designated as hedges $ 9,745 $ — $ 9,745 Derivatives not designated as hedges Foreign exchange forward contracts $ 7,898 $ (5,927 ) $ 1,996,675 $ 1,971 Foreign currency option contracts — (946 ) 90,786 (946 ) Futures contracts — (7,811 ) 3,515,009 (7,811 ) Insurance-linked securities (1) 14 (359 ) 145,075 (345 ) Total return swaps 233 (2,298 ) 42,484 (2,065 ) Interest rate swaps (2) — (15,912 ) 197,889 (15,912 ) TBAs 11 (1,609 ) 238,255 (1,598 ) Total derivatives not designated as hedges $ 8,156 $ (34,862 ) $ (26,706 ) Total derivatives $ 17,901 $ (34,862 ) $ (16,961 ) Asset derivatives at fair value Liability derivatives at fair value Net derivatives December 31, 2014 Net notional exposure Fair value Derivatives not designated as hedges Foreign exchange forward contracts $ 20,033 $ (7,446 ) $ 2,080,276 $ 12,587 Foreign currency option contracts — (1,196 ) 43,380 (1,196 ) Futures contracts 846 (467 ) 2,348,735 379 Insurance-linked securities (1) 3 (339 ) 145,481 (336 ) Total return swaps 485 (2,007 ) 42,524 (1,522 ) Interest rate swaps (2) — (16,282 ) 201,160 (16,282 ) TBAs 154 (240 ) 235,105 (86 ) Total derivatives $ 21,521 $ (27,977 ) $ (6,456 ) (1) At June 30, 2015 and December 31, 2014 , insurance-linked securities include a longevity swap for which the notional amount is not reflective of the overall potential exposure of the swap. As such, the Company has included the probable maximum loss under the swap within the net notional exposure as an approximation of the notional amount. (2) The Company enters into interest rate swaps to mitigate notional exposures on certain total return swaps and certain fixed maturities. Only the notional value of interest rate swaps on fixed maturities is presented separately in the table. The fair value of all derivatives at June 30, 2015 and December 31, 2014 is recorded in Other invested assets in the Company’s Condensed Consolidated Balance Sheets. At June 30, 2015 , the Company held foreign exchange forward contracts with notional amounts of €350 million , to hedge a portion of its net investment exposure to the euro against the U.S. dollar. The effective portion of the net investment hedging derivatives recognized in accumulated other comprehensive loss at June 30, 2015 was $9.7 million . There were no derivatives designated as hedges at December 31, 2014 . The gains and losses in the Condensed Consolidated Statements of Operations for derivatives not designated as hedges for the three months and six months ended June 30, 2015 and 2014 were as follows (in thousands of U.S. dollars): For the three months ended For the six months ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Foreign exchange forward contracts $ (17,269 ) $ 637 $ (21,905 ) $ 8,892 Foreign currency option contracts (932 ) 753 1,096 1,148 Total included in net foreign exchange gains and losses $ (18,201 ) $ 1,390 $ (20,809 ) $ 10,040 Futures contracts $ 756 $ (34,428 ) $ (33,783 ) $ (50,501 ) Credit default swaps (protection purchased) — — — (3 ) Insurance-linked securities 6 13 8 256 Total return swaps (1,008 ) 400 (543 ) 618 Interest rate swaps 5,161 (3,348 ) 370 (8,734 ) TBAs (4,314 ) 4,367 (643 ) 8,114 Other — — 2,493 — Total included in net realized and unrealized investment gains and losses $ 601 $ (32,996 ) $ (32,098 ) $ (50,250 ) Total derivatives not designated as hedges $ (17,600 ) $ (31,606 ) $ (52,907 ) $ (40,210 ) Offsetting of Derivatives The gross and net fair values of derivatives that are subject to offsetting in the Condensed Consolidated Balance Sheets at June 30, 2015 and December 31, 2014 were as follows (in thousands of U.S. dollars): Gross amounts offset in the balance sheet Net amounts of assets/liabilities presented in the balance sheet Gross amounts not offset in the balance sheet June 30, 2015 Gross amounts recognized (1) Financial instruments Cash collateral received/pledged Net amount Total derivative assets $ 17,901 $ — $ 17,901 $ (135 ) $ (9,200 ) $ 8,566 Total derivative liabilities $ (34,862 ) $ — $ (34,862 ) $ 135 $ 43,499 $ 8,772 December 31, 2014 Total derivative assets $ 21,521 $ — $ 21,521 $ (766 ) $ (8,536 ) $ 12,219 Total derivative liabilities $ (27,977 ) $ — $ (27,977 ) $ 766 $ 14,858 $ (12,353 ) (1) Amounts include all derivative instruments, irrespective of whether there is a legally enforceable master netting arrangement in place. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 6. Net (Loss) Income per Share The reconciliation of basic and diluted net (loss) income per share for the three months and six months ended June 30, 2015 and 2014 is as follows (in thousands of U.S. dollars, except share and per share data): For the three months ended For the six months ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Numerator: Net (loss) income attributable to PartnerRe Ltd. $ (88,909 ) $ 271,841 $ 157,007 $ 581,683 Less: preferred dividends 14,184 14,184 28,367 28,367 Net (loss) income attributable to PartnerRe Ltd. common shareholders $ (103,093 ) $ 257,657 $ 128,640 $ 553,316 Denominator: Weighted number of common shares outstanding – basic 47,773,371 50,241,216 47,650,042 50,942,980 Share options and other (1) — 1,087,545 1,135,395 1,081,471 Weighted average number of common shares and common share equivalents outstanding – diluted 47,773,371 51,328,761 48,785,437 52,024,451 Basic net (loss) income per share $ (2.16 ) $ 5.13 $ 2.70 $ 10.86 Diluted net (loss) income per share (1) $ (2.16 ) $ 5.02 $ 2.64 $ 10.64 Anti-dilutive common shares excluded from weighted average number of common shares and common share equivalents outstanding - diluted (1) 1,154,210 149,600 54,382 119,870 (1) Where the exercise price of share based awards is greater than the average market price of the common shares, the common shares are considered anti-dilutive and are excluded from the calculation of weighted average number of common shares and common share equivalents outstanding - diluted. In addition, for the three months ended June 30, 2015, dilutive securities, in the form of share options and other, were not included in the weighted average number of common shares and common share equivalents outstanding for the purpose of computing the diluted net loss per share because to do so would have been anti-dilutive. |
Noncontrolling interests
Noncontrolling interests | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | 7. Noncontrolling Interests In March 2013, the Company formed, with other third party investors, Lorenz Re Ltd. (Lorenz Re), a Bermuda domiciled special purpose insurer. Lorenz Re is a segregated cell company under the laws of Bermuda and distinct segregated accounts are formed and capitalized within Lorenz Re in order to enter into reinsurance agreements with the Company on a fully collateralized basis. In 2013, Lorenz Re issued non-voting redeemable preferred share capital on behalf of two segregated accounts (2013 segregated accounts) to provide additional capacity to the Company for a diversified catastrophe portfolio over a multi-year period on a fully collateralized reinsurance basis. The Company determined that it was the primary beneficiary of the 2013 segregated accounts given it had the power to direct and had more than an insignificant economic interest in their activities and, accordingly, the 2013 segregated accounts were consolidated by the Company. In April 2015, following the expiration of the multi-year period, a portion of the preferred shares was redeemed and a full commutation of the portfolio in the 2013 segregated accounts back to the Company is expected to occur later in 2015. During the three months ended June 30, 2015, Lorenz Re issued non-voting redeemable preferred share capital on behalf of newly formed segregated accounts (2015 segregated accounts) related to new reinsurance agreements for a diversified catastrophe portfolio and an agriculture portfolio with the Company on a fully collateralized basis. The Company has determined that it is not the primary beneficiary of the 2015 segregated accounts as it does not have a controlling financial interest and, accordingly, the 2015 segregated accounts are not consolidated by the Company. At June 30, 2015 and December 31, 2014 , the assets of Lorenz Re, that are included in the Company's Condensed Consolidated Balance Sheets, were $42.1 million and $100.8 million , respectively, primarily consisting of cash and investments. At June 30, 2015 , the liabilities of Lorenz Re, that are included in the Company's Condensed Consolidated Balance Sheets, were $8.3 million , primarily consisting of unpaid losses and loss expenses and other reinsurance balances payable. At December 31, 2014 , such liabilities were $13.1 million , primarily consisting of unearned premiums, unpaid losses and loss expenses and other reinsurance balances payable. These balances relate to the 2013 segregated accounts that the Company continues to consolidate. The assets of Lorenz Re can only be used to settle the liabilities of Lorenz Re and there is no recourse to the Company for any liabilities of Lorenz Re. The reconciliation of the beginning and ending balance of the noncontrolling interests in Lorenz Re for the six months ended June 30, 2015 and 2014 was as follows (in thousands of U.S. dollars): For the six months ended June 30, 2015 June 30, 2014 Balance at beginning of period $ 55,501 $ 56,627 Net income attributable to noncontrolling interests 2,536 4,995 Distribution to noncontrolling interests (55,820 ) (14,266 ) Balance at end of period $ 2,217 $ 47,356 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies (a) Legal Proceedings There has been no significant change in legal proceedings at June 30, 2015 compared to December 31, 2014 . See Note 18(f) to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . (b) Amalgamation related charges In connection with the Amalgamation Agreement, the Company expects to incur further charges between $40 million and $45 million related to professional costs. The Company expects to incur these costs primarily in 2015. In accordance with the terms of the Amalgamation Agreement and the Amendments to the Amalgamation Agreement, the Company would be obligated to pay AXIS a no approval fee of $55 million if the Company’s shareholders do not approve the transaction. If the Amalgamation Agreement is terminated for certain other reasons described in the Amalgamation Agreement or in certain circumstances the Company enters into a similar transaction with a third party in the 12 months following termination of the Amalgamation Agreement, the Company would be obligated to pay AXIS an aggregate termination fee of $280 million (less any termination fee already paid). In all such cases, the Company would be obligated to reimburse AXIS for costs and expenses incurred in connection with the Amalgamation Agreement and the transactions contemplated thereby in an amount not to exceed $35 million . (c) Employment Agreements Following the signing of the Amalgamation Agreement, the Company has entered into agreements with certain employees that provide for the payment of a cash retention award payable if the employee maintains an active employee status through a pre-determined future date and fulfills certain conduct and performance-related conditions. The award payments are also contingent on the successful closing of the proposed Amalgamation. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segment Reporting Disclosure [Text Block] | 9. Segment Information The Company monitors the performance of its operations in three segments, Non-life, Life and Health and Corporate and Other as described in Note 21 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . The Non-life segment is further divided into four sub-segments: North America, Global (Non-U.S.) P&C, Global Specialty and Catastrophe. The North America sub-segment includes agriculture, casualty, credit/surety, motor, multiline, property and other risks generally originating in the United States. The Global (Non-U.S.) P&C sub-segment includes casualty, motor and property business generally originating outside of the United States. The Global Specialty sub-segment is comprised of business that is generally considered to be specialized due to the sophisticated technical underwriting required to analyze risks, and is global in nature. This sub-segment consists of several lines of business for which the Company believes it has developed specialized knowledge and underwriting capabilities. These lines of business include agriculture, aviation/space, credit/surety, energy, engineering, marine, specialty casualty, specialty property and other lines. The Catastrophe sub-segment is comprised of the Company’s catastrophe line of business. The Life and Health segment includes mortality, longevity and accident and health lines of business. Corporate and Other is comprised of the capital markets and investment related activities of the Company, including principal finance transactions, insurance-linked securities and strategic investments, and its corporate activities, including other expenses. Since the Company does not manage its assets by segment, net investment income is not allocated to the Non-life segment. However, because of the interest-sensitive nature of some of the Company’s Life and Health products, net investment income is considered in Management’s assessment of the profitability of the Life and Health segment. The following items are not considered in evaluating the results of the Non-life and Life and Health segments: net realized and unrealized investment gains and losses, interest expense, amortization of intangible assets, net foreign exchange gains and losses, income tax expense or benefit and interest in earnings and losses of equity method investments. Segment results are shown before consideration of intercompany transactions. Management measures results for the Non-life segment on the basis of the loss ratio, acquisition ratio, technical ratio, other expense ratio and combined ratio (all defined below). Management measures results for the Non-life sub-segments on the basis of the loss ratio, acquisition ratio and technical ratio. Management measures results for the Life and Health segment on the basis of the allocated underwriting result, which includes revenues from net premiums earned, other income or loss and allocated net investment income for Life and Health, and expenses from life policy benefits, acquisition costs and other expenses. The segment results for the three months and six months ended June 30, 2015 and 2014 , were as follows (in millions of U.S. dollars, except ratios): Segment Information For the three months ended June 30, 2015 North America Global (Non-U.S.) P&C Global Specialty Catastrophe Total Non-life segment Life and Health segment Corporate and Other Total Gross premiums written $ 427 $ 143 $ 406 $ 122 $ 1,098 $ 334 $ — $ 1,432 Net premiums written $ 401 $ 137 $ 400 $ 71 $ 1,009 $ 313 $ — $ 1,322 Decrease (increase) in unearned premiums 34 22 (26 ) (27 ) 3 3 — 6 Net premiums earned $ 435 $ 159 $ 374 $ 44 $ 1,012 $ 316 $ — $ 1,328 Losses and loss expenses and life policy benefits (296 ) (121 ) (198 ) 10 (605 ) (260 ) — (865 ) Acquisition costs (111 ) (36 ) (102 ) (4 ) (253 ) (30 ) — (283 ) Technical result $ 28 $ 2 $ 74 $ 50 $ 154 $ 26 $ — $ 180 Other income — — — — Other expenses (55 ) (16 ) (59 ) (130 ) Underwriting result $ 99 $ 10 n/a $ 50 Net investment income 16 104 120 Allocated underwriting result (1) $ 26 n/a n/a Net realized and unrealized investment losses (256 ) (256 ) Interest expense (12 ) (12 ) Amortization of intangible assets (7 ) (7 ) Net foreign exchange losses (6 ) (6 ) Income tax benefit 14 14 Interest in earnings of equity method investments 8 8 Net loss n/a $ (89 ) Loss ratio (2) 68.1 % 75.9 % 53.0 % (21.5 )% 59.8 % Acquisition ratio (3) 25.4 23.2 27.2 8.2 25.0 Technical ratio (4) 93.5 % 99.1 % 80.2 % (13.3 )% 84.8 % Other expense ratio (5) 5.5 Combined ratio (6) 90.3 % (1) Allocated underwriting result is defined as net premiums earned, other income or loss and allocated net investment income less life policy benefits, acquisition costs and other expenses. (2) Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. (3) Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. (4) Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. (5) Other expense ratio is obtained by dividing other expenses by net premiums earned. (6) Combined ratio is defined as the sum of the technical ratio and the other expense ratio. n/a Not applicable Segment Information For the three months ended June 30, 2014 North America Global (Non-U.S.) P&C Global Specialty Catastrophe Total Non-life segment Life and Health segment Corporate and Other Total Gross premiums written $ 400 $ 155 $ 438 $ 143 $ 1,136 $ 326 $ — $ 1,462 Net premiums written $ 392 $ 148 $ 432 $ 136 $ 1,108 $ 311 $ — $ 1,419 (Increase) decrease in unearned premiums (2 ) 39 (26 ) (77 ) (66 ) — — (66 ) Net premiums earned $ 390 $ 187 $ 406 $ 59 $ 1,042 $ 311 $ — $ 1,353 Losses and loss expenses and life policy benefits (240 ) (103 ) (270 ) (19 ) (632 ) (252 ) — (884 ) Acquisition costs (102 ) (52 ) (98 ) (8 ) (260 ) (43 ) — (303 ) Technical result $ 48 $ 32 $ 38 $ 32 $ 150 $ 16 $ — $ 166 Other income 1 3 5 9 Other expenses (61 ) (16 ) (30 ) (107 ) Underwriting result $ 90 $ 3 n/a $ 68 Net investment income 15 115 130 Allocated underwriting result $ 18 n/a n/a Net realized and unrealized investment gains 166 166 Interest expense (12 ) (12 ) Amortization of intangible assets (7 ) (7 ) Net foreign exchange gains 2 2 Income tax expense (78 ) (78 ) Interest in earnings of equity method investments 5 5 Net income n/a $ 274 Loss ratio 61.5 % 54.6 % 66.5 % 33.4 % 60.6 % Acquisition ratio 26.1 27.9 24.2 13.0 25.0 Technical ratio 87.6 % 82.5 % 90.7 % 46.4 % 85.6 % Other expense ratio 5.9 Combined ratio 91.5 % Segment Information For the six months ended June 30, 2015 North Global Global Catastrophe Total Life Corporate Total Gross premiums written $ 900 $ 477 $ 833 $ 312 $ 2,522 $ 659 $ — $ 3,181 Net premiums written $ 872 $ 468 $ 762 $ 247 $ 2,349 $ 626 $ — $ 2,975 Increase in unearned premiums (98 ) (135 ) (23 ) (145 ) (401 ) (12 ) — (413 ) Net premiums earned $ 774 $ 333 $ 739 $ 102 $ 1,948 $ 614 $ — $ 2,562 Losses and loss expenses and life policy benefits (468 ) (240 ) (369 ) (10 ) (1,087 ) (499 ) — (1,586 ) Acquisition costs (204 ) (89 ) (194 ) (8 ) (495 ) (64 ) — (559 ) Technical result $ 102 $ 4 $ 176 $ 84 $ 366 $ 51 $ — $ 417 Other income — 1 3 4 Other expenses (107 ) (31 ) (116 ) (254 ) Underwriting result $ 259 $ 21 n/a $ 167 Net investment income 30 195 225 Allocated underwriting result $ 51 n/a n/a Net realized and unrealized investment losses (140 ) (140 ) Interest expense (25 ) (25 ) Amortization of intangible assets (14 ) (14 ) Net foreign exchange gains 7 7 Income tax expense (65 ) (65 ) Interest in earnings of equity method investments 5 5 Net income n/a $ 160 Loss ratio 60.4 % 72.0 % 49.9 % 9.9 % 55.8 % Acquisition ratio 26.4 26.8 26.3 7.6 25.4 Technical ratio 86.8 % 98.8 % 76.2 % 17.5 % 81.2 % Other expense ratio 5.5 Combined ratio 86.7 % Segment Information For the six months ended June 30, 2014 North Global Global Catastrophe Total Life Corporate Total Gross premiums written $ 930 $ 519 $ 917 $ 353 $ 2,719 $ 615 $ — $ 3,334 Net premiums written $ 919 $ 508 $ 822 $ 315 $ 2,564 $ 593 $ — $ 3,157 Increase in unearned premiums (151 ) (141 ) (61 ) (177 ) (530 ) (20 ) — (550 ) Net premiums earned $ 768 $ 367 $ 761 $ 138 $ 2,034 $ 573 $ — $ 2,607 Losses and loss expenses and life policy benefits (499 ) (196 ) (471 ) 1 (1,165 ) (468 ) — (1,633 ) Acquisition costs (194 ) (107 ) (178 ) (15 ) (494 ) (73 ) — (567 ) Technical result $ 75 $ 64 $ 112 $ 124 $ 375 $ 32 $ — $ 407 Other income 2 4 4 10 Other expenses (126 ) (34 ) (59 ) (219 ) Underwriting result $ 251 $ 2 n/a $ 198 Net investment income 30 217 247 Allocated underwriting result $ 32 n/a n/a Net realized and unrealized investment gains 308 308 Interest expense (25 ) (25 ) Amortization of intangible assets (14 ) (14 ) Net foreign exchange gains 3 3 Income tax expense (141 ) (141 ) Interest in earnings of equity method investments 11 11 Net income n/a $ 587 Loss ratio 65.0 % 53.5 % 61.9 % (0.9 )% 57.3 % Acquisition ratio 25.2 29.0 23.4 11.4 24.3 Technical ratio 90.2 % 82.5 % 85.3 % 10.5 % 81.6 % Other expense ratio 6.2 Combined ratio 87.8 % |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 10. Subsequent Events On July 7, 2015, EXOR enhanced the terms of its proposal by providing (i) a 100 basis points increase in the preferred share dividend rate, (ii) call protection until 2021, and (iii) a commitment to limit distributions to common shareholders to an amount not greater than 67% of earnings until December 31, 2020. On July 10, 2015, PartnerRe and AXIS announced that the special general meetings of the shareholders of both companies to approve the Amalgamation Agreement that were originally scheduled for July 24, 2015, were postponed until August 7, 2015. On July 16, 2015, PartnerRe and AXIS amended the Amalgamation Agreement further to increase the one-time special dividend to be paid by the Company to its common shareholders to 17.50 per share and, subject to certain conditions, to match the economic terms proposed by EXOR on July 7, 2015 in relation to the Company's preferred shares. On July 20, 2015, EXOR further announced an increase in its proposal to acquire 100% of the common shares of PartnerRe for $137.50 per share in cash by adding one-time special dividend of $3.00 per share to be paid by PartnerRe to its common shareholders pre-closing. On July 21, 2015, PartnerRe announced that it had determined that EXOR's enhanced proposal of July 20, 2015 would reasonably be likely to result in a superior proposal in accordance with the Amalgamation Agreement. As a result, the Board sought to engage in negotiations with EXOR, and offered EXOR the opportunity to conduct due diligence, to determine whether the current EXOR proposal could be improved both in price and terms. Contemporaneously, PartnerRe stated that the Board continued to view the Amalgamation with AXIS as superior in value, terms and certainty of closing compared to the current EXOR proposal and was re-affirming its recommendation supporting the Amalgamation Agreement. Institutional Shareholder Services Inc. and Glass, Lewis & Co., providers of proxy advisory services to shareholders, recommended on July 24, 2015 and July 25, 2015, respectively, that the Company’s shareholders vote against the amalgamation at the special meeting of the PartnerRe shareholders scheduled to be held on August 7, 2015. |
Significant Accounting Polici18
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure - Significant Accounting Policies [Abstract] | |
Basis of accounting | The Company’s Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. The Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated. |
Use Of Estimates | The preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While Management believes that the amounts included in the Condensed Consolidated Financial Statements reflect its best estimates and assumptions, actual results could differ from those estimates. The Company’s principal estimates include: • Unpaid losses and loss expenses; • Policy benefits for life and annuity contracts; • Gross and net premiums written and net premiums earned; • Recoverability of deferred acquisition costs; • Recoverability of deferred tax assets; • Valuation of goodwill and intangible assets; and • Valuation of certain assets and derivative financial instruments that are measured using significant unobservable inputs. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial instruments measured at fair value and categorized between Levels 1, 2 and 3 | At June 30, 2015 and December 31, 2014 , the Company’s financial instruments measured at fair value were classified between Levels 1, 2 and 3 as follows (in thousands of U.S. dollars): June 30, 2015 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Fixed maturities U.S. government and government sponsored enterprises $ — $ 2,335,450 $ — $ 2,335,450 U.S. states, territories and municipalities — 569,848 112,221 682,069 Non-U.S. sovereign government, supranational and government related — 1,491,495 — 1,491,495 Corporate — 5,510,022 — 5,510,022 Asset-backed securities — 678,594 411,649 1,090,243 Residential mortgage-backed securities — 2,186,376 — 2,186,376 Other mortgage-backed securities — 54,117 — 54,117 Fixed maturities $ — $ 12,825,902 $ 523,870 $ 13,349,772 Short-term investments $ — $ 19,244 $ — $ 19,244 Equities Real estate investment trusts $ 189,202 $ — $ — $ 189,202 Insurance 119,690 5,175 — 124,865 Consumer noncyclical 121,091 — — 121,091 Finance 79,914 7,809 20,964 108,687 Energy 94,517 — — 94,517 Industrials 60,073 9,219 — 69,292 Technology 48,775 — 9,215 57,990 Consumer cyclical 48,034 — — 48,034 Communications 43,976 — 2,580 46,556 Utilities 25,966 — — 25,966 Other 19,031 — — 19,031 Mutual funds and exchange traded funds 92,397 — 8,923 101,320 Equities $ 942,666 $ 22,203 $ 41,682 $ 1,006,551 Other invested assets Derivative assets Foreign exchange forward contracts $ — $ 17,643 $ — $ 17,643 Insurance-linked securities — — 14 14 Total return swaps — — 233 233 TBAs — 11 — 11 Other Notes and loan receivables and notes securitization — — 65,450 65,450 Annuities and residuals — — 11,096 11,096 Private equities — — 71,543 71,543 Derivative liabilities Foreign exchange forward contracts — (5,927 ) — (5,927 ) Foreign currency option contracts — (946 ) — (946 ) Futures contracts (7,811 ) — — (7,811 ) Insurance-linked securities — — (359 ) (359 ) Total return swaps — — (2,298 ) (2,298 ) Interest rate swaps — (15,912 ) — (15,912 ) TBAs — (1,609 ) — (1,609 ) Other invested assets $ (7,811 ) $ (6,740 ) $ 145,679 $ 131,128 Funds held – directly managed U.S. government and government sponsored enterprises $ — $ 157,909 $ — $ 157,909 Non-U.S. sovereign government, supranational and government related — 109,934 — 109,934 Corporate — 137,451 — 137,451 Short-term investments — 7,047 — 7,047 Other invested assets — — 12,348 12,348 Funds held – directly managed $ — $ 412,341 $ 12,348 $ 424,689 Total $ 934,855 $ 13,272,950 $ 723,579 $ 14,931,384 December 31, 2014 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Fixed maturities U.S. government and government sponsored enterprises $ — $ 2,315,422 $ — $ 2,315,422 U.S. states, territories and municipalities — 380,875 149,728 530,603 Non-U.S. sovereign government, supranational and government related — 1,976,202 — 1,976,202 Corporate — 5,604,160 — 5,604,160 Asset-backed securities — 681,502 449,918 1,131,420 Residential mortgage-backed securities — 2,306,476 — 2,306,476 Other mortgage-backed securities — 54,462 — 54,462 Fixed maturities $ — $ 13,319,099 $ 599,646 $ 13,918,745 Short-term investments $ — $ 25,678 $ — $ 25,678 Equities Real estate investment trusts $ 213,770 $ — $ — $ 213,770 Insurance 140,916 4,521 — 145,437 Energy 123,978 — — 123,978 Consumer noncyclical 100,134 — — 100,134 Finance 70,621 7,354 20,353 98,328 Technology 52,707 — 8,555 61,262 Communications 51,829 — 2,640 54,469 Industrials 49,983 — — 49,983 Consumer cyclical 39,002 — — 39,002 Utilities 31,748 — — 31,748 Other 11,571 — — 11,571 Mutual funds and exchange traded funds 118,246 — 8,586 126,832 Equities $ 1,004,505 $ 11,875 $ 40,134 $ 1,056,514 Other invested assets Derivative assets Foreign exchange forward contracts $ — $ 20,033 $ — $ 20,033 Futures contracts 846 — — 846 Insurance-linked securities — — 3 3 Total return swaps — — 485 485 TBAs — 154 — 154 Other Notes and loan receivables and notes securitization — — 44,817 44,817 Annuities and residuals — — 13,243 13,243 Private equities — — 59,872 59,872 Derivative liabilities Foreign exchange forward contracts — (7,446 ) — (7,446 ) Foreign currency option contracts — (1,196 ) — (1,196 ) Futures contracts (467 ) — — (467 ) Insurance-linked securities — — (339 ) (339 ) Total return swaps — — (2,007 ) (2,007 ) Interest rate swaps — (16,282 ) — (16,282 ) TBAs — (240 ) — (240 ) Other invested assets $ 379 $ (4,977 ) $ 116,074 $ 111,476 Funds held – directly managed U.S. government and government sponsored enterprises $ — $ 153,483 $ — $ 153,483 U.S. states, territories and municipalities — — 132 132 Non-U.S. sovereign government, supranational and government related — 128,233 — 128,233 Corporate — 177,347 — 177,347 Other invested assets — — 13,398 13,398 Funds held – directly managed $ — $ 459,063 $ 13,530 $ 472,593 Total $ 1,004,884 $ 13,810,738 $ 769,384 $ 15,585,006 |
