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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues        
Net earned premiums $ 230,068 $ 292,110 $ 484,045 $ 611,670
Net investment income 100,827 90,871 197,214 175,173
Net realized investment gains (losses):        
Other-than-temporary impairment losses (26,818) (17,412) (33,765) (18,529)
Less: portion of other-than-temporary impairment loss recognized in other comprehensive income (15,240)   (17,609) (661)
Other net realized investment gains (losses) 6,488 8,974 13,872 18,843
Net realized investment gains (losses) (5,090) (8,438) (2,284) 975
Net change in fair value of credit derivatives:        
Realized gains and other settlements (10,836) 38,353 24,591 65,056
Net unrealized gains (losses) (48,625) 35,115 (319,751) 287,213
Net change in fair value of credit derivatives (59,461) 73,468 (295,160) 352,269
Fair value gain (loss) on committed capital securities 569 12,593 1,095 11,318
Net change in fair value of financial guaranty variable interest entities (193,676) 477 (99,771) (10,113)
Other income 28,775 (13,396) 70,926 (26,325)
Total Revenues 102,012 447,685 356,065 1,114,967
Expenses        
Loss and loss adjustment expenses 132,908 71,156 105,861 201,657
Amortization of deferred acquisition costs 9,533 6,936 16,953 15,109
Assured Guaranty Municipal Holdings Inc. acquisition-related expenses   2,751   6,772
Interest expense 24,696 24,831 49,456 49,965
Other operating expenses 48,508 47,507 105,343 110,040
Total expenses 215,645 153,181 277,613 383,543
Income (loss) before income taxes (113,633) 294,504 78,452 731,424
Provision (benefit) for income taxes        
Current 9,864 44,822 (187,735) 5,869
Deferred (65,830) 46,144 198,447 200,042
Total provision (benefit) for income taxes (55,966) 90,966 10,712 205,911
Net income (loss) $ (57,667) $ 203,538 $ 67,740 $ 525,513
Earnings per share:        
Basic (in dollars per share) $ (0.31) $ 1.10 $ 0.37 $ 2.85
Diluted (in dollars per share) $ (0.31) $ 1.08 $ 0.36 $ 2.77
Dividends per share (in dollars per share) $ 0.045 $ 0.045 $ 0.090 $ 0.090