Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Revenues
Net earned premiums	$ 193,677	$ 253,977
Net investment income	97,762	97,412
Net realized investment gains (losses):
Other-than-temporary impairment losses	(27,344)	(6,947)
Less: portion of other-than-temporary impairment loss recognized in other comprehensive income	(22,465)	(2,369)
Other net realized investment gains (losses)	6,195	7,384
Net realized investment gains (losses)	1,316	2,806
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	(56,881)	35,427
Net unrealized gains (losses)	(633,758)	(271,636)
Net change in fair value of credit derivatives	(690,639)	(236,209)
Fair value gain (loss) on committed capital securities	(13,904)	526
Fair value gains (losses) on financial guaranty variable interest entities	(36,602)	119,601
Other income	90,984	40,800
Total revenues	(357,406)	278,913
Expenses
Loss and loss adjustment expenses	246,847	(25,580)
Amortization of deferred acquisition costs	5,413	3,662
Interest expense	24,673	24,760
Other operating expenses	61,280	62,883
Total expenses	338,213	65,725
Income (loss) before income taxes	(695,619)	213,188
Provision (benefit) for income taxes
Current	29,528	(197,599)
Deferred	(242,123)	271,531
Total provision (benefit) for income taxes	(212,595)	73,932
Net income (loss)	$ (483,024)	$ 139,256
Earnings per share:
Basic (in dollars per share)	$ (2.65)	$ 0.76
Diluted (in dollars per share)	$ (2.65)	$ 0.74
Dividends per share (in dollars per share)	$ 0.09	$ 0.045