Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Revenues
Net earned premiums	$ 219,299	$ 230,068	$ 412,976	$ 484,045
Net investment income	101,588	102,591	199,350	200,003
Net realized investment gains (losses):
Other-than-temporary impairment losses	(9,042)	(26,818)	(36,386)	(33,765)
Less: portion of other-than-temporary impairment loss recognized in other comprehensive income	(7,201)	(15,240)	(29,666)	(17,609)
Other net realized investment gains (losses)	(1,315)	6,488	4,880	13,872
Net realized investment gains (losses)	(3,156)	(5,090)	(1,840)	(2,284)
Net change in fair value of credit derivatives:
Realized Gains and Other Settlements	(22,664)	(10,836)	(79,545)	24,591
Unrealized Gains (Losses)	283,327	(54,059)	(350,431)	(325,695)
Net change in fair value of credit derivatives	260,663	(64,895)	(429,976)	(301,104)
Fair value gain (loss) on committed capital securities	4,290	569	(9,614)	1,095
Fair value gains (losses) on financial guaranty variable interest entities	172,356	(174,286)	135,754	(54,685)
Other income	4,458	27,337	95,442	68,137
Total revenues	759,498	116,294	402,092	395,207
Expenses
Loss and loss adjustment expenses	122,446	123,913	369,293	98,333
Amortization of deferred acquisition costs	4,526	5,810	9,939	9,472
Interest expense	25,426	24,696	50,099	49,456
Other operating expenses	53,447	53,249	114,727	116,132
Total expenses	205,845	207,668	544,058	273,393
Income (loss) before income taxes	553,653	(91,374)	(141,966)	121,814
Provision (benefit) for income taxes
Current	(29,132)	9,864	396	(187,735)
Deferred	206,237	(58,133)	(35,886)	213,398
Total provision (benefit) for income taxes	177,105	(48,269)	(35,490)	25,663
Net income (loss)	$ 376,548	$ (43,105)	$ (106,476)	$ 96,151
Earnings per share:
Basic (in dollars per share)	$ 2.02	$ (0.23)	$ (0.58)	$ 0.52
Diluted (in dollars per share)	$ 2.01	$ (0.23)	$ (0.58)	$ 0.51
Dividends per share	$ 0.09	$ 0.045	$ 0.18	$ 0.09