Income Taxes (Tables)

6 Months Ended

Jun. 30, 2011

Income Taxes

Effective tax rate reconciliation

	Second Quarter						Six Months
	2011			2010			2011			2010
	(in millions)
	(restated)			(restated)			(restated)			(restated)
Expected tax provision (benefit) at statutory rates in taxable jurisdictions	$	(33.0	)	$	91.0		$	55.7		$	223.5
Tax-exempt interest	(16.2		)	(14.2		)	(31.6		)	(28.3		)
Change in liability for uncertain tax positions	0.6			0.6			1.1			1.1
Other	0.9			0.5			2.0			1.4
Total provision (benefit) for income taxes	$	(47.7	)	$	77.9		$	27.2		$	197.7
Effective tax rate	52.9		%	30.3		%	21.6		%	27.8		%

Pretax Income (Loss) by Tax Jurisdiction

	Second Quarter					Six Months
	2011			2010		2011			2010
	(in millions)
	(restated)			(restated)		(restated)			(restated)
United States	$	(94.4	)	$	246.4	$	158.9		$	625.3
Bermuda	4.0			10.1		(33.9		)	84.4
UK	0.1			0.5		0.2			0.6
Total	$	(90.3	)	$	257.0	$	125.2		$	710.3

Revenue by Tax Jurisdiction

	Second Quarter				Six Months
	2011		2010		2011		2010
	(in millions)
	(restated)		(restated)		(restated)		(restated)
United States	$	75.7	$	368.1	$	369.4	$	896.9
Bermuda	40.6		56.6		25.8		191.9
UK	—		—		0.1		—
Total	$	116.3	$	424.7	$	395.3	$	1,088.8

(1) In the above tables, pretax income and revenues of the Company’s subsidiaries which are not U.S. domiciled but are subject to U.S. tax by election or as controlled foreign corporations are included in the U.S. amounts.