Reconciliation of beginning and ending balances for all financial instruments measured at fair value using Level 3 inputs | The reconciliations of the beginning and ending balances for all financial instruments measured at fair value using Level 3 inputs for the three months ended June 30, 2015 and 2014 , were as follows (in thousands of U.S. dollars): For the three months ended June 30, 2015 Balance at beginning of period Realized and unrealized investment (losses) gains included in net loss Purchases and issuances (1) Settlements and sales (1) Net transfers into/ (out of) Level 3 Balance at end of period Change in unrealized investment (losses) gains relating to assets held at end of period Fixed maturities U.S. states, territories and municipalities $ 147,683 $ (8,390 ) $ 16,440 $ (43,512 ) $ — $ 112,221 $ (8,392 ) Asset-backed securities 451,583 (7,711 ) 17,280 (49,503 ) — 411,649 (7,566 ) Fixed maturities $ 599,266 $ (16,101 ) $ 33,720 $ (93,015 ) $ — $ 523,870 $ (15,958 ) Equities Finance $ 20,532 $ 564 $ — $ (132 ) $ — $ 20,964 $ 564 Technology 8,602 613 — — — 9,215 613 Communications 2,723 (143 ) — — — 2,580 (143 ) Mutual funds and exchange traded funds 257,977 286 — (249,340 ) — 8,923 286 Equities $ 289,834 $ 1,320 $ — $ (249,472 ) $ — $ 41,682 $ 1,320 Other invested assets Derivatives, net $ (1,377 ) $ (1,033 ) $ — $ — $ — $ (2,410 ) $ (1,033 ) Notes and loan receivables and notes securitization 51,103 (540 ) 16,271 (1,384 ) — 65,450 (541 ) Annuities and residuals 12,155 90 — (1,149 ) — 11,096 91 Private equities 64,642 1,055 6,754 (908 ) — 71,543 906 Other invested assets $ 126,523 $ (428 ) $ 23,025 $ (3,441 ) $ — $ 145,679 $ (577 ) Funds held – directly managed U.S. states, territories and municipalities $ 132 $ 68 $ — $ (200 ) $ — $ — $ — Other invested assets 12,008 340 — — — 12,348 340 Funds held – directly managed $ 12,140 $ 408 $ — $ (200 ) $ — $ 12,348 $ 340 Total $ 1,027,763 $ (14,801 ) $ 56,745 $ (346,128 ) $ — $ 723,579 $ (14,875 ) (1) There were no issuances or sales for the three months ended June 30, 2015 . For the three months ended June 30, 2014 Balance at beginning of period Realized and unrealized investment gains (losses) included in net income Purchases and issuances (1) Settlements and sales (2) Net transfers into/(out of) Level 3 Balance at end of period Change in Fixed maturities U.S. states, territories and municipalities $ 113,467 $ 5,960 $ 4,260 $ (70 ) $ — $ 123,617 $ 5,959 Asset-backed securities 447,701 3,141 68,035 (29,771 ) — 489,106 3,184 Fixed maturities $ 561,168 $ 9,101 $ 72,295 $ (29,841 ) $ — $ 612,723 $ 9,143 Equities Finance $ 22,706 $ (3,142 ) $ — $ — $ — $ 19,564 $ (3,142 ) Communications 2,111 (44 ) — — — 2,067 (44 ) Technology 7,400 245 — — — 7,645 245 Other — (1 ) 8 — — 7 (1 ) Mutual funds and exchange traded funds 8,053 193 — — — 8,246 193 Equities $ 40,270 $ (2,749 ) $ 8 $ — $ — $ 37,529 $ (2,749 ) Other invested assets Derivatives, net $ (1,042 ) $ 398 $ (208 ) $ — $ — $ (852 ) $ 398 Notes and loan receivables and notes securitization 42,243 2,967 2,196 (8,803 ) — 38,603 4,486 Annuities and residuals 18,945 302 — (2,113 ) — 17,134 303 Private equities 42,655 (2,264 ) 15,478 (941 ) — 54,928 (2,264 ) Other invested assets $ 102,801 $ 1,403 $ 17,466 $ (11,857 ) $ — $ 109,813 $ 2,923 Funds held – directly managed U.S. states, territories and municipalities $ 301 $ 4 $ — $ — $ — $ 305 $ 4 Other invested assets 15,223 577 — — — 15,800 577 Funds held – directly managed $ 15,524 $ 581 $ — $ — $ — $ 16,105 $ 581 Total $ 719,763 $ 8,336 $ 89,769 $ (41,698 ) $ — $ 776,170 $ 9,898 (1) Purchases and issuances of derivatives include issuances of $0.2 million . (2) There were no sales for the three months ended June 30, 2014 . The reconciliations of the beginning and ending balances for all financial instruments measured at fair value using Level 3 inputs for the six months ended June 30, 2015 and 2014 , were as follows (in thousands of U.S. dollars): For the six months ended June 30, 2015 Balance at beginning of period Realized and unrealized investment (losses) gains included in net income Purchases and issuances (1) Settlements and (1) Net transfers into/(out of) Level 3 Balance at end of period Change in relating to Fixed maturities U.S. states, territories and municipalities $ 149,728 $ (10,251 ) $ 16,440 $ (43,696 ) $ — $ 112,221 $ (10,258 ) Asset-backed securities 449,918 (6,450 ) 60,702 (92,521 ) — 411,649 (6,187 ) Fixed maturities $ 599,646 $ (16,701 ) $ 77,142 $ (136,217 ) $ — $ 523,870 $ (16,445 ) Equities Finance $ 20,353 $ 743 $ — $ (132 ) $ — $ 20,964 $ 743 Technology 8,555 660 — — — 9,215 660 Communications 2,640 (60 ) — — — 2,580 (60 ) Mutual funds and exchange traded funds 8,586 337 249,340 (249,340 ) — 8,923 337 Equities $ 40,134 $ 1,680 $ 249,340 $ (249,472 ) $ — $ 41,682 $ 1,680 Other invested assets Derivatives, net $ (1,858 ) $ (552 ) $ — $ — $ — $ (2,410 ) $ (552 ) Notes and loan receivables and notes securitization 44,817 564 22,682 (2,613 ) — 65,450 2,082 Annuities and residuals 13,243 321 — (2,468 ) — 11,096 321 Private equities 59,872 1,552 11,938 (1,819 ) — 71,543 1,404 Other invested assets $ 116,074 $ 1,885 $ 34,620 $ (6,900 ) $ — $ 145,679 $ 3,255 Funds held – directly managed U.S. states, territories and municipalities $ 132 $ 68 $ — $ (200 ) $ — $ — $ — Other invested assets 13,398 (1,050 ) — — — 12,348 (1,050 ) Funds held – directly managed $ 13,530 $ (982 ) $ — $ (200 ) $ — $ 12,348 $ (1,050 ) Total $ 769,384 $ (14,118 ) $ 361,102 $ (392,789 ) $ — $ 723,579 $ (12,560 ) (1) There were no issuances or sales for the six months ended June 30, 2015 . For the six months ended June 30, 2014 Balance at beginning of period Realized and unrealized investment gains (losses) included in net income Purchases and issuances (1) Settlements and (2) Net transfers into/(out of) Level 3 Balance at end of period Change in gains (losses) relating to Fixed maturities U.S. states, territories and municipalities $ 108,380 $ 6,852 $ 8,525 $ (140 ) $ — $ 123,617 $ 6,849 Asset-backed securities 446,577 9,137 127,453 (94,061 ) — 489,106 9,444 Fixed maturities $ 554,957 $ 15,989 $ 135,978 $ (94,201 ) $ — $ 612,723 $ 16,293 Equities Finance 20,207 (643 ) — — — 19,564 (643 ) Communications 2,199 (132 ) — — — 2,067 (132 ) Technology 7,752 (107 ) — — — 7,645 (107 ) Other — (1 ) 8 — — 7 (1 ) Mutual funds and exchange traded funds 7,887 359 — — — 8,246 359 Equities $ 38,045 $ (524 ) $ 8 $ — $ — $ 37,529 $ (524 ) Other invested assets Derivatives, net $ (788 ) $ 864 $ (928 ) $ — $ — $ (852 ) $ 864 Notes and loan receivables and notes securitization 41,446 3,567 2,916 (9,326 ) — 38,603 5,086 Annuities and residuals 24,064 391 — (7,321 ) — 17,134 431 Private equities 39,131 (1,831 ) 20,544 (2,916 ) — 54,928 (1,863 ) Other invested assets $ 103,853 $ 2,991 $ 22,532 $ (19,563 ) $ — $ 109,813 $ 4,518 Funds held – directly managed U.S. states, territories and municipalities $ 286 $ 19 $ — $ — $ — $ 305 $ 19 Other invested assets 15,165 380 255 — — 15,800 380 Funds held – directly managed $ 15,451 $ 399 $ 255 $ — $ — $ 16,105 $ 399 Total $ 712,306 $ 18,855 $ 158,773 $ (113,764 ) $ — $ 776,170 $ 20,686 (1) Purchases and issuances of derivatives include issuances of $0.9 million . (2) There were no sales for the six months ended June 30, 2014. |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | The significant unobservable inputs used in the valuation of financial instruments measured at fair value using Level 3 inputs at June 30, 2015 and December 31, 2014 were as follows (fair value in thousands of U.S. dollars): June 30, 2015 Fair value Valuation techniques Unobservable inputs Range (Weighted average) Fixed maturities U.S. states, territories and municipalities $ 112,221 Discounted cash flow Credit spreads 2.5% – 11.5% (7.2%) Asset-backed securities – other 411,649 Discounted cash flow Credit spreads 4.0% – 12.1% (7.6%) Equities Finance 14,570 Weighted market comparables Net income multiple 14.4 (14.4) Tangible book value multiple 1.5 (1.5) Liquidity discount 25.0% (25.0%) Comparable return 0% (0%) Finance 6,394 Profitability analysis Projected return on equity 14.0% (14.0%) Technology 9,215 Weighted market comparables Revenue multiple 1.8 (1.8) Adjusted earnings multiple 10.7 (10.7) Communications 2,580 Weighted market comparables Adjusted earnings multiple 9.4 (9.4) Comparable return -2.2% (-2.2%) Other invested assets Total return swaps (2,065 ) Discounted cash flow Credit spreads 4.0% – 21.7% (20.0%) Notes and loan receivables 21,296 Discounted cash flow Credit spreads 6.4% – 13.4% (8.9%) Notes and loan receivables 12,599 Discounted cash flow Credit spreads 17.5% (17.5%) Gross revenue/fair value 1.4 – 1.6 (1.6) Notes securitization 31,555 Discounted cash flow Credit spreads 4.3% – 6.7% (6.6%) Annuities and residuals 11,096 Discounted cash flow Credit spreads 5.1% – 8.8% (7.7%) Prepayment speed 0% – 15.0% (2.9%) Constant default rate 0.3% – 17.5% (5.0%) Private equity – direct 9,552 Discounted cash flow and weighted market comparables Net income multiple 9.6 (9.6) Tangible book value multiple 2.1 (2.1) Recoverability of intangible assets 0% (0%) Private equity funds 26,704 Reported market value Net asset value, as reported 100.0% (100.0%) Market adjustments -10.1% – 1.1% (-0.8%) Private equity – other 35,287 Discounted cash flow Effective yield 5.8% (5.8%) Funds held – directly managed Other invested assets 12,348 Reported market value Net asset value, as reported 100.0% (100.0%) Market adjustments -7.0% – 0% (-6.1%) December 31, 2014 Fair value Valuation techniques Unobservable inputs Range (Weighted average) Fixed maturities U.S. states, territories and municipalities $ 149,728 Discounted cash flow Credit spreads 2.2% – 10.1% (4.6%) Asset-backed securities – other 449,918 Discounted cash flow Credit spreads 4.0% – 12.1% (7.1%) Equities Finance 14,561 Weighted market comparables Net income multiple 19.0 (19.0) Tangible book value multiple 1.3 (1.3) Liquidity discount 25.0% (25.0%) Comparable return 7.3% (7.3%) Finance 5,792 Profitability analysis Projected return on equity 14.0% (14.0%) Technology 8,555 Weighted market comparables Revenue multiple 1.6 (1.6) Adjusted earnings multiple 10.2 (10.2) Communications 2,640 Weighted market comparables Adjusted earnings multiple 9.4 (9.4) Comparable return -10.6% (-10.6%) Other invested assets Total return swaps (1,522 ) Discounted cash flow Credit spreads 3.6% – 19.3% (16.3%) Notes and loan receivables 8,068 Discounted cash flow Credit spreads 12.6% (12.6%) Notes and loan receivables 13,237 Discounted cash flow Credit spreads 17.5% (17.5%) Gross revenue/fair value 1.5 – 1.7 (1.7) Notes securitization 23,512 Discounted cash flow Credit spreads 3.5% – 6.6% (6.4%) Annuities and residuals 13,243 Discounted cash flow Credit spreads 4.9% – 9.6% (7.8%) Prepayment speed 0% – 15.0% (4.3%) Constant default rate 0.3% – 17.5% (6.3%) Private equity – direct 8,536 Discounted cash flow and weighted market comparables Net income multiple 9.0 (9.0) Tangible book value multiple 2.0 (2.0) Recoverability of intangible assets 0% (0%) Private equity funds 18,494 Reported market value Net asset value, as reported 100.0% (100.0%) Market adjustments -7.6% – 11.0% (-1.6%) Private equity – other 32,842 Discounted cash flow Effective yield 5.8% (5.8%) Funds held – directly managed Other invested assets 13,398 Reported market value Net asset value, as reported 100.0% (100.0%) Market adjustments -15.4% – 0% (-14.5%) |
Change in fair value of financial instruments subject to fair value option | Changes in the fair value of the Company’s financial instruments subject to the fair value option during the three months and six months ended June 30, 2015 and 2014 were as follows (in thousands of U.S. dollars): For the three months ended For the six months ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Fixed maturities and short-term investments $ (253,918 ) $ 123,434 $ (176,947 ) $ 243,233 Equities (45,523 ) 6,322 (52,539 ) 16,647 Other invested assets 880 2,515 2,713 3,558 Funds held – directly managed (6,298 ) 741 (3,758 ) 1,477 Total $ (304,859 ) $ 133,012 $ (230,531 ) $ 264,915 |
Carrying values and fair values of financial instrument liabilities | The carrying values and fair values of the Senior Notes and CENts at June 30, 2015 and December 31, 2014 were as follows (in thousands of U.S. dollars): June 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Debt related to Senior Notes (1) $ 750,000 $ 839,877 $ 750,000 $ 853,792 Debt related to CENts (2) 63,384 62,515 63,384 62,309 (1) PartnerRe Finance A LLC and PartnerRe Finance B LLC, the issuers of the Senior Notes, do not meet consolidation requirements under U.S. GAAP. Accordingly, the Company shows the related intercompany debt of $750 million in its Condensed Consolidated Balance Sheets at June 30, 2015 and December 31, 2014 . (2) PartnerRe Finance II Inc., the issuer of the CENts, does not meet consolidation requirements under U.S. GAAP. Accordingly, the Company shows the related intercompany debt of $71 million in its Condensed Consolidated Balance Sheets at June 30, 2015 and December 31, 2014 . |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values and Related Notional Values of Derivatives [Table Text Block] | The net fair values and the related net notional values of derivatives included in the Company’s Condensed Consolidated Balance Sheets at June 30, 2015 and December 31, 2014 were as follows (in thousands of U.S. dollars): Asset derivatives at fair value Liability derivatives at fair value Net derivatives June 30, 2015 Net notional exposure Fair value Derivatives designated as hedges Foreign exchange forward contracts (net investment hedge) $ 9,745 $ — $ 379,045 $ 9,745 Total derivatives designated as hedges $ 9,745 $ — $ 9,745 Derivatives not designated as hedges Foreign exchange forward contracts $ 7,898 $ (5,927 ) $ 1,996,675 $ 1,971 Foreign currency option contracts — (946 ) 90,786 (946 ) Futures contracts — (7,811 ) 3,515,009 (7,811 ) Insurance-linked securities (1) 14 (359 ) 145,075 (345 ) Total return swaps 233 (2,298 ) 42,484 (2,065 ) Interest rate swaps (2) — (15,912 ) 197,889 (15,912 ) TBAs 11 (1,609 ) 238,255 (1,598 ) Total derivatives not designated as hedges $ 8,156 $ (34,862 ) $ (26,706 ) Total derivatives $ 17,901 $ (34,862 ) $ (16,961 ) Asset derivatives at fair value Liability derivatives at fair value Net derivatives December 31, 2014 Net notional exposure Fair value Derivatives not designated as hedges Foreign exchange forward contracts $ 20,033 $ (7,446 ) $ 2,080,276 $ 12,587 Foreign currency option contracts — (1,196 ) 43,380 (1,196 ) Futures contracts 846 (467 ) 2,348,735 379 Insurance-linked securities (1) 3 (339 ) 145,481 (336 ) Total return swaps 485 (2,007 ) 42,524 (1,522 ) Interest rate swaps (2) — (16,282 ) 201,160 (16,282 ) TBAs 154 (240 ) 235,105 (86 ) Total derivatives $ 21,521 $ (27,977 ) $ (6,456 ) (1) At June 30, 2015 and December 31, 2014 , insurance-linked securities include a longevity swap for which the notional amount is not reflective of the overall potential exposure of the swap. As such, the Company has included the probable maximum loss under the swap within the net notional exposure as an approximation of the notional amount. (2) The Company enters into interest rate swaps to mitigate notional exposures on certain total return swaps and certain fixed maturities. Only the notional value of interest rate swaps on fixed maturities is presented separately in the table. |
Gains and Losses on Derivatives not Designated as Hedges [Table Text Block] | The gains and losses in the Condensed Consolidated Statements of Operations for derivatives not designated as hedges for the three months and six months ended June 30, 2015 and 2014 were as follows (in thousands of U.S. dollars): For the three months ended For the six months ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Foreign exchange forward contracts $ (17,269 ) $ 637 $ (21,905 ) $ 8,892 Foreign currency option contracts (932 ) 753 1,096 1,148 Total included in net foreign exchange gains and losses $ (18,201 ) $ 1,390 $ (20,809 ) $ 10,040 Futures contracts $ 756 $ (34,428 ) $ (33,783 ) $ (50,501 ) Credit default swaps (protection purchased) — — — (3 ) Insurance-linked securities 6 13 8 256 Total return swaps (1,008 ) 400 (543 ) 618 Interest rate swaps 5,161 (3,348 ) 370 (8,734 ) TBAs (4,314 ) 4,367 (643 ) 8,114 Other — — 2,493 — Total included in net realized and unrealized investment gains and losses $ 601 $ (32,996 ) $ (32,098 ) $ (50,250 ) Total derivatives not designated as hedges $ (17,600 ) $ (31,606 ) $ (52,907 ) $ (40,210 ) |
