2.2.0.7 false SHAREHOLDERS' EQUITY 11101 - Disclosure - SHAREHOLDERS' EQUITY true false false false 1 USD false false Unit1 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit12 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 SHAREHOLDERS' EQUITY 0 us-gaap_StockholdersEquityNoteAbstract us-gaap true na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 3 SHAREHOLDERS' EQUITY 1 us-gaap_StockholdersEquityNoteDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false terselabel false 1 false false false false 0 0 <div> <div style="font-family: 'Times New Roman',Times,serif;"> <div style="margin-top: 12pt; font-size: 10pt;" align="left"><b>11. SHAREHOLDERS' EQUITY</b> </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left"><b><i>a) Authorized shares</i></b> </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     The authorized share capital of Holdings as of September 30, 2010 and December 31, 2009 was $10,000. The issued share capital consists of the following: </div> <div align="center"> <table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="bottom"><td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td colspan="2" nowrap="nowrap" align="center"><b>September 30,</b></td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap" align="center"><b>December 31,</b></td> <td> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" colspan="2" nowrap="nowrap" align="center"><b>2010</b></td> <td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" colspan="2" nowrap="nowrap" align="center"><b>2009</b></td> <td> </td></tr> <tr valign="bottom"><td> <div style="text-indent: -15px; margin-left: 15px;">Common shares issued and fully paid, par value $0.03 per share</div></td> <td> </td> <td> </td> <td align="right">50,793,902</td> <td> </td> <td> </td> <td> </td> <td align="right">49,734,487</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="text-indent: -15px; margin-left: 15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" colspan="2" nowrap="nowrap" align="right"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" colspan="2" nowrap="nowrap" align="right"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="text-indent: -15px; margin-left: 15px;">Share capital at end of period</div></td> <td> </td> <td align="left">$</td> <td align="right">1,524</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,492</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="text-indent: -15px; margin-left: 15px;"> </div></td> <td> </td> <td style="border-top: #000000 3px double;" colspan="2" nowrap="nowrap" align="right"> </td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" colspan="2" nowrap="nowrap" align="right"> </td> <td> </td></tr></table></div> <div align="center"> <table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="bottom"><td width="88%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td colspan="3" nowrap="nowrap" align="center"><b>Nine Months Ended</b></td></tr> <tr style="font-size: 8pt;" valign="bottom"><td> </td> <td> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" nowrap="nowrap" align="center"><b>September 30, 2010</b></td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="text-indent: -15px; margin-left: 15px;">Shares issued, balance at beginning of period</div></td> <td> </td> <td> </td> <td align="right">49,734,487</td> <td> </td></tr> <tr valign="bottom"><td> <div style="text-indent: -15px; margin-left: 15px;">Shares issued</div></td> <td> </td> <td> </td> <td align="right">1,059,415</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="text-indent: -15px; margin-left: 15px;"> </div></td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" align="right"> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="text-indent: -15px; margin-left: 15px;">Total shares issued at end of period</div></td> <td> </td> <td> </td> <td align="right">50,793,902</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="text-indent: -15px; margin-left: 15px;"> </div></td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" align="right"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="text-indent: -15px; margin-left: 15px;"> </div></td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="text-indent: -15px; margin-left: 15px;">Treasury shares issued, balance at beginning of period</div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="text-indent: -15px; margin-left: 15px;">Shares repurchased</div></td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">(8,399,326</td> <td nowrap="nowrap">)</td></tr> <tr style="font-size: 1px;"><td> <div style="text-indent: -15px; margin-left: 15px;"> </div></td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" align="right"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="text-indent: -15px; margin-left: 15px;">Total treasury shares at end of period</div></td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">(8,399,326</td> <td nowrap="nowrap">)</td></tr> <tr style="font-size: 1px;"><td> <div style="text-indent: -15px; margin-left: 15px;"> </div></td> <td> </td> <td> </td> <td style="border-top: #000000 1px solid;" align="right"> </td> <td> </td></tr> <tr valign="bottom"><td> <div style="text-indent: -15px; margin-left: 15px;"> </div></td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="background: #cceeff;" valign="bottom"><td> <div style="text-indent: -15px; margin-left: 15px;">Total shares outstanding</div></td> <td> </td> <td> </td> <td align="right">42,394,576</td> <td> </td></tr> <tr