Industry Segments (Tables)

9 Months Ended

Sep. 30, 2012

Industry Segments Disclosure [Abstract]

Financial Information Of Company Operating Segments

Summary financial information about the Company’s operating segments is presented in the following table. Income before income taxes by segment consists of revenues, less expenses, related to the respective segment’s operations, including allocated investment income. Identifiable assets by segment are those assets used in or allocated to the operation of each segment.

	Revenues
(Dollars in thousands)	Earned Premiums		Investment Income		Other		Total		Pre-Tax Income (Loss)			Net Income (Loss)
For the three months ended September 30, 2012
Specialty	$	420,165	$	36,245	$	577	$	456,987	$	59,846		$	42,731
Regional	276,629		16,174		1,695		294,498		33,219			23,296
Alternative Markets	177,041		30,146		23,936		231,123		39,433			28,824
Reinsurance	111,599		19,112		—		130,711		21,118			15,732
International	201,099		12,448		—		213,547		15,736			7,141
Corporate and eliminations (1)	—		1,894		69,515		71,409		(57,885		)	(31,588		)
Net investment gains	—		—		22,226		22,226		22,226			14,811
Consolidated	$	1,186,533	$	116,019	$	117,949	$	1,420,501	$	133,693		$	100,947
For the three months ended September 30, 2011
Specialty	$	367,417	$	37,438	$	664	$	405,519	$	70,590		$	51,206
Regional	267,142		16,099		1,207		284,448		(11,163		)	(4,969		)
Alternative Markets	156,820		25,931		20,408		203,159		32,984			25,124
Reinsurance	103,906		18,641		—		122,547		16,109			13,148
International	160,538		10,741		—		171,279		13,919			9,650
Corporate and eliminations (1)	—		5,213		66,328		71,541		(47,531		)	(31,533		)
Net investment gains	—		—		21,238		21,238		21,238			13,784
Consolidated	$	1,055,823	$	114,063	$	109,845	$	1,279,731	$	96,146		$	76,410
For the nine months ended September 30, 2012:
Specialty	$	1,215,417	$	138,491	$	1,788	$	1,355,696	$	204,573		$	145,270
Regional	809,072		60,780		4,770		874,622		79,211			56,884
Alternative Markets	506,149		116,036		70,563		692,748		141,089			102,012
Reinsurance	327,452		70,435		—		397,887		74,742			54,837
International	575,451		39,788		—		615,239		50,685			22,553
Corporate and eliminations (1)	—		9,358		175,400		184,758		(174,868		)	(98,196		)
Net investment gains	—		—		94,003		94,003		94,003			61,743
Consolidated	$	3,433,541	$	434,888	$	346,524	$	4,214,953	$	469,435		$	345,103
For the nine months ended September 30, 2011:
Specialty	$	1,047,567	$	138,868	$	2,065	$	1,188,500	$	237,613		$	170,918
Regional	795,423		59,459		3,377		858,259		(2,770		)	5,251
Alternative Markets	454,156		96,072		64,049		614,277		116,007			86,798
Reinsurance	315,220		72,230		—		387,450		66,782			51,975
International	443,198		32,692		—		475,890		27,420			18,253
Corporate and eliminations (1)	—		9,940		177,303		187,243		(154,096		)	(105,921		)
Net investment gains	—		—		73,412		73,412		73,412			46,910
Consolidated	$	3,055,564	$	409,261	$	320,206	$	3,785,031	$	364,368		$	274,184

Identifiable Assets By Segment

Identifiable assets by segment are as follows:

(Dollars in thousands)	September 30, 2012		December 31, 2011
Specialty	$	6,600,690	$	6,157,853
Regional	2,568,126		2,488,940
Alternative Markets	4,324,409		4,044,915
Reinsurance	2,954,710		2,732,489
International	1,880,346		1,569,749
Corporate and eliminations	1,604,631		1,409,927
Consolidated	$	19,932,912	$	18,403,873

___________

(1) Corporate and eliminations represent corporate revenues and expenses that are not allocated to business segments.

Net Premiums Earned By Major Line Of Business

Net premiums earned by major line of business are as follows:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
(Dollars in thousands)	2012		2011		2012		2011
Specialty
Premises operations	$	135,662	$	119,496	$	386,491	$	331,457
Property	68,767		59,578		202,602		174,690
Professional liability	63,519		58,739		188,680		167,748
Workers’ compensation	43,448		29,166		122,228		86,683
Commercial automobile	42,335		36,440		121,027		102,055
Products liability	27,444		24,954		78,731		71,856
Other	38,990		39,044		115,658		113,078
Total specialty	420,165		367,417		1,215,417		1,047,567
Regional
Commercial multiple peril	104,331		98,200		305,978		292,030
Commercial automobile	72,486		72,537		213,398		217,021
Workers’ compensation	57,194		55,133		166,809		163,602
Other	42,618		41,272		122,887		122,770
Total regional	276,629		267,142		809,072		795,423
Alternative Markets
Primary workers’ compensation	88,655		70,172		243,494		199,768
Excess workers’ compensation	34,179		40,038		105,051		126,940
Accident and health	34,461		27,894		101,701		75,002
Other liability	8,477		8,412		24,756		21,075
Other	11,269		10,304		31,147		31,371
Total alternative markets	177,041		156,820		506,149		454,156
Reinsurance
Casualty	80,643		75,917		232,698		228,529
Property	30,956		27,989		94,754		86,691
Total reinsurance	111,599		103,906		327,452		315,220
International
Automobile	30,557		26,334		90,831		80,585
Casualty reinsurance	32,378		19,650		88,686		52,717
Property	27,418		22,327		79,039		59,430
Professional liability	24,348		24,982		74,356		69,875
Primary workers’ compensation	21,102		18,884		59,618		54,480
Marine	21,741		14,487		59,125		36,050
Accident and health	11,870		9,994		39,932		30,515
Property reinsurance	11,250		6,680		31,281		16,062
Other liability	14,308		9,348		31,919		23,780
Fidelity and surety	6,127		7,852		20,664		19,704
Total international	201,099		160,538		575,451		443,198
Total	$	1,186,533	$	1,055,823	$	3,433,541	$	3,055,564