v2.4.0.6

INCOME TAXES (TABLES) | 12 Months Ended
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Dec. 31, 2011
INCOME TAXES [Abstract] |
Schedule of income tax expense and net tax assets [Table Text Block] |
The following table provides an analysis of our income tax expense and net tax assets:
| Year ended December 31, |  | 2011 |  |  | 2010 |  |  | 2009 |
| Current income tax expense |  |  |  |  |  |  |  |  |
| United States | $ | 5,064 |  | $ | 26,633 |  | $ | 32,182 |
| Europe |  | 9,598 |  |  | 12,173 |  |  | 7,020 |
| Other |  | 188 |  |  | 120 |  |  | 408 |
| Deferred income tax expense (benefit) |  |  |  |  |  |  |  |  |
| United States |  | 1,379 |  |  | 121 |  |  | 2,252 |
| Europe |  | (996) |  |  | (173) |  |  | 113 |
| Other |  | - |  |  | (194) |  |  | - |
| Total income tax expense | $ | 15,233 |  | $ | 38,680 |  | $ | 41,975 |
| Net current tax (liabilities) receivables | $ | 1,318 |  | $ | (8,525) |  | $ | (7,322) |
| Net deferred tax assets |  | 60,836 |  |  | 72,606 |  |  | 72,362 |
| Net tax assets | $ | 62,154 |  | $ | 64,081 |  | $ | 65,040 |
Schedule of deferred tax assets and liabilities [Table Text Block] |
Deferred income taxes reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. The significant components of our deferred tax assets and liabilities were as follows:
| At December 31, |  | 2011 |  |  | 2010 |
| Deferred tax assets: |  |  |  |  |  |
| Discounting of loss reserves | $ | 65,271 |  | $ | 61,997 |
| Unearned premiums |  | 31,640 |  |  | 30,623 |
| Operating loss carryforwards |  | 21,074 |  |  | 8,671 |
| Accruals not currently deductible |  | 14,187 |  |  | 16,282 |
| Net unrealized losses and impairments on investments |  | 6,310 |  |  | 5,140 |
| Capital loss carryforwards |  | 4,245 |  |  | 17,763 |
| Other deferred tax assets |  | 7,357 |  |  | 5,541 |
| Deferred tax assets before valuation allowance |  | 150,084 |  |  | 146,017 |
| Valuation allowance |  | (21,264) |  |  | (18,180) |
| Deferred tax assets net of valuation allowance |  | 128,820 |  |  | 127,837 |
| Deferred tax liabilities: |  |  |  |  |  |
| Deferred acquisition costs |  | (29,195) |  |  | (28,697) |
| Net unrealized gains on investments |  | (25,925) |  |  | (14,538) |
| Amortization of intangible assets and goodwill |  | (6,999) |  |  | (5,477) |
| Accrued market discounts |  | (4,156) |  |  | (2,753) |
| Other deferred tax liabilities |  | (1,709) |  |  | (3,766) |
| Deferred tax liabilities |  | (67,984) |  |  | (55,231) |
| Net deferred tax assets | $ | 60,836 |  | $ | 72,606 |
Valuation allowance roll forward [Table Text Block] |
The following table provides an analysis of the movement in our valuation allowance: |
| At December 31, |  | 2011 |  |  | 2010 |
| Income tax expense: |  |  |  |  |  |
| Valuation allowance - beginning of year | $ | 27,539 |  | $ | 36,231 |
| Operating loss carryforwards |  | 12,593 |  |  | 5,714 |
| Capital loss carryforwards and impairments |  | (9,509) |  |  | (14,406) |
| Valuation allowance - end of year |  | 30,623 |  |  | 27,539 |
| Accumulated other comprehensive income: |  |  |  |  |  |
| Valuation allowance - beginning of year |  | (9,359) |  |  | (4,529) |
| Net unrealized losses on investments |  | - |  |  | (4,830) |
| Valuation allowance - end of year |  | (9,359) |  |  | (9,359) |
| Total valuation allowance - end of year | $ | 21,264 |  | $ | 18,180 |
Effective tax rate reconciliation [Table Text Block] |
The following table presents the distribution of income before income taxes between domestic and foreign jurisdictions as well as a reconciliation of the actual income tax rate to the amount computed by applying the effective tax rate of 0% under Bermuda law to income before income taxes:
| Year ended December 31, |  | 2011 |  | 2010 |  | 2009 |
| Income before income taxes: |  |  |  |  |  |  |  |  |  |
| Bermuda (domestic) |  | $ | 10,911 |  | $ | 713,100 |  | $ | 404,575 |
| Foreign |  |  | 50,627 |  |  | 182,303 |  |  | 135,286 |
|  |  | $ | 61,538 |  | $ | 895,403 |  | $ | 539,861 |
| Reconciliation of effective tax rate (% of income before income taxes) |  |  |  |
| Expected tax rate |  |  | 0.0% |  |  | 0.0% |  |  | 0.0% |
| Foreign taxes at local expected rates: |  |  |  |  |  |  |  |  |  |
| United States |  |  | 33.2% |  |  | 5.1% |  |  | 6.8% |
| Europe |  |  | 10.7% |  |  | 1.3% |  |  | 1.0% |
| Other |  |  | 3.3% |  |  | (0.2%) |  |  | (0.6%) |
| Valuation allowance |  |  | (15.5%) |  |  | (1.0%) |  |  | 1.2% |
| Net tax exempt income |  |  | (11.2%) |  |  | (0.6%) |  |  | (0.9%) |
| Other |  |  | 4.3% |  |  | (0.3%) |  |  | 0.3% |
| Actual tax rate |  |  | 24.8% |  |  | 4.3% |  |  | 7.8% |

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