Offsetting Disclosures [Table Text Block] | The gross and net fair values of derivatives that are subject to offsetting in the Condensed Consolidated Balance Sheets at June 30, 2015 and December 31, 2014 were as follows (in thousands of U.S. dollars): Gross amounts offset in the balance sheet Net amounts of assets/liabilities presented in the balance sheet Gross amounts not offset in the balance sheet June 30, 2015 Gross amounts recognized (1) Financial instruments Cash collateral received/pledged Net amount Total derivative assets $ 17,901 $ — $ 17,901 $ (135 ) $ (9,200 ) $ 8,566 Total derivative liabilities $ (34,862 ) $ — $ (34,862 ) $ 135 $ 43,499 $ 8,772 December 31, 2014 Total derivative assets $ 21,521 $ — $ 21,521 $ (766 ) $ (8,536 ) $ 12,219 Total derivative liabilities $ (27,977 ) $ — $ (27,977 ) $ 766 $ 14,858 $ (12,353 ) (1) Amounts include all derivative instruments, irrespective of whether there is a legally enforceable master netting arrangement in place. |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Share Table [Text Block] | The reconciliation of basic and diluted net (loss) income per share for the three months and six months ended June 30, 2015 and 2014 is as follows (in thousands of U.S. dollars, except share and per share data): For the three months ended For the six months ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Numerator: Net (loss) income attributable to PartnerRe Ltd. $ (88,909 ) $ 271,841 $ 157,007 $ 581,683 Less: preferred dividends 14,184 14,184 28,367 28,367 Net (loss) income attributable to PartnerRe Ltd. common shareholders $ (103,093 ) $ 257,657 $ 128,640 $ 553,316 Denominator: Weighted number of common shares outstanding – basic 47,773,371 50,241,216 47,650,042 50,942,980 Share options and other (1) — 1,087,545 1,135,395 1,081,471 Weighted average number of common shares and common share equivalents outstanding – diluted 47,773,371 51,328,761 48,785,437 52,024,451 Basic net (loss) income per share $ (2.16 ) $ 5.13 $ 2.70 $ 10.86 Diluted net (loss) income per share (1) $ (2.16 ) $ 5.02 $ 2.64 $ 10.64 Anti-dilutive common shares excluded from weighted average number of common shares and common share equivalents outstanding - diluted (1) 1,154,210 149,600 54,382 119,870 (1) Where the exercise price of share based awards is greater than the average market price of the common shares, the common shares are considered anti-dilutive and are excluded from the calculation of weighted average number of common shares and common share equivalents outstanding - diluted. In addition, for the three months ended June 30, 2015, dilutive securities, in the form of share options and other, were not included in the weighted average number of common shares and common share equivalents outstanding for the purpose of computing the diluted net loss per share because to do so would have been anti-dilutive. |
Noncontrolling interests (Table
Noncontrolling interests (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | The reconciliation of the beginning and ending balance of the noncontrolling interests in Lorenz Re for the six months ended June 30, 2015 and 2014 was as follows (in thousands of U.S. dollars): For the six months ended June 30, 2015 June 30, 2014 Balance at beginning of period $ 55,501 $ 56,627 Net income attributable to noncontrolling interests 2,536 4,995 Distribution to noncontrolling interests (55,820 ) (14,266 ) Balance at end of period $ 2,217 $ 47,356 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segment reporting table | The segment results for the three months and six months ended June 30, 2015 and 2014 , were as follows (in millions of U.S. dollars, except ratios): Segment Information For the three months ended June 30, 2015 North America Global (Non-U.S.) P&C Global Specialty Catastrophe Total Non-life segment Life and Health segment Corporate and Other Total Gross premiums written $ 427 $ 143 $ 406 $ 122 $ 1,098 $ 334 $ — $ 1,432 Net premiums written $ 401 $ 137 $ 400 $ 71 $ 1,009 $ 313 $ — $ 1,322 Decrease (increase) in unearned premiums 34 22 (26 ) (27 ) 3 3 — 6 Net premiums earned $ 435 $ 159 $ 374 $ 44 $ 1,012 $ 316 $ — $ 1,328 Losses and loss expenses and life policy benefits (296 ) (121 ) (198 ) 10 (605 ) (260 ) — (865 ) Acquisition costs (111 ) (36 ) (102 ) (4 ) (253 ) (30 ) — (283 ) Technical result $ 28 $ 2 $ 74 $ 50 $ 154 $ 26 $ — $ 180 Other income — — — — Other expenses (55 ) (16 ) (59 ) (130 ) Underwriting result $ 99 $ 10 n/a $ 50 Net investment income 16 104 120 Allocated underwriting result (1) $ 26 n/a n/a Net realized and unrealized investment losses (256 ) (256 ) Interest expense (12 ) (12 ) Amortization of intangible assets (7 ) (7 ) Net foreign exchange losses (6 ) (6 ) Income tax benefit 14 14 Interest in earnings of equity method investments 8 8 Net loss n/a $ (89 ) Loss ratio (2) 68.1 % 75.9 % 53.0 % (21.5 )% 59.8 % Acquisition ratio (3) 25.4 23.2 27.2 8.2 25.0 Technical ratio (4) 93.5 % 99.1 % 80.2 % (13.3 )% 84.8 % Other expense ratio (5) 5.5 Combined ratio (6) 90.3 % (1) Allocated underwriting result is defined as net premiums earned, other income or loss and allocated net investment income less life policy benefits, acquisition costs and other expenses. (2) Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. (3) Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. (4) Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. (5) Other expense ratio is obtained by dividing other expenses by net premiums earned. (6) Combined ratio is defined as the sum of the technical ratio and the other expense ratio. n/a Not applicable Segment Information For the three months ended June 30, 2014 North America Global (Non-U.S.) P&C Global Specialty Catastrophe Total Non-life segment Life and Health segment Corporate and Other Total Gross premiums written $ 400 $ 155 $ 438 $ 143 $ 1,136 $ 326 $ — $ 1,462 Net premiums written $ 392 $ 148 $ 432 $ 136 $ 1,108 $ 311 $ — $ 1,419 (Increase) decrease in unearned premiums (2 ) 39 (26 ) (77 ) (66 ) — — (66 ) Net premiums earned $ 390 $ 187 $ 406 $ 59 $ 1,042 $ 311 $ — $ 1,353 Losses and loss expenses and life policy benefits (240 ) (103 ) (270 ) (19 ) (632 ) (252 ) — (884 ) Acquisition costs (102 ) (52 ) (98 ) (8 ) (260 ) (43 ) — (303 ) Technical result $ 48 $ 32 $ 38 $ 32 $ 150 $ 16 $ — $ 166 Other income 1 3 5 9 Other expenses (61 ) (16 ) (30 ) (107 ) Underwriting result $ 90 $ 3 n/a $ 68 Net investment income 15 115 130 Allocated underwriting result $ 18 n/a n/a Net realized and unrealized investment gains 166 166 Interest expense (12 ) (12 ) Amortization of intangible assets (7 ) (7 ) Net foreign exchange gains 2 2 Income tax expense (78 ) (78 ) Interest in earnings of equity method investments 5 5 Net income n/a $ 274 Loss ratio 61.5 % 54.6 % 66.5 % 33.4 % 60.6 % Acquisition ratio 26.1 27.9 24.2 13.0 25.0 Technical ratio 87.6 % 82.5 % 90.7 % 46.4 % 85.6 % Other expense ratio 5.9 Combined ratio 91.5 % Segment Information For the six months ended June 30, 2015 North Global Global Catastrophe Total Life Corporate Total Gross premiums written $ 900 $ 477 $ 833 $ 312 $ 2,522 $ 659 $ — $ 3,181 Net premiums written $ 872 $ 468 $ 762 $ 247 $ 2,349 $ 626 $ — $ 2,975 Increase in unearned premiums (98 ) (135 ) (23 ) (145 ) (401 ) (12 ) — (413 ) Net premiums earned $ 774 $ 333 $ 739 $ 102 $ 1,948 $ 614 $ — $ 2,562 Losses and loss expenses and life policy benefits (468 ) (240 ) (369 ) (10 ) (1,087 ) (499 ) — (1,586 ) Acquisition costs (204 ) (89 ) (194 ) (8 ) (495 ) (64 ) — (559 ) Technical result $ 102 $ 4 $ 176 $ 84 $ 366 $ 51 $ — $ 417 Other income — 1 3 4 Other expenses (107 ) (31 ) (116 ) (254 ) Underwriting result $ 259 $ 21 n/a $ 167 Net investment income 30 195 225 Allocated underwriting result $ 51 n/a n/a Net realized and unrealized investment losses (140 ) (140 ) Interest expense (25 ) (25 ) Amortization of intangible assets (14 ) (14 ) Net foreign exchange gains 7 7 Income tax expense (65 ) (65 ) Interest in earnings of equity method investments 5 5 Net income n/a $ 160 Loss ratio 60.4 % 72.0 % 49.9 % 9.9 % 55.8 % Acquisition ratio 26.4 26.8 26.3 7.6 25.4 Technical ratio 86.8 % 98.8 % 76.2 % 17.5 % 81.2 % Other expense ratio 5.5 Combined ratio 86.7 % Segment Information For the six months ended June 30, 2014 North Global Global Catastrophe Total Life Corporate Total Gross premiums written $ 930 $ 519 $ 917 $ 353 $ 2,719 $ 615 $ — $ 3,334 Net premiums written $ 919 $ 508 $ 822 $ 315 $ 2,564 $ 593 $ — $ 3,157 Increase in unearned premiums (151 ) (141 ) (61 ) (177 ) (530 ) (20 ) — (550 ) Net premiums earned $ 768 $ 367 $ 761 $ 138 $ 2,034 $ 573 $ — $ 2,607 Losses and loss expenses and life policy benefits (499 ) (196 ) (471 ) 1 (1,165 ) (468 ) — (1,633 ) Acquisition costs (194 ) (107 ) (178 ) (15 ) (494 ) (73 ) — (567 ) Technical result $ 75 $ 64 $ 112 $ 124 $ 375 $ 32 $ — $ 407 Other income 2 4 4 10 Other expenses (126 ) (34 ) (59 ) (219 ) Underwriting result $ 251 $ 2 n/a $ 198 Net investment income 30 217 247 Allocated underwriting result $ 32 n/a n/a Net realized and unrealized investment gains 308 308 Interest expense (25 ) (25 ) Amortization of intangible assets (14 ) (14 ) Net foreign exchange gains 3 3 Income tax expense (141 ) (141 ) Interest in earnings of equity method investments 11 11 Net income n/a $ 587 Loss ratio 65.0 % 53.5 % 61.9 % (0.9 )% 57.3 % Acquisition ratio 25.2 29.0 23.4 11.4 24.3 Technical ratio 90.2 % 82.5 % 85.3 % 10.5 % 81.6 % Other expense ratio 6.2 Combined ratio 87.8 % |
Organization Organization (Deta
Organization Organization (Details) $ / shares in Units, $ in Millions | Jul. 20, 2015$ / shares | Jul. 16, 2015$ / shares | Jul. 07, 2015$ / shares | May. 03, 2015USD ($)$ / shares | Jan. 25, 2015USD ($) | Jun. 30, 2015shares | May. 12, 2015$ / shares | Apr. 14, 2015$ / shares |
Business Acquisition [Line Items] | ||||||||
Termination Fee | $ | $ 280 | $ 250 | ||||||
PartnerRe Ltd. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Share Exchange Ratio Upon Amalgamation | shares | 2.18 | |||||||
Special Dividend Per Share | $ 11.50 | |||||||
Axis Capital Holdings Ltd [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Share Exchange Ratio Upon Amalgamation | shares | 1 | |||||||
EXOR S.p.A. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Share Price | $ 137.50 | $ 130 | ||||||
Business acquisition percentage of voting interests proposed to be acquired | 100.00% | |||||||
Subsequent Event [Member] | PartnerRe Ltd. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Special Dividend Per Share | $ 17.50 | |||||||
Subsequent Event [Member] | EXOR S.p.A. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Special Dividend Per Share | $ 3 | |||||||
Preferred stock interest rate change | 100 | |||||||
Maximum earnings distributable | 67.00% |
Fair Value (Details - Hierarchy
Fair Value (Details - Hierarchy table) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | $ 13,349,772 | $ 13,918,745 |
Short-term investments | 19,244 | 25,678 |
Equities | 1,006,551 | 1,056,514 |
Other invested assets | 131,128 | 111,476 |
Funds held - directly managed | 424,689 | 472,593 |
Total | 14,931,384 | 15,585,006 |
Derivative assets [Member] | Foreign exchange forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 17,643 | 20,033 |
Derivative assets [Member] | Futures contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 846 | |
Derivative assets [Member] | Insurance-linked securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 14 | 3 |
Derivative assets [Member] | Total return swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 233 | 485 |
Derivative assets [Member] | TBAs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 11 | 154 |
Derivative liabilities [Member] | Foreign exchange forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | (5,927) | (7,446) |
Derivative liabilities [Member] | Foreign currency option contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | (946) | (1,196) |
Derivative liabilities [Member] | Futures contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | (7,811) | (467) |
Derivative liabilities [Member] | Insurance-linked securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | (359) | (339) |
Derivative liabilities [Member] | Total return swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | (2,298) | (2,007) |
Derivative liabilities [Member] | Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | (15,912) | (16,282) |
Derivative liabilities [Member] | TBAs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | (1,609) | (240) |
Notes And Loan Receivables And Notes Securitization [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 65,450 | 44,817 |
Annuities and residuals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 11,096 | 13,243 |
Private equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 71,543 | 59,872 |
Other invested assets funds held directly managed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Funds held - directly managed | 12,348 | 13,398 |
Short-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Funds held - directly managed | 7,047 | |
Real estate investment trust [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 189,202 | 213,770 |
Insurance [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 124,865 | 145,437 |
Consumer noncyclical [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 121,091 | 100,134 |
Finance [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 108,687 | 98,328 |
Energy [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 94,517 | 123,978 |
Industrials [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 69,292 | 49,983 |
Technology [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 57,990 | 61,262 |
Consumer cyclical [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 48,034 | 39,002 |
Communications [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 46,556 | 54,469 |
Utilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 25,966 | 31,748 |
Other equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 19,031 | 11,571 |
Mutual funds and exchange traded funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 101,320 | 126,832 |
US Government and government sponsored enterpises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 2,335,450 | 2,315,422 |
Funds held - directly managed | 157,909 | 153,483 |
US states, territories and municipalities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 682,069 | 530,603 |
Funds held - directly managed | 132 | |
Non US sovereign government supranational and government related [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 1,491,495 | 1,976,202 |
Funds held - directly managed | 109,934 | 128,233 |
Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 5,510,022 | 5,604,160 |
Funds held - directly managed | 137,451 | 177,347 |
Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 1,090,243 | 1,131,420 |
Residential mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 2,186,376 | 2,306,476 |
Other mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 54,117 | 54,462 |
Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 0 | 0 |
Short-term investments | 0 | 0 |
Equities | 942,666 | 1,004,505 |
Other invested assets | (7,811) | 379 |
Funds held - directly managed | 0 | 0 |
Total | 934,855 | 1,004,884 |
Quoted prices in active markets for identical assets (Level 1) | Derivative assets [Member] | Foreign exchange forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Derivative assets [Member] | Futures contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 846 | |
Quoted prices in active markets for identical assets (Level 1) | Derivative assets [Member] | Insurance-linked securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Derivative assets [Member] | Total return swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Derivative assets [Member] | TBAs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Derivative liabilities [Member] | Foreign exchange forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Derivative liabilities [Member] | Foreign currency option contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Derivative liabilities [Member] | Futures contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | (7,811) | (467) |
