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Fair Value Measurements (Detail) - Schedule of assets and liabilities that were accounted for at fair value (USD $)
In Thousands
Sep. 30, 2011
Dec. 31, 2010
Assets  
Fixed maturities, at fair value$ 27,005,350[1]$ 27,142,105[1]
Equity securities, at fair value409,163[2],[3]84,767[2]
Short-term investments, at fair value366,679[4],[5]450,681[4],[5]
Total investments available for sale27,781,19227,677,553
Cash equivalents2,273,112[6]1,899,265[6]
Other investments676,852[7]624,037[7]
Other assets145,495[8],[9]92,943[8],[9]
Total assets accounted for at fair value30,876,65130,293,798
Liabilities  
Financial instruments sold, but not yet purchased26,363[10]21,526[10]
Other liabilities711,886835,590
Total liabilities accounted for at fair value95,96482,194
Fair Value, Inputs, Level 1 [Member]
  
Assets  
Equity securities, at fair value229,631[2]71,284[2]
Short-term investments, at fair value [4],[5] [4],[5]
Total investments available for sale229,63171,284
Cash equivalents1,534,055[6]1,358,619[6]
Other investments [7] [7]
Other assets [8],[9] [8],[9]
Total assets accounted for at fair value1,763,6861,429,903
Liabilities  
Financial instruments sold, but not yet purchased [10]256[10]
Total liabilities accounted for at fair value 256
Fair Value, Inputs, Level 1 [Member] | Fair Value Other Liabilities [Member]
  
Liabilities  
Other liabilities [8],[9] [8],[9]
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member]
  
Assets  
Fixed maturities, at fair value [4] [4]
Fair Value, Inputs, Level 2 [Member]
  
Assets  
Fixed maturities, at fair value26,295,23326,318,508
Equity securities, at fair value179,532[2]13,483[2]
Short-term investments, at fair value366,679[4],[5]450,681[4],[5]
Total investments available for sale26,841,44426,782,672
Cash equivalents739,057[6]540,646[6]
Other investments562,490[7]490,320[7]
Other assets201,470[8],[9]108,056[8],[9]
Total assets accounted for at fair value28,344,46127,921,694
Liabilities  
Financial instruments sold, but not yet purchased26,363[10]21,270[10]
Total liabilities accounted for at fair value45,92134,861
Fair Value, Inputs, Level 2 [Member] | Fair Value Other Liabilities [Member]
  
Liabilities  
Other liabilities19,558[8],[9]13,591[8],[9]
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member]
  
Assets  
Fixed maturities, at fair value1,012,4921,170,884
Fair Value, Inputs, Level 2 [Member] | Collateralized Debt Obligations [Member]
  
Assets  
Fixed maturities, at fair value7,73312,566
Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member]
  
Assets  
Fixed maturities, at fair value2,108,8412,565,444
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
  
Assets  
Fixed maturities, at fair value10,753,121[4]10,932,105[4]
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage-Backed Securities Agency [Member]
  
Assets  
Fixed maturities, at fair value5,579,9565,173,456
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage-Backed Securities Non-Agency [Member]
  
Assets  
Fixed maturities, at fair value680,1821,016,859
Fair Value, Inputs, Level 2 [Member] | Other Asset Backed Securities [Member]
  
Assets  
Fixed maturities, at fair value1,059,713935,882
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member]
  
Assets  
Fixed maturities, at fair value1,723,5541,360,456
Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt Securities [Member]
  
Assets  
Fixed maturities, at fair value3,369,6413,150,856
Fair Value, Inputs, Level 3 [Member]
  
Assets  
Fixed maturities, at fair value710,117823,597
Equity securities, at fair value [2] [2]
Short-term investments, at fair value [4],[5] [4],[5]
Total investments available for sale710,117823,597
Cash equivalents [6] [6]
Other investments114,362[7]133,717[7]
Other assets104[8],[9]7,882[8],[9]
Total assets accounted for at fair value824,583965,196
Liabilities  
Financial instruments sold, but not yet purchased [10] [10]
Total liabilities accounted for at fair value52,09347,077
Fair Value, Inputs, Level 3 [Member] | Fair Value Other Liabilities [Member]
  
Liabilities  
Other liabilities52,093[8],[9]47,077[8],[9]
Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member]
  
Assets  
Fixed maturities, at fair value4,3941,623
Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member]
  
Assets  
Fixed maturities, at fair value665,842721,572
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member]
  
Assets  
Fixed maturities, at fair value4,787[4]36,866[4]
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage-Backed Securities Agency [Member]
  
Assets  
Fixed maturities, at fair value15,18330,255
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage-Backed Securities Non-Agency [Member]
  
Assets  
Fixed maturities, at fair value2,7994,964
Fair Value, Inputs, Level 3 [Member] | Other Asset Backed Securities [Member]
  
