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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Mar. 31, 2011
Jun. 30, 2012
REVENUES:        
Net premiums written $ 1,190,991 $ 1,057,415 $ 2,140,718 $ 2,394,517
Change in net unearned premiums (43,634) (40,171) (140,977) (147,509)
Net premiums earned 1,147,357 1,017,244 1,999,741 2,247,008
Net investment income 161,250 149,072 295,198 318,869
Insurance service fees 27,036 25,035 47,208 50,913
Net investment gains:        
Net realized gains on investment sales 24,286 23,290 52,574 67,763
Change in valuation allowance, net of other-than-temporary impairments 0 [1] (400) [1] (400) [1] 4,014 [1]
Net investment gains 24,286 22,890 52,174 71,777
Revenues from wholly-owned investees 55,434 56,134 110,021 105,109
Other income 384 574 958 776
Total revenues 1,415,747 1,270,949 2,505,300 2,794,452
OPERATING COSTS AND EXPENSES:        
Losses and loss expenses 731,202 674,276 1,281,371 1,410,674
Other operating costs and expenses 448,758 403,658 789,787 880,537
Expenses from wholly-owned investees 54,931 55,855 109,671 106,261
Interest expense 32,417 28,132 56,249 61,238
Total operating costs and expenses 1,267,308 1,161,921 2,237,078 2,458,710
Income before income taxes 148,439 109,028 268,222 335,742
Income tax expense (39,535) (26,908) (70,507) (91,606)
Net income before noncontrolling interests 108,904 82,120 197,715 244,136
Noncontrolling interests (66) 64 59 20
Net income to common stockholders $ 108,838 $ 82,184 $ 197,774 $ 244,156
NET INCOME PER SHARE:        
Basic $ 0.79 $ 0.58 $ 1.4 $ 1.77
Diluted $ 0.76 $ 0.56 $ 1.34 $ 1.7
[1] For the six months ended June 30, 2012, this represents a valuation allowance reduction of $7 million, partially offset by an other-than-temporary impairment of $3 million