Quoted prices in active markets for identical assets (Level 1) | Derivative liabilities [Member] | Insurance-linked securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Derivative liabilities [Member] | Total return swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Derivative liabilities [Member] | Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Derivative liabilities [Member] | TBAs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Notes And Loan Receivables And Notes Securitization [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Annuities and residuals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Private equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Other invested assets funds held directly managed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Funds held - directly managed | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Short-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Funds held - directly managed | 0 | |
Quoted prices in active markets for identical assets (Level 1) | Real estate investment trust [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 189,202 | 213,770 |
Quoted prices in active markets for identical assets (Level 1) | Insurance [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 119,690 | 140,916 |
Quoted prices in active markets for identical assets (Level 1) | Consumer noncyclical [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 121,091 | 100,134 |
Quoted prices in active markets for identical assets (Level 1) | Finance [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 79,914 | 70,621 |
Quoted prices in active markets for identical assets (Level 1) | Energy [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 94,517 | 123,978 |
Quoted prices in active markets for identical assets (Level 1) | Industrials [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 60,073 | 49,983 |
Quoted prices in active markets for identical assets (Level 1) | Technology [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 48,775 | 52,707 |
Quoted prices in active markets for identical assets (Level 1) | Consumer cyclical [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 48,034 | 39,002 |
Quoted prices in active markets for identical assets (Level 1) | Communications [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 43,976 | 51,829 |
Quoted prices in active markets for identical assets (Level 1) | Utilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 25,966 | 31,748 |
Quoted prices in active markets for identical assets (Level 1) | Other equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 19,031 | 11,571 |
Quoted prices in active markets for identical assets (Level 1) | Mutual funds and exchange traded funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 92,397 | 118,246 |
Quoted prices in active markets for identical assets (Level 1) | US Government and government sponsored enterpises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 0 | 0 |
Funds held - directly managed | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | US states, territories and municipalities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 0 | 0 |
Funds held - directly managed | 0 | |
Quoted prices in active markets for identical assets (Level 1) | Non US sovereign government supranational and government related [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 0 | 0 |
Funds held - directly managed | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 0 | 0 |
Funds held - directly managed | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Residential mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Other mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 0 | 0 |
Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 12,825,902 | 13,319,099 |
Short-term investments | 19,244 | 25,678 |
Equities | 22,203 | 11,875 |
Other invested assets | (6,740) | (4,977) |
Funds held - directly managed | 412,341 | 459,063 |
Total | 13,272,950 | 13,810,738 |
Significant other observable inputs (Level 2) | Derivative assets [Member] | Foreign exchange forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 17,643 | 20,033 |
Significant other observable inputs (Level 2) | Derivative assets [Member] | Futures contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | |
Significant other observable inputs (Level 2) | Derivative assets [Member] | Insurance-linked securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Significant other observable inputs (Level 2) | Derivative assets [Member] | Total return swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Significant other observable inputs (Level 2) | Derivative assets [Member] | TBAs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 11 | 154 |
Significant other observable inputs (Level 2) | Derivative liabilities [Member] | Foreign exchange forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | (5,927) | (7,446) |
Significant other observable inputs (Level 2) | Derivative liabilities [Member] | Foreign currency option contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | (946) | (1,196) |
Significant other observable inputs (Level 2) | Derivative liabilities [Member] | Futures contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Significant other observable inputs (Level 2) | Derivative liabilities [Member] | Insurance-linked securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Significant other observable inputs (Level 2) | Derivative liabilities [Member] | Total return swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Significant other observable inputs (Level 2) | Derivative liabilities [Member] | Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | (15,912) | (16,282) |
Significant other observable inputs (Level 2) | Derivative liabilities [Member] | TBAs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | (1,609) | (240) |
Significant other observable inputs (Level 2) | Notes And Loan Receivables And Notes Securitization [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Significant other observable inputs (Level 2) | Annuities and residuals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Significant other observable inputs (Level 2) | Private equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Significant other observable inputs (Level 2) | Other invested assets funds held directly managed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Funds held - directly managed | 0 | 0 |
Significant other observable inputs (Level 2) | Short-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Funds held - directly managed | 7,047 | |
Significant other observable inputs (Level 2) | Real estate investment trust [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant other observable inputs (Level 2) | Insurance [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 5,175 | 4,521 |
Significant other observable inputs (Level 2) | Consumer noncyclical [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant other observable inputs (Level 2) | Finance [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 7,809 | 7,354 |
Significant other observable inputs (Level 2) | Energy [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant other observable inputs (Level 2) | Industrials [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 9,219 | 0 |
Significant other observable inputs (Level 2) | Technology [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant other observable inputs (Level 2) | Consumer cyclical [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant other observable inputs (Level 2) | Communications [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant other observable inputs (Level 2) | Utilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant other observable inputs (Level 2) | Other equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant other observable inputs (Level 2) | Mutual funds and exchange traded funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant other observable inputs (Level 2) | US Government and government sponsored enterpises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 2,335,450 | 2,315,422 |
Funds held - directly managed | 157,909 | 153,483 |
Significant other observable inputs (Level 2) | US states, territories and municipalities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 569,848 | 380,875 |
Funds held - directly managed | 0 | |
Significant other observable inputs (Level 2) | Non US sovereign government supranational and government related [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 1,491,495 | 1,976,202 |
Funds held - directly managed | 109,934 | 128,233 |
Significant other observable inputs (Level 2) | Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 5,510,022 | 5,604,160 |
Funds held - directly managed | 137,451 | 177,347 |
Significant other observable inputs (Level 2) | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 678,594 | 681,502 |
Significant other observable inputs (Level 2) | Residential mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 2,186,376 | 2,306,476 |
Significant other observable inputs (Level 2) | Other mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 54,117 | 54,462 |
Significant unobservable inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 523,870 | 599,646 |
Short-term investments | 0 | 0 |
Equities | 41,682 | 40,134 |
Other invested assets | 145,679 | 116,074 |
Funds held - directly managed | 12,348 | 13,530 |
Total | 723,579 | 769,384 |
Significant unobservable inputs (Level 3) [Member] | Derivative assets [Member] | Foreign exchange forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Derivative assets [Member] | Futures contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | |
Significant unobservable inputs (Level 3) [Member] | Derivative assets [Member] | Insurance-linked securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 14 | 3 |
Significant unobservable inputs (Level 3) [Member] | Derivative assets [Member] | Total return swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 233 | 485 |
Significant unobservable inputs (Level 3) [Member] | Derivative assets [Member] | TBAs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Derivative liabilities [Member] | Foreign exchange forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Derivative liabilities [Member] | Foreign currency option contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Derivative liabilities [Member] | Futures contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Derivative liabilities [Member] | Insurance-linked securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | (359) | (339) |
Significant unobservable inputs (Level 3) [Member] | Derivative liabilities [Member] | Total return swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | (2,298) | (2,007) |
Significant unobservable inputs (Level 3) [Member] | Derivative liabilities [Member] | Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Derivative liabilities [Member] | TBAs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Notes And Loan Receivables And Notes Securitization [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 65,450 | 44,817 |
Significant unobservable inputs (Level 3) [Member] | Annuities and residuals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 11,096 | 13,243 |
Significant unobservable inputs (Level 3) [Member] | Private equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other invested assets | 71,543 | 59,872 |
Significant unobservable inputs (Level 3) [Member] | Other invested assets funds held directly managed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Funds held - directly managed | 12,348 | 13,398 |
Significant unobservable inputs (Level 3) [Member] | Short-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Funds held - directly managed | 0 | |
Significant unobservable inputs (Level 3) [Member] | Real estate investment trust [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Insurance [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Consumer noncyclical [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Finance [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 20,964 | 20,353 |
Significant unobservable inputs (Level 3) [Member] | Energy [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Industrials [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Technology [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 9,215 | 8,555 |
Significant unobservable inputs (Level 3) [Member] | Consumer cyclical [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Communications [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 2,580 | 2,640 |
Significant unobservable inputs (Level 3) [Member] | Utilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Other equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Mutual funds and exchange traded funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equities | 8,923 | 8,586 |
Significant unobservable inputs (Level 3) [Member] | US Government and government sponsored enterpises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 0 | 0 |
Funds held - directly managed | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | US states, territories and municipalities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 112,221 | 149,728 |
Funds held - directly managed | 132 | |
Significant unobservable inputs (Level 3) [Member] | Non US sovereign government supranational and government related [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 0 | 0 |
Funds held - directly managed | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 0 | 0 |
Funds held - directly managed | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 411,649 | 449,918 |
Significant unobservable inputs (Level 3) [Member] | Residential mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Other mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | $ 0 | $ 0 |
Fair Value (Details - narrative
Fair Value (Details - narrative items) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value - Other Details [Line Items] | ||||||
Funds held directly managed investments carried at fair value | $ 424,689 | $ 424,689 | $ 472,593 | |||
Cash and cash equivalents | 1,492,997 | $ 1,208,220 | 1,492,997 | $ 1,208,220 | 1,313,468 | $ 1,496,485 |
Accrued investment income | 139,772 | 139,772 | 158,737 | |||
Fair Value Assets Level 2 To Level 1 Transfers Amount | 0 | 0 | 0 | 0 | ||
Funds held directly managed [Member] | ||||||
Fair Value - Other Details [Line Items] | ||||||
Cash and cash equivalents | 58,100 | 58,100 | 42,300 | |||
Accrued investment income | 4,800 | 4,800 | 5,700 | |||
Other net assets | 107,300 | 107,300 | 88,300 | |||
Trading securities [Member] | Other invested assets [Member] | ||||||
Fair Value - Other Details [Line Items] | ||||||
Carrying amount of other invested assets not at fair value | 209,200 | 209,200 | $ 187,300 | |||
Other invested assets [Member] | Derivatives, net [Member] | ||||||