Assets  
Fixed maturities, at fair value17,11224,650
Fair Value, Inputs, Level 3 [Member] | Foreign Government Debt Securities [Member]
  
Assets  
Fixed maturities, at fair value 3,667
Collateral and Counterparty Netting [Member]
  
Assets  
Equity securities, at fair value [2] [2]
Short-term investments, at fair value [4],[5] [4],[5]
Cash equivalents [6] [6]
Other investments [7] [7]
Other assets(56,079)[8],[9](22,995)[8],[9]
Total assets accounted for at fair value(56,079)(22,995)
Liabilities  
Financial instruments sold, but not yet purchased [10] [10]
Total liabilities accounted for at fair value(2,050) 
Collateral and Counterparty Netting [Member] | Fair Value Other Liabilities [Member]
  
Liabilities  
Other liabilities(2,050)[8],[9] [8],[9]
Collateral and Counterparty Netting [Member] | Corporate Debt Securities [Member]
  
Assets  
Fixed maturities, at fair value [4] [4]
Fair Value Other Liabilities [Member]
  
Liabilities  
Other liabilities69,601[8],[9]60,668[8],[9]
Commercial Mortgage Backed Securities [Member]
  
Assets  
Fixed maturities, at fair value1,016,886[1]1,172,507[1]
Collateralized Debt Obligations [Member]
  
Assets  
Fixed maturities, at fair value673,575[1]734,138[1]
US Government-sponsored Enterprises Debt Securities [Member]
  
Assets  
Fixed maturities, at fair value2,108,8412,565,444
Corporate Debt Securities [Member]
  
Assets  
Fixed maturities, at fair value10,757,908[4]10,968,971[4]
Residential Mortgage-Backed Securities Agency [Member]
  
Assets  
Fixed maturities, at fair value5,595,1395,203,711
Residential Mortgage-Backed Securities Non-Agency [Member]
  
Assets  
Fixed maturities, at fair value682,9811,021,823
Other Asset Backed Securities [Member]
  
Assets  
Fixed maturities, at fair value1,076,825960,532
US States and Political Subdivisions Debt Securities [Member]
  
Assets  
Fixed maturities, at fair value1,723,5541,360,456
Foreign Government Debt Securities [Member]
  
Assets  
Fixed maturities, at fair value$ 3,369,641$ 3,154,523
[1]Included in the table above are Tier One and Upper Tier Two securities, representing committed term debt and hybrid instruments, which are senior to the common and preferred equities of the financial institutions, at their fair value of $485.6 million and $757.8 million at September 30, 2011 and December 31, 2010, respectively. These securities are reflected in the table based on their call date and have net unrealized losses of $167.6 million and $143.7 million at September 30, 2011 and December 31, 2010, respectively.
[2]Included within equity securities are investments fixed income funds of $91.1 million and nil at September 30, 2011 and December 31, 2010, respectively.
[3]Included within equity securities are investments in fixed income funds with a fair value of $91.1 million and an amortized cost of $100.0 million at September 30, 2011.
[4]Included within Corporate are certain medium term notes supported primarily by pools of European credit with varying degrees of leverage. The notes, which are in a gross unrealized loss position, had a fair value of $429.2 million and $454.8 million and an amortized cost of $460.0 million and $504.6 million at September 30, 2011 and December 31, 2010, respectively. These notes allow the investor to participate in cash flows of the underlying bonds, including certain residual values, which could serve to either decrease or increase the ultimate values of these notes.
[5]Short-term investments consist primarily of Corporate securities and U.S. Government and Government-Related/Supported securities.
[6]Cash equivalents balances subject to fair value measurement include certificates of deposit and money market funds. Operating cash balances are not subject to fair value measurement guidance.
[7]The Other investments balance excludes certain structured transactions, including certain investments in project finance transactions, a payment obligation and liquidity financing provided to a structured credit vehicle as a part of a third party medium term note facility. These investments are carried at amortized cost that totaled $324.7 million at September 30, 2011 and $315.4 million at December 31, 2010.
[8]Other assets and other liabilities include derivative instruments.
[9]The derivative balances included in each category above are reported on a gross basis by level with a netting adjustment presented separately in the "Collateral and Counterparty Netting" column. The Company often enters into different types of derivative contracts with a single counterparty and these contracts are covered under a netting agreement. In addition, the Company held net cash collateral related to derivative positions of approximately $54.0 million and $23.0 million at September 30, 2011 and December 31, 2010, respectively. This balance is included within cash and cash equivalents and the corresponding liability to return the collateral has been offset against the derivative positions within the balance sheet as appropriate under the netting agreement. The fair values of the individual derivative contracts are reported gross in their respective levels based on the fair value hierarchy.
[10]Financial instruments sold, but not yet purchased represent "short sales" and are included within "Payable for investments purchased" on the balance sheet.