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Net Premiums Earned (Tables) | 6 Months Ended
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Jun. 30, 2012
Net Premiums Earned [Abstract] |
Summary of premium receivable roll-forward | Below is the premium receivable roll-forward for the six month and twelve month periods ended June 30, 2012, and December 31, 2011, respectively:
|  | June 30, 2012 |  |  | December 31, 2011 |
Beginning premium receivable |  | $ | 2,028,479 |  |  | $ | 2,422,596 |
Premium payments received |  |  | (78,415 | ) |  |  | (190,823 | )
Adjustments for changes in expected life of homogeneous pools and actual changes to contractual cash flows |  |  | (129,934 | ) |  |  | (240,547 | )
Accretion of premium receivable discount |  |  | 26,632 |  |  |  | 62,841 |
Consolidation of certain VIEs |  |  | — |  |  |  | (104,736 | )
Deconsolidation of certain VIEs |  |  | — |  |  |  | 87,978 |
Other adjustments (including foreign exchange) |  |  | (16,888 | ) |  |  | (8,830 | )
Ending premium receivable |  | $ | 1,829,874 |  |  | $ | 2,028,479 |
Summarized future gross undiscounted premiums expected to be collected, and future expected premiums earned | The table below summarizes the future gross undiscounted premiums expected to be collected, and future expected premiums earned, net of reinsurance at June 30, 2012:
|  | Future premiums expected to be collected (1) |  |  | Future expected premiums to be earned, net of reinsurance (1) |
Three months ended: |  |  |  |  |  |  |  |
September 30, 2012 |  | $ | 37,913 |  |  | $ | 65,322 |
December 31, 2012 |  |  | 38,483 |  |  |  | 62,328 |
Twelve months ended: |  |  |  |  |  |  |  |
December 31, 2013 |  |  | 139,786 |  |  |  | 228,340 |
December 31, 2014 |  |  | 143,572 |  |  |  | 207,998 |
December 31, 2015 |  |  | 138,712 |  |  |  | 195,677 |
December 31, 2016 |  |  | 133,021 |  |  |  | 184,978 |
Five years ended: |  |  |  |  |  |  |  |
December 31, 2021 |  |  | 592,846 |  |  |  | 776,076 |
December 31, 2026 |  |  | 475,668 |  |  |  | 558,672 |
December 31, 2031 |  |  | 352,191 |  |  |  | 370,130 |
December 31, 2036 |  |  | 207,703 |  |  |  | 201,599 |
December 31, 2041 |  |  | 70,918 |  |  |  | 63,460 |
December 31, 2046 |  |  | 21,500 |  |  |  | 19,331 |
December 31, 2051 |  |  | 5,331 |  |  |  | 6,241 |
December 31, 2056 |  |  | 242 |  |  |  | 686 |
Total |  | $ | 2,357,886 |  |  | $ | 2,940,838 |
(1) | Premiums written represent the change in the present value of future installment premiums. Such changes will not have an immediate impact on earned premium but will be earned over the life of the transaction using the level yield method discussed above. Factors that generate written premium are prepayments of the insured obligation, premium rate changes for policies that have variable premium structures, discount rate changes, and early terminations of insured obligations.
Premiums written on a gross and net basis |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Guarantee: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums written |  | ($ | 27,873 | ) |  | ($ | 208,074 | ) |  | ($ | 120,467 | ) |  | ($ | 368,285 | )
Ceded premiums written |  |  | (881 | ) |  |  | 11,571 |  |  |  | 15,973 |  |  |  | 20,789 |
Net premiums written |  | ($ | 28,754 | ) |  | ($ | 196,503 | ) |  | ($ | 104,494 | ) |  | ($ | 347,496 | )

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