Fair Value - Other Details [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | $ 0 | $ 200 | $ 0 | $ 900 |
Fair Value (Details - Level 3 r
Fair Value (Details - Level 3 rollforward) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | $ 1,027,763 | $ 719,763 | $ 769,384 | $ 712,306 | ||||
Realized and unrealized investment (losses) gains included in net income | (14,801) | 8,336 | (14,118) | 18,855 | ||||
Purchases | 56,745 | 89,769 | 361,102 | [1] | 158,773 | |||
Settlements | (346,128) | [2] | (41,698) | [3] | (392,789) | [1] | (113,764) | [4] |
Sales | 0 | 0 | 0 | 0 | ||||
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 723,579 | 776,170 | 723,579 | 776,170 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | (14,875) | 9,898 | (12,560) | 20,686 | ||||
Fixed maturities [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 599,266 | 561,168 | 599,646 | 554,957 | ||||
Realized and unrealized investment (losses) gains included in net income | (16,101) | 9,101 | (16,701) | 15,989 | ||||
Purchases | 33,720 | 72,295 | 77,142 | [1] | 135,978 | |||
Settlements | (93,015) | [2] | (29,841) | [3] | (136,217) | [1] | (94,201) | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 523,870 | 612,723 | 523,870 | 612,723 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | (15,958) | 9,143 | (16,445) | 16,293 | ||||
Fixed maturities [Member] | US states, territories and municipalities [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 147,683 | 113,467 | 149,728 | 108,380 | ||||
Realized and unrealized investment (losses) gains included in net income | (8,390) | 5,960 | (10,251) | 6,852 | ||||
Purchases | 16,440 | 4,260 | 16,440 | [1] | 8,525 | |||
Settlements | (43,512) | [2] | (70) | [3] | (43,696) | [1] | (140) | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 112,221 | 123,617 | 112,221 | 123,617 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | (8,392) | 5,959 | (10,258) | 6,849 | ||||
Fixed maturities [Member] | Asset-backed securities [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 451,583 | 447,701 | 449,918 | 446,577 | ||||
Realized and unrealized investment (losses) gains included in net income | (7,711) | 3,141 | (6,450) | 9,137 | ||||
Purchases | 17,280 | 68,035 | 60,702 | [1] | 127,453 | |||
Settlements | (49,503) | [2] | (29,771) | [3] | (92,521) | [1] | (94,061) | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 411,649 | 489,106 | 411,649 | 489,106 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | (7,566) | 3,184 | (6,187) | 9,444 | ||||
Equities [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 289,834 | 40,270 | 40,134 | 38,045 | ||||
Realized and unrealized investment (losses) gains included in net income | 1,320 | (2,749) | 1,680 | (524) | ||||
Purchases | 0 | 8 | 249,340 | [1] | 8 | |||
Settlements | (249,472) | [2] | 0 | [3] | (249,472) | [1] | 0 | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 41,682 | 37,529 | 41,682 | 37,529 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | 1,320 | (2,749) | 1,680 | (524) | ||||
Equities [Member] | Finance [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 20,532 | 22,706 | 20,353 | 20,207 | ||||
Realized and unrealized investment (losses) gains included in net income | 564 | (3,142) | 743 | (643) | ||||
Purchases | 0 | 0 | 0 | [1] | 0 | |||
Settlements | (132) | [2] | 0 | [3] | (132) | [1] | 0 | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 20,964 | 19,564 | 20,964 | 19,564 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | 564 | (3,142) | 743 | (643) | ||||
Equities [Member] | Technology [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 8,602 | 7,400 | 8,555 | 7,752 | ||||
Realized and unrealized investment (losses) gains included in net income | 613 | 245 | 660 | (107) | ||||
Purchases | 0 | 0 | 0 | [1] | 0 | |||
Settlements | 0 | [2] | 0 | [3] | 0 | [1] | 0 | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 9,215 | 7,645 | 9,215 | 7,645 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | 613 | 245 | 660 | (107) | ||||
Equities [Member] | Communications [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 2,723 | 2,111 | 2,640 | 2,199 | ||||
Realized and unrealized investment (losses) gains included in net income | (143) | (44) | (60) | (132) | ||||
Purchases | 0 | 0 | 0 | [1] | 0 | |||
Settlements | 0 | [2] | 0 | [3] | 0 | [1] | 0 | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 2,580 | 2,067 | 2,580 | 2,067 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | (143) | (44) | (60) | (132) | ||||
Equities [Member] | Other equities [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 0 | 0 | ||||||
Realized and unrealized investment (losses) gains included in net income | (1) | (1) | ||||||
Purchases | 8 | 8 | ||||||
Settlements | 0 | [3] | 0 | [4] | ||||
Net transfers into/ (out of) Level 3 | 0 | 0 | ||||||
Balance, end of year | 7 | 7 | ||||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | (1) | (1) | ||||||
Equities [Member] | Mutual funds and exchange traded funds [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 257,977 | 8,053 | 8,586 | 7,887 | ||||
Realized and unrealized investment (losses) gains included in net income | 286 | 193 | 337 | 359 | ||||
Purchases | 0 | 0 | 249,340 | [1] | 0 | |||
Settlements | (249,340) | [2] | 0 | [3] | (249,340) | [1] | 0 | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 8,923 | 8,246 | 8,923 | 8,246 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | 286 | 193 | 337 | 359 | ||||
Other invested assets [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 126,523 | 102,801 | 116,074 | 103,853 | ||||
Realized and unrealized investment (losses) gains included in net income | (428) | 1,403 | 1,885 | 2,991 | ||||
Purchases | 23,025 | 17,466 | 34,620 | [1] | 22,532 | |||
Settlements | (3,441) | [2] | (11,857) | [3] | (6,900) | [1] | (19,563) | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 145,679 | 109,813 | 145,679 | 109,813 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | (577) | 2,923 | 3,255 | 4,518 | ||||
Other invested assets [Member] | Derivatives, net [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | (1,377) | (1,042) | (1,858) | (788) | ||||
Realized and unrealized investment (losses) gains included in net income | (1,033) | 398 | (552) | 864 | ||||
Purchases | 0 | [2] | (208) | [5] | 0 | [1] | (928) | [6] |
Issuances | 0 | 200 | 0 | 900 | ||||
Settlements | 0 | [2] | 0 | [3] | 0 | [1] | 0 | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | (2,410) | (852) | (2,410) | (852) | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | (1,033) | 398 | (552) | 864 | ||||
Other invested assets [Member] | Notes And Loan Receivables And Notes Securitization [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 51,103 | 42,243 | 44,817 | 41,446 | ||||
Realized and unrealized investment (losses) gains included in net income | (540) | 2,967 | 564 | 3,567 | ||||
Purchases | 16,271 | 2,196 | 22,682 | [1] | 2,916 | |||
Settlements | (1,384) | [2] | (8,803) | [3] | (2,613) | [1] | (9,326) | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 65,450 | 38,603 | 65,450 | 38,603 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | (541) | 4,486 | 2,082 | 5,086 | ||||
Other invested assets [Member] | Annuities and residuals [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 12,155 | 18,945 | 13,243 | 24,064 | ||||
Realized and unrealized investment (losses) gains included in net income | 90 | 302 | 321 | 391 | ||||
Purchases | 0 | 0 | 0 | [1] | 0 | |||
Settlements | (1,149) | [2] | (2,113) | [3] | (2,468) | [1] | (7,321) | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 11,096 | 17,134 | 11,096 | 17,134 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | 91 | 303 | 321 | 431 | ||||
Other invested assets [Member] | Private equities [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 64,642 | 42,655 | 59,872 | 39,131 | ||||
Realized and unrealized investment (losses) gains included in net income | 1,055 | (2,264) | 1,552 | (1,831) | ||||
Purchases | 6,754 | 15,478 | 11,938 | [1] | 20,544 | |||
Settlements | (908) | [2] | (941) | [3] | (1,819) | [1] | (2,916) | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 71,543 | 54,928 | 71,543 | 54,928 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | 906 | (2,264) | 1,404 | (1,863) | ||||
Funds Held - Directly Managed investment [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 12,140 | 15,524 | 13,530 | 15,451 | ||||
Realized and unrealized investment (losses) gains included in net income | 408 | 581 | (982) | 399 | ||||
Purchases | 0 | 0 | 0 | [1] | 255 | |||
Settlements | (200) | [2] | 0 | [3] | (200) | [1] | 0 | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 12,348 | 16,105 | 12,348 | 16,105 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | 340 | 581 | (1,050) | 399 | ||||
Funds Held - Directly Managed investment [Member] | Other invested assets funds held directly managed [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 12,008 | 15,223 | 13,398 | 15,165 | ||||
Realized and unrealized investment (losses) gains included in net income | 340 | 577 | (1,050) | 380 | ||||
Purchases | 0 | 0 | 0 | [1] | 255 | |||
Settlements | 0 | [2] | 0 | [3] | 0 | [1] | 0 | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 12,348 | 15,800 | 12,348 | 15,800 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | 340 | 577 | (1,050) | 380 | ||||
Funds Held - Directly Managed investment [Member] | US states, territories and municipalities [Member] | ||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||
Balance, beginning of year | 132 | 301 | 132 | 286 | ||||
Realized and unrealized investment (losses) gains included in net income | 68 | 4 | 68 | 19 | ||||
Purchases | 0 | 0 | 0 | [1] | 0 | |||
Settlements | (200) | [2] | 0 | [3] | (200) | [1] | 0 | [4] |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 | ||||
Balance, end of year | 0 | 305 | 0 | 305 | ||||
Change in unrealized investment (losses) gains relating to assets held at the end of period | $ 0 | $ 4 | $ 0 | $ 19 | ||||
[1] | There were no issuances or sales for the six months ended June 30, 2015. | |||||||
[2] | There were no issuances or sales for the three months ended June 30, 2015. | |||||||
[3] | There were no sales for the three months ended June 30, 2014. | |||||||
[4] | There were no sales for the six months ended June 30, 2014. | |||||||
[5] | Purchases and issuances of derivatives include issuances of $0.2 million | |||||||
[6] | Purchases and issuances of derivatives include issuances of $0.9 million. |
Fair Value (Details - Valuation
Fair Value (Details - Valuation Technique and Inputs) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fixed maturities | $ 13,349,772 | $ 13,918,745 |
Equities | 1,006,551 | 1,056,514 |
Other invested assets carried at fair value | 131,128 | 111,476 |
Funds held directly managed investments carried at fair value | 424,689 | 472,593 |
Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fixed maturities | 523,870 | 599,646 |
Equities | 41,682 | 40,134 |
Other invested assets carried at fair value | 145,679 | 116,074 |
Funds held directly managed investments carried at fair value | 12,348 | 13,530 |
US states, territories and municipalities [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fixed maturities | $ 112,221 | $ 149,728 |
US states, territories and municipalities [Member] | Minimum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 2.50% | 2.20% |
US states, territories and municipalities [Member] | Maximum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 11.50% | 10.10% |
US states, territories and municipalities [Member] | Weighted Average [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 7.20% | 4.60% |
Asset-backed securities - other [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fixed maturities | $ 411,649 | $ 449,918 |
Asset-backed securities - other [Member] | Minimum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 4.00% | 4.00% |
Asset-backed securities - other [Member] | Maximum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 12.10% | 12.10% |
Asset-backed securities - other [Member] | Weighted Average [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 7.60% | 7.10% |
Finance [Member] | Weighted market comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Equities | $ 14,570 | $ 14,561 |
Finance [Member] | Profitability Analysis [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Equities | $ 6,394 | $ 5,792 |
Finance [Member] | Minimum [Member] | Weighted market comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Net income multiple | 14.4 | 19 |
Tangible book value multiple | 1.5 | 1.3 |
Liquidity discount | 25.00% | 25.00% |
Comparable return | 0.00% | 7.30% |
Finance [Member] | Minimum [Member] | Profitability Analysis [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Projected Return On Equity | 14.00% | 14.00% |
Finance [Member] | Maximum [Member] | Weighted market comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Net income multiple | 14.4 | 19 |
Tangible book value multiple | 1.5 | 1.3 |
Liquidity discount | 25.00% | 25.00% |
Comparable return | 0.00% | 7.30% |
Finance [Member] | Maximum [Member] | Profitability Analysis [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Projected Return On Equity | 14.00% | 14.00% |
Finance [Member] | Weighted Average [Member] | Weighted market comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Net income multiple | 14.4 | 19 |
Tangible book value multiple | 1.5 | 1.3 |
Liquidity discount | 25.00% | 25.00% |
Comparable return | 0.00% | 7.30% |
Finance [Member] | Weighted Average [Member] | Profitability Analysis [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Projected Return On Equity | 14.00% | 14.00% |
Technology [Member] | Weighted market comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Equities | $ 9,215 | $ 8,555 |
Technology [Member] | Minimum [Member] | Weighted market comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjusted earnings multiple | 10.7 | 10.2 |
Gross revenue/fair value | 1.8 | 1.6 |
Technology [Member] | Maximum [Member] | Weighted market comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjusted earnings multiple | 10.7 | 10.2 |
Gross revenue/fair value | 1.8 | 1.6 |
Technology [Member] | Weighted Average [Member] | Weighted market comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjusted earnings multiple | 10.7 | 10.2 |
Gross revenue/fair value | 1.8 | 1.6 |
Communications [Member] | Weighted market comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Equities | $ 2,580 | $ 2,640 |
Communications [Member] | Minimum [Member] | Weighted market comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjusted earnings multiple | 9.4 | 9.4 |
Comparable return | (2.20%) | (10.60%) |
Communications [Member] | Maximum [Member] | Weighted market comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjusted earnings multiple | 9.4 | 9.4 |
Comparable return | (2.20%) | (10.60%) |
Communications [Member] | Weighted Average [Member] | Weighted market comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjusted earnings multiple | 9.4 | 9.4 |
Comparable return | (2.20%) | (10.60%) |
Total return swaps [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Other invested assets carried at fair value | $ (2,065) | $ (1,522) |
