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Reinsurance and Other Monoline Exposures (Tables)
 6 Months Ended
Jun. 30, 2012
Reinsurance and Other Monoline Exposures [abstract]  
Net Effect of Commutations and Cancellations of Reinsurance Contracts
 
Second Quarter
 
Six Months
 
2012
 
2011
 
2012
 
2011
 
(in millions)
Increase (decrease) in net unearned premium reserve
$
—

 
$
(22.4
)
 
$
106.1

 
$
(20.1
)
Increase (decrease) in net par outstanding
—

 
(1,045
)
 
19,073

 
(780
)
Direct, assumed, and ceded premium and loss and LAE amounts
 
Second Quarter
 
Six Months
 
2012
 
2011
 
2012
 
2011
 
(in millions)
Premiums Written:
 

 
 

 
 
 
 
Direct
$
45.0

 
$
26.9

 
$
106.9

 
$
57.4

Assumed(1)
(14.3
)
 
(9.9
)
 
12.2

 
(51.9
)
Ceded(2)
0.8

 
0.4

 
87.8

 
4.4

Net
$
31.5

 
$
17.4

 
$
206.9

 
$
9.9

Premiums Earned:
 

 
 

 
 
 
 
Direct
$
245.0

 
$
238.6

 
$
451.1

 
$
514.9

Assumed
12.0

 
21.0

 
26.2

 
31.0

Ceded
(37.7
)
 
(29.6
)
 
(64.3
)
 
(61.9
)
Net
$
219.3

 
$
230.0

 
$
413.0

 
$
484.0

Loss and LAE:
 

 
 

 
 
 
 
Direct
$
91.8

 
$
129.4

 
$
400.5

 
$
136.5

Assumed
45.7

 
7.2

 
63.0

 
(5.8
)
Ceded
(15.0
)
 
(12.7
)
 
(94.2
)
 
(32.3
)
Net
$
122.5

 
$
123.9

 
$
369.3

 
$
98.4

 ____________________
(1)     Negative assumed premiums written were due to changes in expected debt service schedules.

(2)     Positive ceded premiums written were due to commutations and changes in expected debt service schedules.
 

Reins
Exposure by Reinsurer
 
 
Ratings at August 1, 2012
 
Par Outstanding as of June 30, 2012
Reinsurer
 
Moody’s
Reinsurer
Rating
 
S&P
Reinsurer
Rating
 
Ceded Par
Outstanding(1)
 
Second-to-
Pay Insured
Par
Outstanding
 
Assumed Par
Outstanding
 
 
(dollars in millions)
American Overseas Reinsurance Company Limited(2)
 
WR(3)
 
WR
 
$
10,716

 
$
—

 
$
24

Tokio
 
Aa3(4)
 
AA-(4)
 
8,995

 
—

 
937

Radian
 
Bal
 
B+
 
5,441

 
45

 
1,776

Syncora Guarantee Inc.
 
Ca
 
WR
 
4,082

 
2,079

 
213

Mitsui Sumitomo Insurance Co. Ltd.
 
A1
 
A+
 
2,294

 
—

 
—

ACA Financial Guaranty Corp.
 
NR
 
WR
 
843

 
7

 
1

Swiss Reinsurance Co.
 
A1
 
AA-
 
458

 
—

 
—

Ambac
 
WR
 
WR
 
85

 
7,162

 
21,743

CIFG Assurance North America Inc.
 
WR
 
WR
 
65

 
258

 
5,821

MBIA Inc.
 
(5)
 
(5)
 
—

 
11,510

 
9,283

Financial Guaranty Insurance Co.
 
WR
 
WR
 
—

 
3,711

 
2,095

Other
 
Various
 
Various
 
1,011

 
2,005

 
96

Total
 
 
 
 
 
$
33,990

 
$
26,777

 
$
41,989

____________________
(1)    Includes $4,405 million in ceded par outstanding related to insured credit derivatives.
 
(2)Formerly RAM Reinsurance Company Ltd.
 
(3)Represents “Withdrawn Rating.”
 
(4)The Company has structural collateral agreements satisfying the triple-A credit requirement of S&P and/or Moody’s.
 
(5)MBIA Inc. includes various subsidiaries which are rated BBB by S&P and Baa2, B3, WR and NR by Moody’s.
Amounts Due (To) From Reinsurers
 
As of June 30, 2012
 
Assumed
Premium
Receivable, net
of Commissions
 
Ceded
Premium
Payable, net
of
Commissions
 
Assumed
Expected
Loss and LAE
 
Ceded
Expected
Loss and LAE
 
(in millions)
American Overseas Reinsurance Company Limited
$
—

 
$
(12.2
)
 
$
—

 
$
23.2

Tokio
—

 
(25.2
)
 
—

 
88.1

Radian
—

 
(18.8
)
 
—

 
28.0

Syncora Guarantee Inc.
—

 
(38.0
)
 
0.5

 
0.6

Mitsui Sumitomo Insurance Co. Ltd.
—

 
(4.6
)
 
—

 
28.3

Swiss Reinsurance Co.
—

 
(3.4
)
 
—

 
22.7

Ambac
81.7

 
—

 
(100.3
)
 
—

CIFG Assurance North America Inc.
0.1

 
—

 
—

 
1.2

MBIA Inc.
0.5

 
—

 
(16.4
)
 
—

Financial Guaranty Insurance Co.
9.9

 
—

 
(27.1
)
 
—

Other
—

 
(43.4
)
 
—

 
—

Total
$
92.2

 
$
(145.6
)
 
$
(143.3
)
 
$
192.1