style="font-size: 1px;"><td> <div style="text-indent: -15px; margin-left: 15px;"> </div></td> <td> </td> <td> </td> <td style="border-top: #000000 3px double;" align="right"> </td> <td> </td></tr></table></div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     As of September 30, 2010, there were outstanding 38,944,723 voting common shares and 3,449,853 non-voting common shares. </div> <div style="margin-top: 12pt; font-size: 10pt;" align="left"><b><i>b) Share Warrants</i></b> </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     In conjunction with the private placement offering at the formation of the Company, the Company granted warrants to certain founding shareholders to acquire up to 5,500,000 common shares at an exercise price of $34.20 per share. These warrants are exercisable in certain limited conditions, including a public offering of common shares, and expire November 21, 2011. Any cash dividends paid to shareholders do not impact the exercise price of $34.20 per share for these founder warrants. There are various restrictions on the ability of warrant holders to dispose of their shares. On August 13, 2010, the Company repurchased a warrant owned by The Chubb Corporation ("Chubb") in a privately negotiated transaction. The warrant entitled Chubb to purchase 2,000,000 of the Company's common shares for $34.20 per share. The Company repurchased the warrant for an aggregate purchase price of $32,819. After this repurchase, Chubb has no warrants remaining and no other disclosed equity interest in the Company. The repurchase of the warrant was recognized as a reduction in "additional paid-in capital" in the consolidated balance sheets. The repurchase was executed separately from the Company's $500,000 share repurchase program discussed in Note 11(d) below. </div> <div style="margin-top: 12pt; font-size: 10pt;" align="left"><b><i>c) Dividends</i></b> </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     In February 2010, the Company declared a dividend of $0.20 per common share payable on April 1, 2010 to shareholders of record on March 16, 2010. In May 2010, the Company declared a quarterly dividend of $0.20 per common share, payable on June 10, 2010 to shareholders of record on May 25, 2010. In August 2010, the Company declared a dividend of $0.20 per common share payable on September 9, 2010 to shareholders of record on August 24, 2010. The total dividends paid amounted to $28,774. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     In February 2009, the Company declared a quarterly dividend of $0.18 per common share on April 2, 2009 payable to shareholders of record on March 17, 2009. In May 2009, the Company declared a quarterly dividend of $0.18 per common share payable on June 11, 2009 to shareholders of record on May 26, 2009. In August 2009, the Company declared a quarterly dividend of $0.18 per common share payable on September 10, 2009 to shareholders of record on August 25, 2009. The total dividends paid amounted to $26,752. </div> <div style="margin-top: 12pt; font-size: 10pt;" align="left"><b><i>d) Share repurchase</i></b> </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     In May 2010, the board of directors of Holdings authorized the Company to repurchase up to $500,000 of Holdings' common shares through a share repurchase program. Repurchases under the authorization may be effected from time to time through open market purchases, privately negotiated transactions, tender offers or otherwise. This authorization is effective through May 3, 2012. The timing, form and amount of the share repurchases under the program will depend on a variety of factors, including market conditions, the Company's capital position, legal requirements and other factors. At any time, the repurchase program may be modified, extended or terminated by the board of directors. As part of the share repurchase program, we entered into a rule 10b5-1 repurchase plan that enables the Company to complete share repurchases during trading blackout periods. During the three and nine months ended September 30, 2010, the Company repurchased through open market purchases 2,318,285 shares and 3,399,326 shares, at a total cost of $115,920 and $165,009, for an average price of $50.00 per share and $48.54 per share, respectively. We have classified these repurchased shares as "Treasury shares, at cost" on the consolidated balance sheets. </div></div> <div style="font-family: 'Times New Roman',Times,serif;"> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     On August 6, 2010, the Company repurchased 5,000,000 of its common shares for $250,000, or $50.00 per share, in a privately negotiated transaction from GS Capital Partners and other investment funds, which are affiliates of The Goldman Sachs Group, Inc. and founding shareholders of the Company. The shares repurchased were not cancelled and classified these repurchased shares as "Treasury shares, at cost" on the consolidated balance sheets. The repurchase was funded using available cash on hand and was executed separately from the Company's $500,000 share repurchase program discussed above.</div></div> </div> 11. SHAREHOLDERS' EQUITY a) Authorized shares      The authorized share capital of Holdings as of September 30, 2010 and false false false us-types:textBlockItemType textblock Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. 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