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Consolidated Balance Sheets (USD $)
In Thousands
Jun. 30, 2011
Dec. 31, 2010
Investment portfolio:  
Fixed maturity securities, available-for-sale, at fair value (amortized cost of $9,596,052 and $9,274,718)$ 9,864,203$ 9,402,287
Short-term investments, at fair value1,105,6151,055,567
Other invested assets252,082283,032
Total investment portfolio11,221,90010,740,886
Cash165,490108,389
Premiums receivable, net of ceding commissions payable1,059,4611,167,587
Ceded unearned premium reserve773,321821,819
Deferred acquisition costs232,311239,805
Reinsurance recoverable on unpaid losses26,02522,255
Salvage and subrogation recoverable307,1471,032,369
Credit derivative assets603,867592,898
Deferred tax asset, net1,031,4381,259,125
Current income tax receivable187,969 
Financial guaranty variable interest entities' assets, at fair value3,492,2043,657,481
Other assets198,692199,305
Total assets19,299,82519,841,919
Liabilities and shareholders' equity  
Unearned premium reserve6,315,3626,972,894
Loss and loss adjustment expense reserve518,145574,369
Reinsurance balances payable, net175,875274,431
Long-term debt1,046,3821,052,936
Credit derivative liabilities2,791,4732,462,831
Current income tax payable 93,020
Financial guaranty variable interest entities' liabilities with recourse, at fair value2,848,8973,030,908
Financial guaranty variable interest entities' liabilities without recourse, at fair value1,282,4631,337,214
Other liabilities407,321309,862
Total liabilities15,385,91816,108,465
Commitments and contingencies (See Note 13)  
Common stock ($0.01 par value, 500,000,000 shares authorized; 184,192,736 and 183,744,655 shares issued and outstanding in 2011 and 2010)1,8421,837
Additional paid-in capital2,590,6542,585,423
Retained earnings1,113,8201,032,445
Accumulated other comprehensive income, net of tax provision (benefit) of $66,293 and $18,341205,591111,749
Deferred equity compensation (181,818 shares)2,0002,000
Total shareholders' equity3,913,9073,733,454
Total liabilities and shareholders' equity$ 19,299,825$ 19,841,919