DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2011

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

	December 31, 2011									December 31, 2010
(U.S. dollars in thousands)	Asset Derivative Notional Amount		Asset Derivative Fair Value (1)		Liability Derivative Notional Amount		Liability Derivative Fair Value (1)			Asset Derivative Notional Amount		Asset Derivative Fair Value (1)		Liability Derivative Notional Amount		Liability Derivative Fair Value (1)
Derivatives designated as hedging instruments:
Interest rate contracts (2)	$	156,271	$	109,761	$	—	$	—		$	161,028	$	74,368	$	—	$	—
Foreign exchange contracts		2,033,428		25,387		457,892		(4,518	)		1,850,092		43,226		244,731		(12,161	)
Total derivatives designated as hedging instruments	$	2,189,699	$	135,148	$	457,892		(4,518	)	$	2,011,120	$	117,594	$	244,731		(12,161	)
Derivatives not designated as hedging instruments:
Investment Related Derivatives:
Interest rate exposure	$	70,978	$	1,946	$	55,033	$	(43	)	$	117,689	$	281	$	41,063	$	—
Foreign exchange exposure		232,422		3,759		384,592		(11,737	)		82,395		1,377		272,724		(6,329	)
Credit exposure		172,500		5,271		449,513		(13,986	)		128,450		8,143		532,000		(5,295	)
Financial market exposure		19,869		615		14,321		—			135,912		705		4,575		(27	)
Commodity futures		4,005		—		—		—			—		—		—		—
Financial Operations Derivatives: (3)
Credit exposure		—		—		81,678		(10,288	)		—		—		246,292		(25,887	)
Other Non-Investment Derivatives:
Contingent capital facility		—		—		—		—			350,000		—		—		—
Guaranteed minimum income benefit contract		—		—		78,777		(22,490	)		—		—		80,025		(21,190	)
Modified coinsurance funds withheld contract		—		—		77,200		—			—		—		72,509		—
Total derivatives not designated as hedging instruments	$	499,774	$	11,591	$	1,141,114	$	(58,544	)	$	814,446	$	10,506	$	1,249,188	$	(58,728	)

Gain (loss) recongnized in income attributable to risk, hedged items [Text Block]

	Hedged Items – Amount of Gain/(Loss) Recognized in Income Attributable to Risk
Derivatives Designated as Fair Value Hedges: (U.S. dollars in thousands)	Gain/(Loss) Recognized in Income on Derivative			Deposit Liabilities			Fixed Maturity Investments			Notes Payable and Debt			Ineffective Portion of Hedging Relationship – Gain/(Loss)
December 31, 2011
Interest rate exposure	$	25,680
Foreign exchange exposure		15,135
Total	$	40,815		$	(27,391	)	$	(15,299	)	$	—		$	(1,875	)
December 31, 2010
Interest rate exposure	$	94,068
Foreign exchange exposure		19,856
Total	$	113,924		$	(84,393	)	$	(27,266	)	$	(15,940	)	$	(13,675	)
December 31, 2009
Interest rate exposure	$	(212,215	)
Foreign exchange exposure		7,526
Total	$	(204,689	)	$	201,398		$	1,711		$	1,206		$	(374	)

Schedule Of Settlement of Fair Values Hedges [Table Text Block]

Settlement of Fair Values Hedges – Summary:
	Fair Value Hedges – Notes Payable and Debt (1)				Fair Value Hedges – Deposit Liabilities (2)
(U.S. dollars in thousands except years)	2011		2010		2011		2010
Gain on settlements of fair value hedges	$	—	$	21,624	$	—	$	149,485
Cumulative reduction to interest expense	$	10,915	$	3,948	$	9,376	$	1,915
Remaining balance	$	10,709	$	17,675		140,109		147,570
Weighted average years remaining to maturity		2.5 years		3.2 years		30.7 years		36.3 years

Schedule of Derivative Instruments Designated as Hedges of the Net Investment in a Foreign Operation [Table Text Block]

Year ended December 31 (U.S. dollars in thousands)	2011		2010
Weighted average of U.S. dollar equivalent of foreign denominated net assets	$	1,733,555	$	833,491
Derivative gains (losses) (1)	$	36,836	$	(16,526	)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Not Formally Designated as Hedges) [Text Block]

Derivatives not designated as hedging instruments:
Year Ended December 31 (U.S. dollars in thousands)	2011			2010			2009
Investment Related Derivatives:
Interest rate exposure	$	(1,021	)	$	3,511		$	9,124
Foreign exchange exposure		(302	)		(15,642	)		9,387
Credit exposure		(16,527	)		(6,315	)		(51,579	)
Financial market exposure		(4,827	)		2,125			3,359
Commodity exposure		(304	)		—			—
Financial Operations Derivatives:
Credit exposure		16,976			(7,281	)		(2,667	)
Other Non-Investment Derivatives:
Contingent capital facility		(6,068	)		(8,233	)		(8,132	)
Guaranteed minimum income benefit contract		(1,300	)		1,719			4,644
Modified coinsurance funds withheld contract		4,510			9,948			(388	)
Weather and Energy Derivatives:
Structured weather risk management products		—			—			2,979
Total derivatives not designated as hedging instruments		(8,863	)		(20,168	)		(33,273	)
Amount of gain (loss) recognized in income from ineffective portion of fair value hedges		(1,875	)		(13,675	)		(374	)
Net realized and unrealized gains (losses) on derivative instruments	$	(10,738	)	$	33,843		$	(33,647	)

Schedule Of Financial Operations Derivatives Credit Exposure [Table Text Block]

Financial Operations Derivatives – Credit Exposure Summary:
Year ended December 31, (U.S. dollars in thousands except term to maturity)	2011		2010
Principal outstanding	$	78,425	$	226,429
Interest outstanding		3,253		19,863
Aggregate outstanding exposure	$	81,678	$	246,292
Total liability recorded	$	10,288	$	25,887
Weighted average contractual term to maturity		4.6 years		5.3 years
Underlying obligations average credit rating		BB		B-

Summary of Contingent Credit Features [Table Text Block

Contingent Credit Features Summary:
Year ended December 31, (U.S. dollars in thousands)	2011		2010
Aggregate fair value of derivative agreements with downgrade provisions in a net liability position	$	15,763	$	25,887
Collateral posted to counterparty	$	809	$	—