Restricted Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2011

Restricted Cash and Cash Equivalents [Abstract]

RESTRICTED CASH AND CASH EQUIVALENTS

4.   RESTRICTED CASH AND CASH EQUIVALENTS

Restricted cash and cash equivalents were $512.8 million and $656.2 million as of June 30, 2011 and December 31, 2010, respectively. The restricted cash and cash equivalents are used as collateral against letters of credit and as guarantees under trust agreements. Letters of credit are issued to ceding insurers as security for the obligations of insurance subsidiaries under reinsurance agreements with those ceding insurers.