Schedule II - Condensed Financial Information Of The Registrant

12 Months Ended

Dec. 31, 2011

Schedule II - Condensed Financial Information Of The Registrant [Abstract]

Schedule II - Condensed Financial Information Of The Registrant

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
CONDENSED BALANCE SHEETS
	December 31,
(Dollars and share amounts in thousands, except par value per share)	2011			2010
ASSETS:
Fixed maturities - available for sale, at market value	$	67,483		$	76,992
(amortized cost:  2011, $66,074; 2010, $76,168)
Short-term investments		42,370			72,550
Cash		262			49
Investment in subsidiaries, at equity in the underlying net assets		5,961,172			6,134,331
Accrued investment income		551			579
Receivable from subsidiaries		728			762
Other assets		219			5
TOTAL ASSETS	$	6,072,785		$	6,285,268
LIABILITIES:
Due to subsidiaries	$	878		$	688
Other liabilities		532			1,063
Total liabilities		1,410			1,751
SHAREHOLDERS' EQUITY:
Preferred shares, par value:  $0.01; 50,000 shares authorized;
no shares issued and outstanding		-			-
Common shares, par value:  $0.01; 200,000 shares authorized;
(2011) 66,455 and (2010) 66,017 issued		665			660
Additional paid-in capital		1,892,988			1,863,031
Accumulated other comprehensive income (loss), net of deferred income
tax expense (benefit) of $112,969 at 2011 and $102,868 at 2010		366,978			332,258
Treasury shares, at cost; 12,719 shares (2011) and 11,589 shares (2010)		(1,073,970	)		(981,480	)
Retained earnings		4,884,714			5,069,048
Total shareholders' equity		6,071,375			6,283,517
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	6,072,785		$	6,285,268
See notes to consolidated financial statements.

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
CONDENSED STATEMENTS OF OPERATIONS
	Years Ended December 31,
	2011			2010			2009
(Dollars in thousands)
REVENUES:
Net investment income	$	1,673		$	1,125		$	2,625
Net realized capital gains (losses)		-			7			(15,142	)
Other income (expense)		(505	)		(385	)		(406	)
Net income (loss) of subsidiaries		(71,233	)		618,906			829,335
Total revenues		(70,065	)		619,653			816,412
EXPENSES:
Other expenses		10,421			8,899			9,423
Total expenses		10,421			8,899			9,423
INCOME (LOSS) BEFORE TAXES		(80,486	)		610,754			806,988
Income tax expense (benefit)		-			-			-
NET INCOME (LOSS)	$	(80,486	)	$	610,754		$	806,988
See notes to consolidated financial statements.

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
CONDENSED STATEMENTS OF CASH FLOWS
	Years Ended December 31,
(Dollars in thousands)	2011			2010			2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(80,486	)	$	610,754		$	806,988
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in retained (earnings) deficit of subsidiaries		71,233			(618,906	)		(829,335	)
Dividends received from subsidiaries		190,000			215,000			350,000
Change in other assets and liabilities, net		(718	)		2,849			(1,619	)
Increase (decrease) in due to/from affiliates		224			(291	)		750
Amortization of bond premium (accrual of bond discount)		875			733			80
Realized capital losses (gains)		-			(7	)		15,142
Non-cash compensation expense		936			813			641
Net cash provided by (used in) operating activities		182,064			210,945			342,647
CASH FLOWS FROM INVESTING ACTIVITIES:
Additional investment in subsidiaries		(91,548	)		(28,619	)		(287,114	)
Proceeds from fixed maturities matured/called - available for sale, at market value		9,219			4,211			3,672
Proceeds from fixed maturities sold - available for sale, at market value		-			7			227,298
Cost of fixed maturities acquired - available for sale, at market value		-			(81,113	)		(20,577	)
Net change in short-term investments		30,180			4,774			(4,621	)
Net cash provided by (used in) investing activities		(52,149	)		(100,740	)		(81,342	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued during the period, net		29,025			17,038			19,990
Purchase of treasury shares		(54,879	)		(18,963	)		(164,757	)
Dividends paid to shareholders		(103,848	)		(108,477	)		(116,856	)
Net cash provided by (used in) financing activities		(129,702	)		(110,402	)		(261,623	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		-			-			-
Net increase (decrease) in cash		213			(197	)		(318	)
Cash, beginning of period		49			246			564
Cash, end of period	$	262		$	49		$	246
Non-cash transaction:
Purchase of treasury shares by subsidiary	$	37,611		$	379,591		$	25,840
See notes to consolidated financial statements.