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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net loss attributable to common shareholders $ (400,254) $ (997,218)
Noncontrolling interest in subsidiaries' earnings (2,401) 45
Net loss (402,655) (997,173)
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 2,294 2,924
Amortization of bond premium and discount (163,860) (134,312)
Reorganization items 4,480 39,794
Share-based compensation   (15,459)
Current income taxes 1,670 75,998
Deferred acquisition costs 17,692 25,220
Unearned premiums, net (440,852) (451,678)
Losses and loss expenses, net 123,343 1,053,373
Ceded premiums payable (21,466) (20,607)
Investment income due and accrued 8,146 4,058
Premium receivables 272,649 319,403
Accrued interest payable 70,549 79,454
Net mark-to-market losses (gains) (3,532) (6,513)
Net realized investment (gains) losses (70,621) (5,006)
Losses (gains) on extinguishment of debt 177,745 (3,119)
Other-than-temporary impairment charges 5,753 30,178
Variable interest entity activities (26,893) (51,236)
Other, net 39,958 253,599
Net cash (used in) provided by operating activities (405,600) 198,898
Cash flows from investing activities:    
Proceeds from sales of bonds 434,010 350,579
Proceeds from matured bonds 930,677 513,169
Purchases of bonds (601,228) (955,873)
Change in short-term investments 69,604 167,441
Loans, net 8,616 132
Change in swap collateral receivable 37,417 (50,943)
Other, net (62,729) 5,400
Net cash provided by investing activities 816,367 29,905
Cash flows from financing activities:    
Paydown of variable interest entity secured borrowing (15,132)  
Proceeds from issuance of investment and repurchase agreements   30
Payments for investment and repurchase agreement draws (133,123) (214,574)
Payments for extinguishment of long-term debt (188,446)  
Net cash collateral received   (2,440)
Net cash used in financing activities (336,701) (216,984)
Net cash flow 74,066 11,819
Cash at January 1 15,999 9,497
Cash at September 30 90,065 21,316
Supplemental disclosure of cash flow information:    
Income taxes 376 1,991
Interest on variable interest entity secured borrowing 1,261  
Interest on investment agreements 6,362 7,631
Cash receipts and payments related to reorganization items:    
Professional fees paid for services rendered in connection with the Chapter 11 proceeding $ 7,662 $ 18,406