2.2.0.7 false Subsequent Events 11201 - Disclosure - Subsequent Events true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 Subsequent Events 3 us-gaap_ScheduleOfSubsequentEventsTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> 12. Subsequent Events On July 7, 2010, the Company agreed to sell its entire ownership of ChannelRe Holdings (ChannelRe), a Bermuda based non-publicly traded financial guaranty reinsurer, in consideration for cash of $9.7 million. Following the sale, the Company no longer has an ownership interest in ChannelRe and has no contractual obligations to provide capital or other financial support to ChannelRe. The carrying value of the Company's investment in ChannelRe immediately prior to its sale was $nil, resulting in a realized gain on sale of $9.7 million, which the Company will record in its Consolidated Statements of Operations for the three months and nine months ended September 30, 2010 (see Note 24 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2009). On July 12, 2010, the Company repaid the $200 million remaining half of the original $400 million loan agreement with Citibank N.A. (see Note 15 to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2009). On July 12, 2010, the Company announced certain changes in its executive management group. Related to these changes, on July 28, 2010, the Company entered into a separation agreement with a member of executive management. As a result, the Company expects to recognize an additional pre-tax charge of approximately $10 million during the remainder of 2010. On July 16, 2010, the Company terminated its existing $660 million five-year syndicated unsecured credit facility, which had a maturity date of September 30, 2010, and entered into a new $750 million three-year syndicated unsecured credit facility. The new facility has the following terms: (i) a maturity date of July 16, 2013, (ii) a $250 million accordion feature, which enables the Company to potentially increase its available credit from $750 million to $1 billion, and (iii) a minimum consolidated tangible net worth requirement. The Company's ability to increase its available credit to $1 billion is subject to the agreement of the credit facility participants, which may be limited. The Company's breach of any of the covenants would result in an event of default, upon which the Company may be required to repay any outstanding borrowings and replace or cash collateralize letters of credit issued under these facilities. The new facility will predominantly be used for the issuance of letters of credit, although the Company and its subsidiaries have access to a revolving line of credit of up to $375 million as part of this facility. </div> 12. Subsequent Events On July 7, 2010, the Company agreed to sell its entire ownership of ChannelRe Holdings (ChannelRe), a Bermuda based non-publicly false false false us-types:textBlockItemType textblock Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 11 false 1 1 false UnKnown UnKnown UnKnown false true