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Credit Agreements
12 Months Ended
Dec. 31, 2013
Disclosure - Credit Agreements [Abstract]  
Schedule Of Line Of Credit Facilities [Text Block]

19. 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, 2013, the total amount of such credit facilities available to the Company was approximately $850 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 $137 million and $410 million, respectively, at December 31, 2013, in respect of reported loss and unearned premium reserves.

On November 14, 2011, the Company entered into an agreement to renew and 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 initial $100 million being secured. This credit facility matures on November 14, 2014.

In addition, the Company maintains committed secured letter of credit facilities. These facilities are used for the issuance of letters of credit, which must be fully secured 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. Included in the Company's secured credit facilities at December 31, 2013 is a $250 million secured credit facility, which matures on December 4, 2016, and a $200 million secured credit facility, which matures on December 31, 2014. At December 31, 2013, no conditions of default existed under these facilities.