Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense consists of:

(Dollars in thousands)	Current Expense		Deferred Expense (Benefit)			Total
December 31, 2011:
Domestic	$	60,420	$	38,781		$	99,201
Foreign	22,011		2,338			24,349
Total expense	$	82,431	$	41,119		$	123,550
December 31, 2010:
Domestic	$	79,143	$	66,287		$	145,430
Foreign	10,584		(2,275		)	8,309
Total expense	$	89,727	$	64,012		$	153,739
December 31, 2009:
Domestic	$	116,777	$	(56,325	)	$	60,452
Foreign	9,140		3,558			12,698
Total expense (benefit)	$	125,917	$	(52,767	)	$	73,150

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax expense and the amounts computed by applying the Federal and foreign income tax rate of 35% to pre-tax income are as follows:

(Dollars in thousands)	2011			2010			2009
Computed “expected” tax expense	$	181,399		$	211,157		$	133,781
Tax-exempt investment income	(57,246		)	(62,628		)	(64,886		)
Change in valuation allowance	(2,328		)	102			(887		)
Impact of lower foreign tax rates	(3,413		)	(253		)	(551		)
State and local taxes	2,355			2,298			1,175
Other, net	2,783			3,063			4,518
Total expense	$	123,550		$	153,739		$	73,150

Schedule of Deferred Tax Assets and Liabilities

(Dollars in thousands)	2011			2010			2009
Computed “expected” tax expense	$	181,399		$	211,157		$	133,781
Tax-exempt investment income	(57,246		)	(62,628		)	(64,886		)
Change in valuation allowance	(2,328		)	102			(887		)
Impact of lower foreign tax rates	(3,413		)	(253		)	(551		)
State and local taxes	2,355			2,298			1,175
Other, net	2,783			3,063			4,518
Total expense	$	123,550		$	153,739		$	73,150

At December 31, 2011 and 2010, the tax effects of differences that give rise to significant portions of the deferred tax asset and deferred tax liability are as follows: