Shareholders' Equity

12 Months Ended

Dec. 31, 2011

Disclosure - Shareholders Equity [Abstract]

Shareholders Equity Disclosure [Text Block]

12. Shareholders' Equity

Authorized Shares

At December 31, 2011 and 2010, the total authorized shares of the Company were 200 million shares, par value $1.00 per share, as follows (in millions of shares):

	2011	2010
Designated common shares	130.0	130.0
Designated 6.75% Series C cumulative redeemable preferred shares	11.6	11.6
Designated 6.5% Series D cumulative redeemable preferred shares	9.2	9.2
Designated 7.25% Series E cumulative redeemable preferred shares	15.0	—
Designated and redeemed preference shares	14.0	14.0
Undesignated	20.2	35.2
	200.0	200.0

Common Shares

Share repurchases

During 2011, the Company repurchased, under its authorized share repurchase program, 5.4 million of its common shares at a total cost of $396.2 million, representing an average cost of $73.41 per share. At December 31, 2011, the Company had approximately 5.3 million common shares remaining under its current share repurchase authorization and approximately 19.4 million common shares were held in treasury and are available for reissuance.

During 2010, the Company repurchased, under its authorized share repurchase program, 14.0 million of its common shares at a total cost of $1,082.6 million, representing an average cost of $77.10 per share.

During 2009, no shares were repurchased.

Share issuance

During 2010, the Company's remaining $200 million forward sale agreement matured. The Company did not deliver any common shares to the forward counterparty (see Note 19).

During 2009, pursuant to the acquisition of Paris Re, the Company issued 25.7 million common shares, of which 1.3 million common shares were reissued from treasury.

Cumulative Redeemable Preferred Shares

The Company has issued Series C, Series D and Series E cumulative redeemable preferred shares (Series C, D and E preferred shares) as follows (in millions of U.S. dollars or shares, except percentage amounts):

	Series C			Series D			Series E
Date of issuance		May 2003			November 2004			June 2011
Number of preferred shares issued		11.6			9.2			15.0
Annual dividend rate		6.75	%		6.5	%		7.25	%
Total consideration	$	280.9		$	222.3		$	361.7
Underwriting discounts and commissions	$	9.1		$	7.7		$	12.1
Aggregate liquidation value	$	290.0		$	230.0		$	373.8

During 2011, the Company raised proceeds, before underwriting discounts and commissions, of $374m from the issuance of Series E preferred shares.

The Company may redeem each of the Series C, D and E preferred shares at $25.00 per share plus accrued and unpaid dividends without interest as follows:(i) each of the Series C and D preferred shares can be redeemed at our option at any time or in part from time to time, and (ii) the Series E preferred shares can be redeemed at our option on or after June 1, 2016 or at any time upon certain changes in tax law. Dividends on each of the Series C, D and E preferred shares are cumulative from the date of issuance and are payable quarterly in arrears.

In the event of liquidation of the Company, each series of outstanding preferred shares ranks on parity with each other series of preference shares and would rank senior to the common shares, and holders thereof would receive a distribution of $25.00 per share, or the aggregate liquidation value for each of the Series C, D and E preferred shares, respectively, plus accrued and unpaid dividends, if any.