Credit Agreements	12 Months Ended
Dec. 31, 2011
Disclosure - Credit Agreements [Abstract]
Credit Agreements	20. Credit Agreements In the normal course of its operations, the Company enters into agreements with financial institutions to obtain unsecured and secured credit facilities. At December 31, 2011, the total amount of such credit facilities available to the Company was $1,440 million, with each of the significant facilities described below. These facilities are used primarily for the issuance of letters of credit, although a portion of these facilities may also be used for liquidity purposes. Under the terms of certain reinsurance agreements, irrevocable letters of credit were issued on an unsecured and secured basis in the amount of $246 million and $524 million, respectively, at December 31, 2011, in respect of reported loss and unearned premium reserves. Included in the total credit facilities available to the Company at December 31, 2011 is a $750 million three-year syndicated unsecured credit facility. This 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. 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 this facility. The Company was in compliance with all of the covenants at December 31, 2011. This facility is predominantly 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. During the year ended December 31, 2011, there were no borrowings under this revolving line of credit. Additionally, the syndicated unsecured credit facility allows for an adjustment to the level of pricing should the Company experience a change in its senior unsecured debt ratings. The pricing grid provides the Company greater flexibility and simultaneously provides participants under the facility with some price protection. On November 14, 2011, the Company entered into an agreement to modify an existing credit facility. Under the terms of the agreement, this credit facility was increased from a $250 million to a $300 million combined credit facility, with the first $100 million being unsecured and any utilization above the $100 million being secured. This credit facility matures on November 14, 2012, and can be extended for one additional year under the terms of the agreement. In addition to the unsecured credit facilities available, the Company maintains two committed secured letter of credit facilities with amounts available of $150 million and $200 million at December 31, 2011. The facilities are used for the issuance of letters of credit, which must be secured fully or partially with cash and/or government bonds and/or investment grade bonds. The agreements include default covenants, which could require the Company to fully secure the outstanding letters of credit to the extent that the facility is not already fully secured, and disallow the issuance of any new letters of credit. The $200 million credit facility has a maturity date of December 31, 2014. The Company is currently negotiating an extension of the $150 million credit facility. At December 31, 2011, no conditions of default existed under these facilities.

Credit Agreements

12 Months Ended

Dec. 31, 2011

Disclosure - Credit Agreements [Abstract]

20. Credit Agreements

In the normal course of its operations, the Company enters into agreements with financial institutions to obtain unsecured and secured credit facilities. At December 31, 2011, the total amount of such credit facilities available to the Company was $1,440 million, with each of the significant facilities described below. These facilities are used primarily for the issuance of letters of credit, although a portion of these facilities may also be used for liquidity purposes. Under the terms of certain reinsurance agreements, irrevocable letters of credit were issued on an unsecured and secured basis in the amount of $246 million and $524 million, respectively, at December 31, 2011, in respect of reported loss and unearned premium reserves.

Included in the total credit facilities available to the Company at December 31, 2011 is a $750 million three-year syndicated unsecured credit facility. This 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. 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 this facility. The Company was in compliance with all of the covenants at December 31, 2011. This facility is predominantly 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. During the year ended December 31, 2011, there were no borrowings under this revolving line of credit.

Additionally, the syndicated unsecured credit facility allows for an adjustment to the level of pricing should the Company experience a change in its senior unsecured debt ratings. The pricing grid provides the Company greater flexibility and simultaneously provides participants under the facility with some price protection.

On November 14, 2011, the Company entered into an agreement to modify an existing credit facility. Under the terms of the agreement, this credit facility was increased from a $250 million to a $300 million combined credit facility, with the first $100 million being unsecured and any utilization above the $100 million being secured. This credit facility matures on November 14, 2012, and can be extended for one additional year under the terms of the agreement.

In addition to the unsecured credit facilities available, the Company maintains two committed secured letter of credit facilities with amounts available of $150 million and $200 million at December 31, 2011. The facilities are used for the issuance of letters of credit, which must be secured fully or partially with cash and/or government bonds and/or investment grade bonds. The agreements include default covenants, which could require the Company to fully secure the outstanding letters of credit to the extent that the facility is not already fully secured, and disallow the issuance of any new letters of credit. The $200 million credit facility has a maturity date of December 31, 2014. The Company is currently negotiating an extension of the $150 million credit facility. At December 31, 2011, no conditions of default existed under these facilities.