Total return swaps [Member] | Minimum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 4.00% | 3.60% |
Total return swaps [Member] | Maximum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 21.70% | 19.30% |
Total return swaps [Member] | Weighted Average [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 20.00% | 16.30% |
Notes and loan receivables [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Other invested assets carried at fair value | $ 12,599 | $ 13,237 |
Notes and loan receivables [Member] | Minimum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 17.50% | 17.50% |
Gross revenue/fair value | 1.4 | 1.5 |
Notes and loan receivables [Member] | Maximum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 17.50% | 17.50% |
Gross revenue/fair value | 1.6 | 1.7 |
Notes and loan receivables [Member] | Weighted Average [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 17.50% | 17.50% |
Gross revenue/fair value | 1.6 | 1.7 |
Notes and Loans Receivable 2 [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Other invested assets carried at fair value | $ 21,296 | $ 8,068 |
Notes and Loans Receivable 2 [Member] | Minimum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 6.40% | 12.60% |
Notes and Loans Receivable 2 [Member] | Maximum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 13.40% | 12.60% |
Notes and Loans Receivable 2 [Member] | Weighted Average [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 8.90% | 12.60% |
Notes securitization [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Other invested assets carried at fair value | $ 31,555 | $ 23,512 |
Notes securitization [Member] | Minimum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 4.30% | 3.50% |
Notes securitization [Member] | Maximum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 6.70% | 6.60% |
Notes securitization [Member] | Weighted Average [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 6.60% | 6.40% |
Annuities and residuals [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Other invested assets carried at fair value | $ 11,096 | $ 13,243 |
Annuities and residuals [Member] | Minimum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 5.10% | 4.90% |
Prepayment speed | 0.00% | 0.00% |
Constant default rate | 0.30% | 0.30% |
Annuities and residuals [Member] | Maximum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 8.80% | 9.60% |
Prepayment speed | 15.00% | 15.00% |
Constant default rate | 17.50% | 17.50% |
Annuities and residuals [Member] | Weighted Average [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Credit spreads | 7.70% | 7.80% |
Prepayment speed | 2.90% | 4.30% |
Constant default rate | 5.00% | 6.30% |
Private Equity-Direct [Member] | Discounted Cash Flow And Weighted Market Comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Other invested assets carried at fair value | $ 9,552 | $ 8,536 |
Private Equity-Direct [Member] | Minimum [Member] | Discounted Cash Flow And Weighted Market Comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Net income multiple | 9.6 | 9 |
Tangible book value multiple | 2.1 | 2 |
Recoverability of intangible assets | 0 | 0 |
Private Equity-Direct [Member] | Maximum [Member] | Discounted Cash Flow And Weighted Market Comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Net income multiple | 9.6 | 9 |
Tangible book value multiple | 2.1 | 2 |
Recoverability of intangible assets | 0 | 0 |
Private Equity-Direct [Member] | Weighted Average [Member] | Discounted Cash Flow And Weighted Market Comparables [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Net income multiple | 9.6 | 9 |
Tangible book value multiple | 2.1 | 2 |
Recoverability of intangible assets | 0 | 0 |
Private equity funds [Member] | Lag reported market value | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Other invested assets carried at fair value | $ 26,704 | $ 18,494 |
Private equity funds [Member] | Minimum [Member] | Lag reported market value | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Net asset value, as reported | 100.00% | 100.00% |
Market adjustments | (10.10%) | (7.60%) |
Private equity funds [Member] | Maximum [Member] | Lag reported market value | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Net asset value, as reported | 100.00% | 100.00% |
Market adjustments | 1.10% | 11.00% |
Private equity funds [Member] | Weighted Average [Member] | Lag reported market value | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Net asset value, as reported | 100.00% | 100.00% |
Market adjustments | (0.80%) | (1.60%) |
Private Equity - Other [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Other invested assets carried at fair value | $ 35,287 | $ 32,842 |
Private Equity - Other [Member] | Minimum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Effective Yield | 5.80% | 5.80% |
Private Equity - Other [Member] | Maximum [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Effective Yield | 5.80% | 5.80% |
Private Equity - Other [Member] | Weighted Average [Member] | Discounted cash flow [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Effective Yield | 5.80% | 5.80% |
Other invested assets [Member] | Lag reported market value | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Funds held directly managed investments carried at fair value | $ 12,348 | $ 13,398 |
Other invested assets [Member] | Minimum [Member] | Lag reported market value | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Net asset value, as reported | 100.00% | 100.00% |
Market adjustments | (7.00%) | (15.40%) |
Other invested assets [Member] | Maximum [Member] | Lag reported market value | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Net asset value, as reported | 100.00% | 100.00% |
Market adjustments | 0.00% | 0.00% |
Other invested assets [Member] | Weighted Average [Member] | Lag reported market value | Significant unobservable inputs (Level 3) [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Net asset value, as reported | 100.00% | 100.00% |
Market adjustments | (6.10%) | (14.50%) |
Fair Value (Details - Change in
Fair Value (Details - Change in fair value option table) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Change in unrealized gain/loss | $ (304,859) | $ 133,012 | $ (230,531) | $ 264,915 |
Fixed maturities and short term investments [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Change in unrealized gain/loss | (253,918) | 123,434 | (176,947) | 243,233 |
Equities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Change in unrealized gain/loss | (45,523) | 6,322 | (52,539) | 16,647 |
Other invested assets [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Change in unrealized gain/loss | 880 | 2,515 | 2,713 | 3,558 |
Funds Held - Directly Managed investment [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Change in unrealized gain/loss | $ (6,298) | $ 741 | $ (3,758) | $ 1,477 |
Fair Value Fair Value (Details
Fair Value Fair Value (Details - Fair Value of Liabilities) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Fair value of financial instrument liabilities [Line Items] | |||
Debt related to senior notes | $ 750,000 | $ 750,000 | |
Debt related to capital efficient notes | 70,989 | 70,989 | |
Senior Notes Debt [Member] | Notes Issued By Partner Re Finance A LLC [Member] | |||
Fair value of financial instrument liabilities [Line Items] | |||
Face amount of debt instrument | 250,000 | 250,000 | |
Senior Notes Debt [Member] | Notes Issued By Partner Re Finance B LLC [Member] | |||
Fair value of financial instrument liabilities [Line Items] | |||
Face amount of debt instrument | 500,000 | 500,000 | |
Capital efficient notes [Member] | Notes Issued By Partner Re Finance II Inc [Member] | |||
Fair value of financial instrument liabilities [Line Items] | |||
Face amount of debt instrument | 63,000 | 63,000 | |
Estimate of Fair Value Measurement [Member] | Significant other observable inputs (Level 2) | Senior Notes Debt [Member] | |||
Fair value of financial instrument liabilities [Line Items] | |||
Debt related to senior notes | [1] | 839,877 | 853,792 |
Estimate of Fair Value Measurement [Member] | Significant other observable inputs (Level 2) | Capital efficient notes [Member] | |||
Fair value of financial instrument liabilities [Line Items] | |||
Debt related to capital efficient notes | [2] | 62,515 | 62,309 |
Carrying value [Member] | Senior Notes Debt [Member] | |||
Fair value of financial instrument liabilities [Line Items] | |||
Debt related to senior notes | [1] | 750,000 | 750,000 |
Carrying value [Member] | Capital efficient notes [Member] | |||
Fair value of financial instrument liabilities [Line Items] | |||
Debt related to capital efficient notes | [2] | $ 63,384 | $ 63,384 |
[1] | PartnerRe Finance A LLC and PartnerRe Finance B LLC, the issuers of the Senior Notes, do not meet consolidation requirements under U.S. GAAP. Accordingly, the Company shows the related intercompany debt of $750 million in its Condensed Consolidated Balance Sheets at June 30, 2015 and December 31, 2014. | ||
[2] | PartnerRe Finance II Inc., the issuer of the CENts, does not meet consolidation requirements under U.S. GAAP. Accordingly, the Company shows the related intercompany debt of $71 million in its Condensed Consolidated Balance Sheets at June 30, 2015 and December 31, 2014. |
Derivatives (Details - Balance
Derivatives (Details - Balance Sheet) $ in Thousands, € in Millions | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014EUR (€) | |
Derivative [Line Items] | ||||
Derivative Fair Value Of Derivative Asset | [1] | $ 17,901 | $ 21,521 | |
Derivative Fair Value Of Derivative Liability | [1] | (34,862) | (27,977) | |
Fair value net | (16,961) | (6,456) | ||
Derivatives designated as hedges | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Of Derivative Asset | [1] | 9,745 | ||
Derivative Fair Value Of Derivative Liability | [1] | 0 | ||
Fair value net | 9,745 | |||
Derivatives not designated as hedges | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Of Derivative Asset | [1] | 8,156 | ||
Derivative Fair Value Of Derivative Liability | [1] | (34,862) | ||
Fair value net | (26,706) | |||
Foreign exchange forward contracts [Member] | Derivatives designated as hedges | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Of Derivative Asset | 9,745 | |||
Derivative Fair Value Of Derivative Liability | 0 | |||
Net notional exposure | 379,045 | |||
Fair value net | 9,745 | |||
Foreign exchange forward contracts [Member] | Derivatives not designated as hedges | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Of Derivative Asset | 7,898 | 20,033 | ||
Derivative Fair Value Of Derivative Liability | (5,927) | (7,446) | ||
Net notional exposure | 1,996,675 | 2,080,276 | ||
Fair value net | 1,971 | 12,587 | ||
Foreign currency option contracts [Member] | Derivatives not designated as hedges | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Of Derivative Asset | 0 | 0 | ||
Derivative Fair Value Of Derivative Liability | (946) | (1,196) | ||
Net notional exposure | 90,786 | 43,380 | ||
Fair value net | (946) | (1,196) | ||
Futures contracts [Member] | Derivatives not designated as hedges | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Of Derivative Asset | 0 | 846 | ||
Derivative Fair Value Of Derivative Liability | (7,811) | (467) | ||
Net notional exposure | 3,515,009 | 2,348,735 | ||
Fair value net | (7,811) | 379 | ||
Insurance-linked securities [Member] | Derivatives not designated as hedges | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Of Derivative Asset | [2] | 14 | 3 | |
Derivative Fair Value Of Derivative Liability | [2] | (359) | (339) | |
Net notional exposure | [2] | 145,075 | 145,481 | |
Fair value net | [2] | (345) | (336) | |
Total return swaps [Member] | Derivatives not designated as hedges | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Of Derivative Asset | 233 | 485 | ||
Derivative Fair Value Of Derivative Liability | (2,298) | (2,007) | ||
Net notional exposure | 42,484 | 42,524 | ||
Fair value net | (2,065) | (1,522) | ||
Interest rate swaps [Member] | Derivatives not designated as hedges | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Of Derivative Asset | [3] | 0 | 0 | |
Derivative Fair Value Of Derivative Liability | [3] | (15,912) | (16,282) | |
Net notional exposure | [3] | 197,889 | 201,160 | |
Fair value net | [3] | (15,912) | (16,282) | |
TBAs [Member] | Derivatives not designated as hedges | ||||
Derivative [Line Items] | ||||
Derivative Fair Value Of Derivative Asset | 11 | 154 | ||
Derivative Fair Value Of Derivative Liability | (1,609) | (240) | ||
Net notional exposure | 238,255 | 235,105 | ||
Fair value net | $ (1,598) | $ (86) | ||
Original currency | Foreign exchange forward contracts [Member] | Derivatives designated as hedges | ||||
Derivative [Line Items] | ||||
Net notional exposure | € | € 350 | |||
[1] | Amounts include all derivative instruments, irrespective of whether there is a legally enforceable master netting arrangement in place. | |||
[2] | At June 30, 2015 and December 31, 2014, insurance-linked securities include a longevity swap for which the notional amount is not reflective of the overall potential exposure of the swap. As such, the Company has included the probable maximum loss under the swap within the net notional exposure as an approximation of the notional amount. | |||
[3] | The Company enters into interest rate swaps to mitigate notional exposures on certain total return swaps and certain fixed maturities. Only the notional value of interest rate swaps on fixed maturities is presented separately in the table. |
Derivatives (Details - Income S
Derivatives (Details - Income Statement) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in income | $ (17,600) | $ (31,606) | $ (52,907) | $ (40,210) |
Derivates not designated as hedges [Member] | Included in net foreign exchange gains and losses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in income | (18,201) | 1,390 | (20,809) | 10,040 |
Derivates not designated as hedges [Member] | Included in net realized and unrealized investment gains and losses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in income | 601 | (32,996) | (32,098) | (50,250) |
Derivates not designated as hedges [Member] | Foreign exchange forward contracts [Member] | Included in net foreign exchange gains and losses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in income | (17,269) | 637 | (21,905) | 8,892 |
Derivates not designated as hedges [Member] | Foreign currency option contracts [Member] | Included in net foreign exchange gains and losses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in income | (932) | 753 | 1,096 | 1,148 |
Derivates not designated as hedges [Member] | Futures contracts [Member] | Included in net realized and unrealized investment gains and losses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in income | 756 | (34,428) | (33,783) | (50,501) |
Derivates not designated as hedges [Member] | Credit default swaps (protection purchased) [Member] | Included in net realized and unrealized investment gains and losses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in income | 0 | 0 | 0 | (3) |
