Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Components Of The Provision

	Years Ended December 31,
(Dollars in thousands)	2011			2010			2009
Current tax expense (benefit):
U.S.	$	27,257		$	(57,073	)	$	(25,964	)
Non-U.S.		14,388			35,056			29,445
Total current tax expense (benefit)		41,645			(22,016	)		3,481
Total deferred U.S. tax expense (benefit)		(195,106	)		2,500			128,851
Total income tax expense (benefit)	$	(153,461	)	$	(19,516	)	$	132,332
(Some amounts may not reconcile due to rounding.)

Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate

	Years Ended December 31,
(Dollars in thousands)	2011					2010					2009
	U.S.			Non-U.S.		U.S.			Non-U.S.		U.S.			Non-U.S.
Pre-tax income (loss)	$	(395,206	)	$	161,260	$	141,142		$	450,097	$	422,027		$	517,294
Expected tax provision at the applicable statutory rate(s)		(138,322	)		12,216		49,436			33,716		147,758			28,600
Increase (decrease) in taxes resulting from:
Tax exempt income		(33,672	)		-		(56,457	)		-		(60,378	)		-
Dividend received deduction		(6,893	)		-		(2,784	)		-		(1,409	)		-
Proration		5,080			-		8,510			-		9,139			-
Tax audit settlement		(710	)		-		(48,867	)		-		(9,690	)		-
Other		6,668			2,172		(4,410	)		1,340		17,467			845
Total income tax provision	$	(167,849	)	$	14,388	$	(54,572	)	$	35,056	$	102,887		$	29,445

Net Deferred Income Tax Asset

	Years Ended December 31,
(Dollars in thousands)	2011		2010
Deferred tax assets:
Loss reserve	$	183,883	$	177,237
Net operating loss carryforward		167,089		-
Foreign tax credits		74,253		55,026
Unearned premium reserve		43,020		46,146
Unfunded pension liability		29,903		14,045
Alternative minimum tax credits		21,438		41,693
Deferred expenses		19,351		17,447
Deferred compensation		15,437		14,189
Uncollectible reinsurance reserve		5,675		5,675
Investment impairments		4,620		4,129
Other assets		17,724		14,254
Total deferred tax assets		582,393		389,841
Deferred tax liabilities:
Net unrealized investment gains		79,450		56,095
Deferred acquisition costs		58,571		64,487
Net unrealized foreign currency gains		46,738		45,251
Net fair value income		29,633		29,002
Gain on tender of debt		27,395		27,395
Bond market discount		2,183		2,609
Other liabilities		5,640		15,901
Total deferred tax liabilities		249,610		240,740
Net deferred tax assets	$	332,783	$	149,101

Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits

(Dollars in thousands)	2011		2010			2009
Balance at January 1	$	23,773	$	29,010		$	34,366
Additions based on tax positions related to the current year		8,139		7,119			6,997
Additions for tax positions of prior years		-		-			-
Reductions for tax positions of prior years		-		-			-
Settlements with taxing authorities		-		(12,356	)		(12,353	)
Lapses of applicable statutes of limitations		-		-			-
Balance at December 31	$	31,912	$	23,773		$	29,010