v2.4.0.6

INCOME TAXES (TABLES)

12 Months Ended

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%

X

- Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Topic 740

-SubTopic 10

-Publisher FASB

-Number

-Article

-Subparagraph

-Name Accounting Standards Codification

-Paragraph 9

-Section 50

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Topic 740

-SubTopic 10

-Publisher FASB

-Number

-Article

-Subparagraph

-Name Accounting Standards Codification

-Paragraph 2

-Section 50

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Topic 740

-SubTopic 10

-Publisher FASB

-Number

-Article

-Subparagraph

-Name Accounting Standards Codification

-Paragraph 12

-Section 50

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Valuation Allowance

-URI http://asc.fasb.org/extlink&oid=6528051



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration