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Consolidated Balance Sheets (USD $)
In Thousands
Sep. 30, 2011
Dec. 31, 2010
Investment portfolio:  
Fixed maturity securities, available-for-sale, at fair value (amortized cost of $9,650,310 and $9,274,718)$ 10,091,241$ 9,402,287
Short-term investments, at fair value873,2681,055,567
Other invested assets297,975283,032
Total investment portfolio11,262,48410,740,886
Cash173,260108,389
Premiums receivable, net of ceding commissions payable987,1151,167,587
Ceded unearned premium reserve747,457821,819
Deferred acquisition costs230,983239,805
Reinsurance recoverable on unpaid losses47,97622,255
Salvage and subrogation recoverable360,1611,032,369
Credit derivative assets467,252592,898
Deferred tax asset, net676,1981,259,125
Current income tax receivable203,659 
Financial guaranty variable interest entities' assets, at fair value3,005,3803,657,481
Other assets243,070199,305
Total assets18,404,99519,841,919
Liabilities and shareholders' equity  
Unearned premium reserve6,111,8226,972,894
Loss and loss adjustment expense reserve670,743574,369
Reinsurance balances payable, net173,575274,431
Long-term debt1,041,6531,052,936
Credit derivative liabilities1,495,3122,462,831
Current income tax payable 93,020
Financial guaranty variable interest entities' liabilities with recourse, at fair value2,575,5483,030,908
Financial guaranty variable interest entities' liabilities without recourse, at fair value1,133,0251,337,214
Other liabilities436,602309,862
Total liabilities13,638,28016,108,465
Commitments and contingencies (See Note 13)  
Common stock ($0.01 par value, 500,000,000 shares authorized; 182,221,965 and 183,744,655 shares issued and outstanding in 2011 and 2010)1,8221,837
Additional paid-in capital2,567,6682,585,423
Retained earnings1,866,6641,032,445
Accumulated other comprehensive income, net of tax provision (benefit) of $114,226 and $18,341 in 2011 and 2010327,061111,749
Deferred equity compensation (320,193 and 181,818 shares in 2011 and 2010)3,5002,000
Total shareholders' equity4,766,7153,733,454
Total liabilities and shareholders' equity$ 18,404,995$ 19,841,919