Derivates not designated as hedges [Member] | Insurance-linked securities [Member] | Included in net realized and unrealized investment gains and losses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in income | 6 | 13 | 8 | 256 |
Derivates not designated as hedges [Member] | Total return swaps [Member] | Included in net realized and unrealized investment gains and losses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in income | (1,008) | 400 | (543) | 618 |
Derivates not designated as hedges [Member] | Interest rate swaps [Member] | Included in net realized and unrealized investment gains and losses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in income | 5,161 | (3,348) | 370 | (8,734) |
Derivates not designated as hedges [Member] | TBAs [Member] | Included in net realized and unrealized investment gains and losses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in income | (4,314) | 4,367 | (643) | 8,114 |
Derivates not designated as hedges [Member] | Other Contract [Member] | Included in net realized and unrealized investment gains and losses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives recognized in income | $ 0 | $ 0 | $ 2,493 | $ 0 |
Derivatives (Details - narrativ
Derivatives (Details - narrative items) | 6 Months Ended |
Jun. 30, 2015 | |
Maximum [Member] | |
Derivatives Fair Value [Line Items] | |
Credit derivative term | 5 years |
Minimum [Member] | |
Derivatives Fair Value [Line Items] | |
Credit derivative term | 1 day |
Offsetting (Details)
Offsetting (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Offsetting [Abstract] | |||
Gross amounts of recognized, asset | [1] | $ 17,901 | $ 21,521 |
Gross amount offset in the balance sheet | 0 | 0 | |
Net amounts of asset/ liabilities presented in the balance sheet, asset | 17,901 | 21,521 | |
Gross amounts not offset in the balance sheet, financial instruments, asset | (135) | (766) | |
Gross amounts not offset in the balance sheet, cash collateral received/ pledged | (9,200) | (8,536) | |
Net amount, asset | 8,566 | 12,219 | |
Gross amounts of recognized, liability | [1] | (34,862) | (27,977) |
Gross amount offset in the balance sheet | 0 | 0 | |
Net amounts presented in the balance sheet, liability | (34,862) | (27,977) | |
Gross amounts not offset in the balance sheet, financial instruments, liability | 135 | 766 | |
Gross amounts not offset in the balance sheet, cash collateral received | 43,499 | 14,858 | |
Net amount, liability | $ 8,772 | $ (12,353) | |
[1] | Amounts include all derivative instruments, irrespective of whether there is a legally enforceable master netting arrangement in place. |
Net (Loss) Income Per Share (De
Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||||
Numerator [Abstract] | |||||||
Net (loss) income attributable to PartnerRe Ltd. | $ (88,909) | $ 271,841 | $ 157,007 | $ 581,683 | |||
Dividends on preferred shares | 14,184 | 14,184 | 28,367 | 28,367 | |||
Net (loss) income attributable to PartnerRe Ltd. common shareholders | $ (103,093) | $ 257,657 | $ 128,640 | $ 553,316 | |||
Denominator [Abstract] | |||||||
Weighted average number of common shares outstanding | 47,773,371 | 50,241,216 | 47,650,042 | 50,942,980 | |||
Share options and other (1) | 0 | 1,087,545 | 1,135,395 | 1,081,471 | |||
Weighted average number of common shares and common share equivalents outstanding | 47,773,371 | 51,328,761 | 48,785,437 | 52,024,451 | |||
Basic net (loss) income | $ (2.16) | $ 5.13 | $ 2.70 | $ 10.86 | |||
Diluted net (loss) income | $ (2.16) | [1] | $ 5.02 | [1] | $ 2.64 | $ 10.64 | [1] |
Anti-dilutive common shares excluded from weighted average number of common shares and common share equivalents outstanding - diluted (1) | 1,154,210 | 149,600 | 54,382 | 119,870 | |||
[1] | Where the exercise price of share based awards is greater than the average market price of the common shares, the common shares are considered anti-dilutive and are excluded from the calculation of weighted average number of common shares and common share equivalents outstanding - diluted. In addition, for the three months ended June 30, 2015, dilutive securities, in the form of share options and other, were not included in the weighted average number of common shares and common share equivalents outstanding for the purpose of computing the diluted net loss per share because to do so would have been anti-dilutive. |
Noncontrolling interests (Detai
Noncontrolling interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | |||||
Total assets | $ 22,531,823 | $ 22,531,823 | $ 22,270,357 | ||
Total liabilities | 15,449,680 | 15,449,680 | 15,165,946 | ||
Movement In Minority Interest [Roll Forward] | |||||
Balance at beginning of period | 55,501 | ||||
Net income attributable to noncontrolling interests | 354 | $ 1,951 | 2,536 | $ 4,995 | |
Balance at end of period | 2,217 | 2,217 | |||
Lorenz Re [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Total assets | 42,100 | 42,100 | 100,800 | ||
Total liabilities | 8,300 | 8,300 | $ 13,100 | ||
Movement In Minority Interest [Roll Forward] | |||||
Balance at beginning of period | 55,501 | 56,627 | |||
Net income attributable to noncontrolling interests | 2,536 | 4,995 | |||
Distribution to noncontrolling interests | (55,820) | (14,266) | |||
Balance at end of period | $ 2,217 | $ 47,356 | $ 2,217 | $ 47,356 |
Commitments and Contingencies (
Commitments and Contingencies (Details - Other Details) - USD ($) $ in Millions | May. 03, 2015 | Jan. 25, 2015 | Jun. 30, 2016 |
Other commitments [Line Items] | |||
Termination Fee | $ 280 | $ 250 | |
Forecast [Member] | |||
Other commitments [Line Items] | |||
No Approval Fee | $ 55 | ||
Termination Fee | 280 | ||
Reimbursable Costs and Expenses | 35 | ||
Forecast [Member] | Minimum [Member] | |||
Other commitments [Line Items] | |||
Other Expenses Expected To Be Incurred | 40 | ||
Forecast [Member] | Maximum [Member] | |||
Other commitments [Line Items] | |||
Other Expenses Expected To Be Incurred | $ 45 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Segment Reporting [Line Items] | |||||
Gross premiums written | $ 1,432,012 | $ 1,462,307 | $ 3,180,946 | $ 3,334,047 | |
Net premiums written | 1,322,304 | 1,418,665 | 2,975,519 | 3,157,159 | |
Decrease (increase) in unearned premiums | 5,522 | (65,596) | (412,972) | (550,308) | |
Net premiums earned | 1,327,826 | 1,353,069 | 2,562,547 | 2,606,851 | |
Losses and loss expenses and life policy benefits | (865,000) | (884,000) | (1,586,000) | (1,633,000) | |
Acquisition costs | (283,463) | (302,573) | (559,254) | (567,181) | |
Technical result | 180,000 | 166,000 | 417,000 | 407,000 | |
Other income | 236 | 9,265 | 4,528 | 9,669 | |
Other expenses | (129,766) | (107,072) | (254,516) | (218,534) | |
Underwriting result | 50,000 | 68,000 | 167,000 | 198,000 | |
Net investment income | 120,192 | 129,967 | 224,823 | 246,834 | |
Net realized and unrealized investment (losses) gains | (255,734) | 165,717 | (140,089) | 307,888 | |
Interest expense | (12,248) | (12,240) | (24,493) | (24,477) | |
Amortization of intangible assets | (6,767) | (7,003) | (13,535) | (14,005) | |
Net foreign exchange gains | (6,391) | 2,023 | 6,756 | 2,693 | |
Income tax benefit (expense) | 13,844 | (78,440) | (65,821) | (140,746) | |
Interest in earnings of equity method investments | 8,633 | 4,925 | 4,795 | 10,989 | |
Net (loss) income | (88,555) | 273,792 | 159,543 | 586,678 | |
Non Life [Member] | |||||
Segment Reporting [Line Items] | |||||
Gross premiums written | 1,098,000 | 1,136,000 | 2,522,000 | 2,719,000 | |
Net premiums written | 1,009,000 | 1,108,000 | 2,349,000 | 2,564,000 | |
Decrease (increase) in unearned premiums | 3,000 | (66,000) | (401,000) | (530,000) | |
Net premiums earned | 1,012,000 | 1,042,000 | 1,948,000 | 2,034,000 | |
Losses and loss expenses and life policy benefits | (605,000) | (632,000) | (1,087,000) | (1,165,000) | |
Acquisition costs | (253,000) | (260,000) | (495,000) | (494,000) | |
Technical result | 154,000 | 150,000 | 366,000 | 375,000 | |
Other income | 0 | 1,000 | 0 | 2,000 | |
Other expenses | (55,000) | (61,000) | (107,000) | (126,000) | |
Underwriting result | $ 99,000 | $ 90,000 | $ 259,000 | $ 251,000 | |
Reinsurance Ratios [Abstract] | |||||
Loss Ratio | [1] | 59.80% | 60.60% | 55.80% | 57.30% |
Acquisition ratio | [2] | 25.00% | 25.00% | 25.40% | 24.30% |
Technical ratio | [3] | 84.80% | 85.60% | 81.20% | 81.60% |
Other expense Ratio | [4] | 5.50% | 5.90% | 5.50% | 6.20% |
Combined Ratio | [5] | 90.30% | 91.50% | 86.70% | 87.80% |
Non Life [Member] | North America Segment [Member] | |||||
Segment Reporting [Line Items] | |||||
Gross premiums written | $ 427,000 | $ 400,000 | $ 900,000 | $ 930,000 | |
Net premiums written | 401,000 | 392,000 | 872,000 | 919,000 | |
Decrease (increase) in unearned premiums | 34,000 | (2,000) | (98,000) | (151,000) | |
Net premiums earned | 435,000 | 390,000 | 774,000 | 768,000 | |
Losses and loss expenses and life policy benefits | (296,000) | (240,000) | (468,000) | (499,000) | |
Acquisition costs | (111,000) | (102,000) | (204,000) | (194,000) | |
Technical result | $ 28,000 | $ 48,000 | $ 102,000 | $ 75,000 | |
Reinsurance Ratios [Abstract] | |||||
Loss Ratio | [1] | 68.10% | 61.50% | 60.40% | 65.00% |
Acquisition ratio | [2] | 25.40% | 26.10% | 26.40% | 25.20% |
Technical ratio | [3] | 93.50% | 87.60% | 86.80% | 90.20% |
Non Life [Member] | Global (Non-US) P&C [Member] | |||||
Segment Reporting [Line Items] | |||||
Gross premiums written | $ 143,000 | $ 155,000 | $ 477,000 | $ 519,000 | |
Net premiums written | 137,000 | 148,000 | 468,000 | 508,000 | |
Decrease (increase) in unearned premiums | 22,000 | 39,000 | (135,000) | (141,000) | |
Net premiums earned | 159,000 | 187,000 | 333,000 | 367,000 | |
Losses and loss expenses and life policy benefits | (121,000) | (103,000) | (240,000) | (196,000) | |
Acquisition costs | (36,000) | (52,000) | (89,000) | (107,000) | |
Technical result | $ 2,000 | $ 32,000 | $ 4,000 | $ 64,000 | |
Reinsurance Ratios [Abstract] | |||||
Loss Ratio | [1] | 75.90% | 54.60% | 72.00% | 53.50% |
Acquisition ratio | [2] | 23.20% | 27.90% | 26.80% | 29.00% |
Technical ratio | [3] | 99.10% | 82.50% | 98.80% | 82.50% |
Non Life [Member] | Global Specialty [Member] | |||||
Segment Reporting [Line Items] | |||||
Gross premiums written | $ 406,000 | $ 438,000 | $ 833,000 | $ 917,000 | |
Net premiums written | 400,000 | 432,000 | 762,000 | 822,000 | |
Decrease (increase) in unearned premiums | (26,000) | (26,000) | (23,000) | (61,000) | |
Net premiums earned | 374,000 | 406,000 | 739,000 | 761,000 | |
Losses and loss expenses and life policy benefits | (198,000) | (270,000) | (369,000) | (471,000) | |
Acquisition costs | (102,000) | (98,000) | (194,000) | (178,000) | |
Technical result | $ 74,000 | $ 38,000 | $ 176,000 | $ 112,000 | |
Reinsurance Ratios [Abstract] | |||||
Loss Ratio | [1] | 53.00% | 66.50% | 49.90% | 61.90% |
Acquisition ratio | [2] | 27.20% | 24.20% | 26.30% | 23.40% |
Technical ratio | [3] | 80.20% | 90.70% | 76.20% | 85.30% |
Non Life [Member] | Catastrophe Segment [Member] | |||||
Segment Reporting [Line Items] | |||||
Gross premiums written | $ 122,000 | $ 143,000 | $ 312,000 | $ 353,000 | |
Net premiums written | 71,000 | 136,000 | 247,000 | 315,000 | |
Decrease (increase) in unearned premiums | (27,000) | (77,000) | (145,000) | (177,000) | |
Net premiums earned | 44,000 | 59,000 | 102,000 | 138,000 | |
Losses and loss expenses and life policy benefits | 10,000 | (19,000) | (10,000) | 1,000 | |
Acquisition costs | (4,000) | (8,000) | (8,000) | (15,000) | |
Technical result | $ 50,000 | $ 32,000 | $ 84,000 | $ 124,000 | |
Reinsurance Ratios [Abstract] | |||||
Loss Ratio | [1] | (21.50%) | 33.40% | 9.90% | (0.90%) |
Acquisition ratio | [2] | 8.20% | 13.00% | 7.60% | 11.40% |
Technical ratio | [3] | (13.30%) | 46.40% | 17.50% | 10.50% |
Life and Health [Member] | |||||
Segment Reporting [Line Items] | |||||
Gross premiums written | $ 334,000 | $ 326,000 | $ 659,000 | $ 615,000 | |
Net premiums written | 313,000 | 311,000 | 626,000 | 593,000 | |
Decrease (increase) in unearned premiums | 3,000 | 0 | (12,000) | (20,000) | |
Net premiums earned | 316,000 | 311,000 | 614,000 | 573,000 | |
Losses and loss expenses and life policy benefits | (260,000) | (252,000) | (499,000) | (468,000) | |
Acquisition costs | (30,000) | (43,000) | (64,000) | (73,000) | |
Technical result | 26,000 | 16,000 | 51,000 | 32,000 | |
Other income | 0 | 3,000 | 1,000 | 4,000 | |
Other expenses | (16,000) | (16,000) | (31,000) | (34,000) | |
Underwriting result | 10,000 | 3,000 | 21,000 | 2,000 | |
Net investment income | 16,000 | 15,000 | 30,000 | 30,000 | |
Allocated underwriting result | [6] | 26,000 | 18,000 | 51,000 | 32,000 |
Corporate and Other [Member] | |||||
Segment Reporting [Line Items] | |||||
Gross premiums written | 0 | 0 | 0 | 0 | |
Net premiums written | 0 | 0 | 0 | 0 | |
Decrease (increase) in unearned premiums | 0 | 0 | 0 | 0 | |
Net premiums earned | 0 | 0 | 0 | 0 | |
Losses and loss expenses and life policy benefits | 0 | 0 | 0 | 0 | |
Acquisition costs | 0 | 0 | 0 | 0 | |
Technical result | 0 | 0 | 0 | 0 | |
Other income | 0 | 5,000 | 3,000 | 4,000 | |
Other expenses | (59,000) | (30,000) | (116,000) | (59,000) | |
Net investment income | 104,000 | 115,000 | 195,000 | 217,000 | |
Net realized and unrealized investment (losses) gains | (256,000) | 166,000 | (140,000) | 308,000 | |
Interest expense | (12,000) | (12,000) | (25,000) | (25,000) | |
Amortization of intangible assets | (7,000) | (7,000) | (14,000) | (14,000) | |
Net foreign exchange gains | (6,000) | 2,000 | 7,000 | 3,000 | |
Income tax benefit (expense) | 14,000 | (78,000) | (65,000) | (141,000) | |
Interest in earnings of equity method investments | $ 8,000 | $ 5,000 | $ 5,000 | $ 11,000 | |
[1] | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. | ||||
[2] | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. | ||||
[3] | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. | ||||
[4] | Other expense ratio is obtained by dividing other expenses by net premiums earned. | ||||
[5] | Combined ratio is defined as the sum of the technical ratio and the other expense ratio. | ||||
[6] | Allocated underwriting result is defined as net premiums earned, other income or loss and allocated net investment income less life policy benefits, acquisition costs and other expenses. |
Subsequent Events Subsequent ev
Subsequent Events Subsequent events (Details) $ / shares in Units, $ in Millions | Jul. 20, 2015$ / shares | Jul. 16, 2015$ / shares | Jul. 07, 2015$ / shares | May. 03, 2015USD ($)$ / shares | Jan. 25, 2015USD ($) | May. 12, 2015$ / shares | Apr. 14, 2015$ / shares |
Subsequent Event [Line Items] | |||||||
Termination Fee | $ | $ 280 | $ 250 | |||||
EXOR S.p.A. [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Business acquisition percentage of voting interests proposed to be acquired | 100.00% | ||||||
Business Acquisition, Share Price | $ 137.50 | $ 130 | |||||
EXOR S.p.A. [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock interest rate change | 100 | ||||||
Maximum earnings distributable | 67.00% | ||||||
Special Dividend Per Share | $ 3 | ||||||
PartnerRe Ltd. [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Special Dividend Per Share | $ 11.50 | ||||||
PartnerRe Ltd. [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Special Dividend Per Share | $ 17.50 |