Net Premiums Earned (Tables)

6 Months Ended

Jun. 30, 2012

Net Premiums Earned [Abstract]

Summary of premium receivable roll-forward

Below is the premium receivable roll-forward for the six month and twelve month periods ended June 30, 2012, and December 31, 2011, respectively:

	June 30, 2012			December 31, 2011
Beginning premium receivable	$	2,028,479		$	2,422,596
Premium payments received		(78,415	)		(190,823	)
Adjustments for changes in expected life of homogeneous pools and actual changes to contractual cash flows		(129,934	)		(240,547	)
Accretion of premium receivable discount		26,632			62,841
Consolidation of certain VIEs		—			(104,736	)
Deconsolidation of certain VIEs		—			87,978
Other adjustments (including foreign exchange)		(16,888	)		(8,830	)
Ending premium receivable	$	1,829,874		$	2,028,479

Summarized future gross undiscounted premiums expected to be collected, and future expected premiums earned

The table below summarizes the future gross undiscounted premiums expected to be collected, and future expected premiums earned, net of reinsurance at June 30, 2012:

	Future premiums expected to be collected (1)		Future expected premiums to be earned, net of reinsurance (1)
Three months ended:
September 30, 2012	$	37,913	$	65,322
December 31, 2012		38,483		62,328
Twelve months ended:
December 31, 2013		139,786		228,340
December 31, 2014		143,572		207,998
December 31, 2015		138,712		195,677
December 31, 2016		133,021		184,978
Five years ended:
December 31, 2021		592,846		776,076
December 31, 2026		475,668		558,672
December 31, 2031		352,191		370,130
December 31, 2036		207,703		201,599
December 31, 2041		70,918		63,460
December 31, 2046		21,500		19,331
December 31, 2051		5,331		6,241
December 31, 2056		242		686
Total	$	2,357,886	$	2,940,838

(1) Premiums written represent the change in the present value of future installment premiums. Such changes will not have an immediate impact on earned premium but will be earned over the life of the transaction using the level yield method discussed above. Factors that generate written premium are prepayments of the insured obligation, premium rate changes for policies that have variable premium structures, discount rate changes, and early terminations of insured obligations.

Premiums written on a gross and net basis

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Revenues:
Financial Guarantee:
Gross premiums written	($	27,873	)	($	208,074	)	($	120,467	)	($	368,285	)
Ceded premiums written		(881	)		11,571			15,973			20,789
Net premiums written	($	28,754	)	($	196,503	)	($	104,494	)	($	347,496	)